Cats

Nuit Blanche

Excellent.

Thanks a LOT, Adam!

Slightly less homeless

Here are the main players in this:

The Advocate - Real Estate Agent/Brother's Girlfriend
Seller - Current Leaseholder of Sheridan House
The Bank - The bank that granted the mortgage to Seller.  The literal owner of the house, as well.
Me - Me
The Agent - Listing Agent on Behalf of Seller, and ultimately, The Bank
The House - The property in question

So what happens is that Seller bought The House a few years back for some amount - let's just say $200k - and The Bank issues a mortgage for that amount in the name of Seller.  Seller now "owns" The House, although The Bank is the entity that literally purchased the property.  I think that this doesn't really need to be explained.  I'm pretty sure that most people know how loans work.

Anywho, then the market tanked, and this previously $200k house is suddenly worth $75k approximately.  Seeing as how Seller intended this to be an investment, Seller is suddenly in a bad place.  Upside down.  Underwater (owes more than what The House is actually worth). 

The Agent comes in then and says, "Well, I will put the place up on the market at current market value, collect offers, and take them to The Bank, and then you ask if they will accept the new sale price in place of what you currently owe.  Normally, The Bank would not be too keen on accepting 37.5 cents on the dollar, but if the other alternative is having to foreclose on the property and sell it as-is, they may be willing to just sell it at current value and let you, Seller, out of a sticky situation."  Seller agrees, because Seller is just losing money every month.  Seller cannot even pay his mortgage by renting The House out, since his mortgage payment is more than what he can rent the place out for!

The Advocate and Me then look at The House and decide that Me loves it, and wants it.  The House is listed at $75k, so Me offers $89k with $4k going towards closing, ultimately offering The Bank $85k.

The process is that The Advocate and Me submit an offer to The Agent, who then presents it to Seller (along with other offers proffered in the acceptable time period).  Seller then selects an offer (in this case, Seller has accepted Me's offer...in real life...dude accept my offer!), and then The Agent and Seller present it to The Bank and ask for mercy.

Now, at this point in the story, Me and The Advocate sit around and wait forever until The Bank decides that it would be in everybody's best interest to accept Me's offer.







Waiting...


In the meantime, I'm going to move in to my brother's house, and save a ton of money for the next few months. 

Housing housing homeless

Just put my second offer in (the first one didn't fly/lost it to someone else).  

$85,000

Coronado

Our current lease is up at the end of February...no plan yet.

T Shirt War