Problem One - The short sale.
One day, the landlord called to deliver the news he'd decided to sell the house. Syd took the call... mentioned something about it to Nanci... a week later.
Angry, Nancy left somewhat abruptly for her band rehearsal that night. But as she walked the half mile or so to the basement studio space, she calmed down. Surely this was something she could talk the landlord out of. Or they could find some alternative solution. She was sure she could handle it.
Angry, Nancy left somewhat abruptly for her band rehearsal that night. But as she walked the half mile or so to the basement studio space, she calmed down. Surely this was something she could talk the landlord out of. Or they could find some alternative solution. She was sure she could handle it.
Next day...
at noon, she called the landlord. It did not take long to establish that the situation was in fact grave. The landlord was over-extended on his various businesses. For this particular property, he’d taken on an ARM loan, which had recently adjusted to a higher rate. At the higher rate, he could no longer meet his payments. To make matters worse, the house was in a short sale situation and needed to be moved quickly. Rather than raise rent to cover payments, he’d decided to just take a loss on the property and reduce his overall debt load.
Nanci was shocked to learn of this. She was able to get the landlord to at least give her and her housemates an informal first right of refusal on the property. She hung up and wondered what to do.
Next problem>>> Health issues for Syd
Nanci was shocked to learn of this. She was able to get the landlord to at least give her and her housemates an informal first right of refusal on the property. She hung up and wondered what to do.
Next problem>>> Health issues for Syd