Thursday, July 9, 2009

We're Moving...

For those who don't know, we sold our house almost 2 years ago for various reasons. One was we thought we were going to move out of the area and didn't want to have to worry about selling the house. It turned out that investors bought our house and wanted to rent it out. As we were looking for a house to rent, it worked out perfectly. We've been renting the house back since we sold it.

Last October, bank representatives started showing up at our door looking for the owner who had stopped paying the mortgage a couple months prior. After speaking with the management company, we learned that the owner had no interest in keeping the property (because it had lost almost $300,000 in value) and was going to let it go to foreclosure or do a short sale. We have been showing the house to prospective buyers, but nothing had come of it... until Tuesday.

We received a call from the management company telling us the house had sold and we had to be out in 30 days. We've been looking at our options (renting vs. buying) and have decided it is time to get back in the housing market. We're looking for a house in the same area (so our kids don't have to change schools), but almost everything is a foreclosure or short sale, so it may take a while.

I'm looking at houses to rent as well as houses to buy and should know more before our vacation (which is conveniently scheduled for July 20 - 29). Neither John nor I are too worried, because the worst case senario is that we rent an apartment before we move into our next permanent place.


RachelAA said...

Everything will work out!!! Congrats on your new adventure - there's a reason for everything.