Welcome to the DoItYourself Forums!

To post questions, help other DIYers and reduce advertising (like the one on your left), join our DIY community. It's free!

Appraisal


enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 09:50 AM   #1 (permalink)  
Appraisal

So my current landlord told me and the other tenants that he's putting the property up for sale. The entire property consists of a large house with at least 6 rooms in it that are occupied by renters. I am also part of the property, just that I live in a "stand alone" unit which is detached from the house with 6 rooms. My landlord said that right now would be a good time to look for a new place to live since the property may be sold when I asked him about the appraisal in an email. Then when I talked with him later on the phone if the new owner would rent it out, he said he's not sure yet since he hasn't sold the property. Why would he tell me to look for a new place to live like he's certain the new owner will not rent it out, then tell me that he simply doesn't know?

 
Sponsored Links
enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 09:54 AM   #2 (permalink)  
I've been living in my unit for over 10 years and want to continue to live there. I'm stressed out about this as things seem so uncertain.

 
aka pedro's Avatar
Member

Join Date: Jan 2013
Posts: 1,089
MI

02-17-17, 10:12 AM   #3 (permalink)  
He seems like a pretty prudent guy to me. A potential buyer may or may not have the same desire for the property, so it sounds to me like he is simply being honest with you. The only logical way for you to ensure maintaining residency there is for you to buy the property; otherwise you will have to wait and see what the plans are by whoever buys it.

 
marksr's Avatar
Forum Topic Moderator

Join Date: Mar 2005
Posts: 41,363
TN

02-17-17, 10:27 AM   #4 (permalink)  
I agree, it sounds to me like the landlord is just giving you a heads up in case the new owner doesn't want to rent it out. It all depends on who buys it. An investor would want to see the units rented but if someone buys with another purpose in mind they might look at the renters as a liability. Since it isn't sold yet and possibly not even any potential buyers - it's way to early to worry/stress about it!


retired painter/contractor avid DIYer

 
enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 10:38 AM   #5 (permalink)  
I appreciate the responses and input from you guys. I was living in my unit until there was a foreclosure on the property. This was almost 10 years ago. I was worried that I had to move or find another place. Then my current landlord bought the property and rented it out to us. The difference this time is that it's not foreclosure, it's just up for grabs. I really hope that if a new owner buys the property, he will rent it out to us.

 
marksr's Avatar
Forum Topic Moderator

Join Date: Mar 2005
Posts: 41,363
TN

02-17-17, 10:49 AM   #6 (permalink)  
You might want to check and see what the renter rights are in your state. I would assume the gov't mandates you be given sufficient notice by the new owners before you have to vacate [so you have time to find a new place] Sometimes the new owner will offer a monetary incentive to get the tenants out earlier.

It really doesn't matter if it's a foreclosure or not. It all depends on what the new owner's intention for the property will be ...... and there is no sense worrying about it until the property gets sold!


retired painter/contractor avid DIYer

 
stickshift's Avatar
Group Moderator

Join Date: Oct 2004
Posts: 18,051
WI

02-17-17, 11:00 AM   #7 (permalink)  
How much longer does your lease run? Do you know about the remaining term of anyone else's lease?

 
enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 11:50 AM   #8 (permalink)  
I don't have a lease, I pay monthly. I'll take the advice that there's no sense in worrying about it. I will wait until the property is bought, and just hope that the new owner will rent it out.

 
stickshift's Avatar
Group Moderator

Join Date: Oct 2004
Posts: 18,051
WI

02-17-17, 12:32 PM   #9 (permalink)  
I asked because leases tend to persist when buildings are sold. You have no such protection.

 
Shadeladie's Avatar
Super Moderator

Join Date: Jan 2005
Posts: 3,613
PA

02-17-17, 01:19 PM   #10 (permalink)  
I think I would start looking around for another place, just in case. If he does sell it, there's nothing you can do about it.
I would think the reason he told you to find another place is because the probability that the buyer will continue to rent it out is possible but unlikely.
Of course you can stay there until you know for sure, but then you'll have less time to search.


