We at started it out with a visit to a an attorney, seeking legal advice on what our rights as renters are in a foreclosure property. Good news is that because of the poor housing market, there was a feral law passed that gives renters 90 days to vacate the property after notice has been served that the property had indeed been foreclosed upon. Which for us means possibly not having to move twice.
Now as far as the law on landlords receiving rent for a home they are no longer paying a mortgage on... In California it is not considered rent scamming if the owner paid their mortgage for an entire year and then stopped paying. So by law, our landlord is not doing anything wrong and we are still obligated to pay her rent until she is foreclosed on. For now, we just wait for the notice to be taped to our door.
In the meantime, we had an offer out on a foreclosed house and got a call on Monday that the bank countered. We countered back. Not by much. (I am learning to play hardball) And then we get a call on Monday night that another offer came in. Now we are in a multiple offer situation, so they say "Bring your biggest and your Best". We did not change our offer and by Wednesday we were awarded the contract! YEAH!!!!!! This is the 3rd house we have offered on and so step one is under our belt.
With this good news, I was able to focus on having the President of our company with me on Thursday and enjoy a glass of wine in the city Wednesday night! Cheers!
Buying a foreclosed property means the bank wants it off their books as soon as possible, which in turn means, we need to have our act in gear!
We had our inspection on Friday. It lasted 5 1/2 hours. The guy was very thorough and I discovered that I was a pretty good detective as well.
Now California has made me a little less naive and has made me toughen up. That is why I figured out the mystery electrical system before anyone else.
In the third car garage, there was an electrical panel installed without a permit. There is also a water line coming in. Not unusual because some people like to put a utility sink in the garage. What was a little strange was you could see where the previous owner had placed something over the window and around the garage door opening. There was no garage door opener installed and a ton of staple gun marks in the wall. There was also some open holes that had been patched in the ceiling.
Dave and our realtor came to the conclusion that the garage was used as sound round for recording. They came up with this idea because right off the garage is a small room that has a stage built in and some electrical wires coming out for a guitar hook up.
That did not settle right with me. We are in California and I am convinced that the previous owner was growing pot! It is legal to grow up to 99 plants for medicinal purposes.
My suspicions were confirmed when the inspector went into the attic above the garage and saw the ventilation system that was installed. Now, no one can for sure state that is what was going on, but good deductive reasoning leads us to believe that is what was happening.
The good news is that there was no evidence of mold and there are no other room or structures over the garage. This type of activity ,through our inspector, is limited to the garage space alone and he feels there are no health concerns or risks associated with living in the house.
The rest of the inspection went great. So if everything else goes okay, we will close on the 16th of February.
I have to continue to laugh at the situations we find ourselves in and think, "are we the only normal people here?". My father says, Yes!
Even with all this commotion, we managed to put together Cupcake Sparkle, Our family Snowman! He will be displayed at the Open house in a few weeks. If only there was some snow so we could make a real one....
The happiest ending of the week came at 2:50 PM when Emma was picked as the VIP for the week! She has been waiting for so long and now it is her turn. Can't wait to see what fun adventures George will go on.
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