4 ms·
This is an important piece that is often overlooked. My wife and I rented a house in 2010 from a builder who wasn't able to sell it after the property bubble bu
by nkohari 9y ago
This is an important piece that is often overlooked. My wife and I rented a house in 2010 from a builder who wasn't able to sell it after the property bubble burst. After our first year term was up, they agreed to renew the lease, only to call us back a week later and say that "although the mortgage was current on the property, the bank was calling up the loan" and that we needed to vacate in 30 days. (Our best guess is that the bank decided to seize the house due to non-payment of another mortgage held by the company.)
As a result we had to scurry to find another house available for rent, which put us in a terrible position to comparison shop or negotiate on the rent. We were fortunate enough to find something that would work for us, but I think we overpaid substantially for a few years.