In our hearts, we all know that it's wrong to harm an animal and that we should take action to protect them -
Patrick McDonnell

Adopt a shelter pet!
Spay or neuter your pet!
Please don't leave pets or kids in a hot car!

 
enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 01:46 PM   #11 (permalink)  
His answers are always different. He said to find another place in an email. Then he said he doesn't know on the phone. Then I asked him in person if it's 50/50, and he said yes. I don't think anyone would really know, since he just now put it up for sale.

 
enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 01:53 PM   #12 (permalink)  
Btw, the house is a very large house with over 6 rooms. My unit is a stand alone unit, but still part of the entire property. If the new owner purchases it for himself, then he must have a very large family. The new owner can use the house for his large family or friends, but allow me to continue to have the stand alone unit for me to make money. When the property was in foreclosure, the people who bidded on it told me that they would rent it out to me if they got it. There's so much uncertainty on this, and I am going to see where it takes me. I try to remain optimistic in all of this.

 
enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 02:00 PM   #13 (permalink)  
I can't get the edit post button to work, but I wanted to add something. This property has been here for at least 50 years or more, and all the owners rented it out. It has never been purchased for the owner alone, or his family.

 
Hal_S's Avatar
Member

Join Date: Nov 2012
Posts: 437
PA

02-17-17, 02:44 PM   #14 (permalink)  
I live in a "stand alone" unit which is detached from the house with 6 rooms.
Um, sounds like you're in the unit that a owner-investor would want to move into.

If I were you, I'd try and get a written lease to ensure I could stay there for a year or more.


Last edited by Hal_S; 02-17-17 at 03:13 PM.
 
marksr's Avatar
Forum Topic Moderator

Join Date: Mar 2005
Posts: 41,363
TN

02-17-17, 03:13 PM   #15 (permalink)  
At this point it is all speculation, no way to know the plans of a buyer that hasn't looked at the property yet.


retired painter/contractor avid DIYer

 
stickshift's Avatar
Group Moderator

Join Date: Oct 2004
Posts: 18,051
WI

02-17-17, 04:46 PM   #16 (permalink)  
The short answer, though, is that without a lease, the new owner can have you out in short order.

 
Handyone's Avatar
Forum Topic Moderator

Join Date: Aug 2000
Posts: 5,001
CAL

02-17-17, 05:24 PM   #17 (permalink)  
I think I would start looking around for another place, just in case. If he does sell it, there's nothing you can do about it.
I would agree. I live in SoCal and any property with a "granny flat" is usually very expensive.
The granny flat means a large lot which is costly, plus the granny flats are desirable.

As mentioned already, hopefully the new buyer doesn't want the flat for their own use.


Brian

California Licensed Contractor

 
enougher's Avatar
Member

Join Date: Aug 2012
Posts: 115
CAL

02-17-17, 07:41 PM   #18 (permalink)  
I want to make mention that the "stand alone" unit that I am in is very small. It's a 1 bedroom unit, but the bedroom is extremely small too. I am just a humble guy who used to be homeless, so even a small unit is like paradise to me. It would be strange for someone to buy the property (which would cost likely half million or more), and live in my unit. Not saying it's not possible, but highly unlikely. I also want to mention that this property has never been used for the property owners to live in. It's like 50 years old and has always been rented out, even with all the previous owners. As marksr said, there's no way anyone can know the outcome until the property is even seen by the buyer. I just wanted to hear the opinions of people here on this forum. I'm not going to worry about this anymore. I'm also and optimist and believe everything will work out good in the end because God has good plans for me.

 
pugsl's Avatar
Forum Topic Moderator

Join Date: Mar 2008
Posts: 6,984
NC

02-18-17, 04:16 AM   #19 (permalink)  
One thing I would try to do is extend your lease. Most states have renters rights that say new owners must follow lease agreements.

 
Search this Thread