Post # 1
Here’s the deal, DH and I made an offer on a house and it was accepted by the oweners. It’s a Short Sale so now we are waiting to hear from the bank-which can take up to 90 days- after that potentially 2-3 months before we actually close and get to move in. Our lease is up on our rental in less than a month. We hate our rental, there are serious mold problems that our landlord doesn’t seem to think is a big deal, and there is NO space, Frankly our landlord is an idiot and we’d like to get out of there ASAP. DH’s parents own a property with a MIL unit that we could potentially move into. We would be saving about $1200/month if we did this-which would be great and perfectly fine if 5/6 months from now we were moving into our own home…..The catch: the rental market is INSANE where we live….like I’m talking $1300 MINIMUM for a 1 bedroom….We are already 40 mins north of the city-the only way to get lesser rent would be to move WAY out there and that wouldn’t make any sense. If we leave our current rental and move into the MIL unit what happens if 6 months from now our house still hasn’t closed and there is no end in sight? I don’t really want to be living in DH’s parent’s place for that long because I know we will have ZERO privacy. That’s just the way his family works….. ANYWAY: If we do move out of our rental we are risking potentially living in the MIL unit for longer than we’d like OR having to move out and spend a fortune on a new rental…..
What would you do?
Post # 3
Tough one. I don’t think I could personally handle living with my inlaws, but mold would make me leave pretty quickly too. Is it black mold? If it is, I’d leave, because that’s super dangerous…
I’d be cautious with banking on the 90 days. In my area, our real estate agent told us that less than 1% of short sale offers make it through settlement because the bank rejects it, or there is something really wrong in the inspection phase that the seller won’t/can’t fix…
Post # 4
Ugh. Not ideal but you have to do what you have to do. Do you guys already have a house picked out that you’re buying? Is it pending? I would want some concrete plans, otherwise the ‘no end in sight’ feeling would be really hard for me.
Post # 5
I w ould move to MIL unit (mold is really not good for your health). will you be paying rent? I would pay rent for the MIL unit but in return request privacy. your husband should be the one to speak to his mother about it.
Post # 6
We’re moving in with his mom after our lease on this apt is up, but on purpose. We’re moving to the unused upstairs portion of her house. The only space we’ll need to share is the kitchen.
There is no other way for us to save for a house in a shorter amount of time, and everyone we’ve talked to has agreed that it’s a good idea (though not the ideal living situation)
It shouldn’t be too bad.
Honestly, I think that having the ML suite is really going to help it not be so terrible, tense and tripping over each other etc.
And you’ll be saving up TONS of money for future house repairs or essential items (you’ll need it!), while also reaping the health benefits of… not living with mold everywhere.
[ETA] In terms of privacy, physical barriers work best. If there isn’t a door to the entrance to the suite, install one (ask first). We can’t install a door, but we sure as hell are putting a lock on our bedroom door at least (keeping all our valuables/sensitive info in there) and will be installing a “wall” of curtains at the top of the stairs, to open and close when we want.
If you can’t install the door, install curtains – even if you have to put up a double row.
At the very least, switch out the doorknob to the bedroom – even if you switch them back when you’re done.
Post # 7
- Wedding: October 2011 - Bed & Breakfast
Short sales have a very low rate of successful closure. Honestly, the odds of a successfuul deal are not in your favor. I would not give up my current housing until I actually closed the deal and had keys in hand. FWIW, we had contracts accepted by the sellers on 2 different short sales. Both deals failed.
Post # 8
My sister and BIL got kicked out of their apartment when their landlord found out they had put an offer in on a short sale. The short sale took forever and ultimately fell through. They moved back in with my parents and ended up building new. It worked out great for them and they saved a lot of money! Good luck!!!
Post # 9
Does the MIL unit have a kitchen and bathroom and such? If so, I think I’d suck it up and stay there. That’s a huge savings, and I would be totally freaked out by a mold problem.
For what it’s worth, FIL short saled his house a few years ago and the bank took a low ball offer, and my brother just recently bought a short sale which the bank also took a low ball offer on. So it’s not unheard of.
Post # 11
I am usually do not like with your inlaws 90% of the time. Having a MIL suite did make me pause on this one (I am assuming that you would have your own bathroom and kitchenette). I would stay 90 more days and decide from there. If a closing date is set at that point I would either stay or go to the in laws. It would suck to have to be packing and unpacking if the sale goes through.
Post # 12
I would move in with my in-laws but keep up with the house and rental search. The mold thing would scare me off…doesn’t seem to be worth my health.