Wednesday, April 11, 2007

Real estate

Well, DB came to his senses on the house (although he still wishes he felt more "passionate" about it, he realizes it's the best one we've seen and location location location is perfect). Yippee!! :-)

Now we are trying to find out if the current owner will induce (that's a nice way to say "pay off") the current tenants to leave voluntarily. If we have to evict them, it would have to be after we close on the property and (thank you, LA housing laws) give them 120 days notice AND about $3600 each (we need to clear out the two remaining units which are occupied because that would be our living and office/studio space).

We need the current guy to do this because it would be very hard to swing the mortgage on this new place and my mortgage for over 4 months while the eviction process played out...and we have reason to believe that one of the tenants would not be cooperative so it might even be longer than 4 months.

Since our offer would be contingent on this, it is good incentive for the seller to pay these people off (more than the $3600) to get them to leave voluntarily. Because he is a little "overextended" on his real estate investments (and he's a professional landlord, unlike us), we are hopeful that he will undertake the hard work of getting these folks to move. If not, I think we're back to square one and this property is out...at least for now.

And I'm fine with that. :-)

1 comment:

Lori said...

Yay for you and the house. I hope it works out; you've put a lot of thought into how it can be accomplished and it would be a shame if it doesn't. If it doesn't, I firmly beieve that there's another house that's more suited for you and DB.

Thanks for your kind comments on my blog. I'll cheer up, I promise!