The sucky thing isn't my place, it isn't the cost of rent, or even my landlord. We love our apartment, we pay what most would consider "exorbitant" (more than 2x the cost of my 1BR in Uptown, almost 3x the space), and our landlord has always been responsive, helpful, and generally awesome.

So last night, I come home and my wife is talking to someone on the porch. Turns out our landlord is being foreclosed on! LAME. No, I'm not fretting about finding a place to live -- that we'll manage. Kate's a genius at finding places. It's not that I'll have to move -- we've done that before, and if I have to move during the winter months it'll suck, but it's doable.

It's that I love my apartment. We planned to stay at least another 2-3 years, to have our first kid here. The place is fantastic. Open, airy, room for our armada of cats,

No, we can't buy the place out. It'll probably assess at well over $300K, which is more than we want to pay for our first place. Plus we blew our financial wad on the wedding this year, so we don't really have the money for a down payment. Sure, there's VA loans, but those only go to $240K, and the house won't come in that low.

Sonofabitch.

Sorry, just needed to vent.

DUDE! Bear needs a renter gorgeous duplex in powderhorn. CONTACT MEEEEEE!

Dang dude....is it the yellow place that you were at when my friend lived below you?

That's the place, yeah. I'm sure you saw Nick's fancy-schmancy apartment. Ours is the same way, plus the third floor.

I'm in love with the place.

Jess is going to shit a brick. The foreclosure notice is taped to her front door. She's almost never home.

We're not to that point yet. Sheriff's sale is on the 17th of December, and new owner has to give us 60 days notice. So we've got at least 90 days left, and that's if the landlord doesn't find a solution that lets him keep the place.

Dude $300k for a house? Dang.

Actually here's how it works.
Sheriff sale is 12/17. Your LL has 6 mos to redeem. You can live there and the LL has the right to collect rent and act as a LL (making repairs, whatnot) IF you have an active lease that is longer that the length of the redemption period, the person who assumes the property after the period has run has to abide by your lease.
If you don't have a lease, the person who assumes the property has to give you 90 days notice. If you have a lease that is month to month or ending during the redemption period your LL can give you a notice to terminate the lease, following the terms of the lease.

So you could have more time than you think

:[[[[[

I can see your house right now from my living room window. I will miss having you as a neighbor for sure.

I also feel the same way about my apartment. It's absolutely wonderful. More space than I know what to do with, for less than anything else out there.

Bummer day indeed.

this should be correct.

My wife and I bought a Duplex 2 months back (not a forclosure or short sale) and there was a tennant in the lower unit. we are required to honor her lease.

The amount remaining on the mortgage is $328K.

Got to love the housing bubble that popped..... I bet it will appraise for less then that.

yup!

mine was valued at 400K about three years ago and was originally listed for sale at 314K back in Jan of this year. In August we were the first offer and let me tell you I DID NOT pay 314K for my house.

Dunno. If you look at the total unit (which is the way it's mortgaged, not as two separate units), it's almost 3000 sq. ft., 5 BR, 3 BA, fully up to modern code on plumbing and electric. Hardwood floors on the first two levels.

It'll come in right around $328K, especially given its proximity to both downtown and the arts district.

Hey, turn that frown up side down! The housing market is nuts. There is no telling what the value of a foreclosed building will be 6 months from now.

Start saving. The landlord sounds like a good guy, he might even cut you a deal on the rent. Someone is going to get deal out of this foreclosure crisis. It could be you!

well, then look at my house as a unit. It is also 3000 sq. ft. 4 bedroom, 2.5 baths in the Regina neighborhood. it is in great shape and is not worth $328k.