Saturday, July 14, 2012

The housing crash

My book is all about the recession and how it affected me and my family.  I'm sure you have a few nasty stories to tell as well.

We bought our house in the summer of 2006, at the height of the market.  We sold in 2009 (I make a mistake in the video on dates).  Why did we sell?  My husband, Greg, was laid off in January, 2009, and we felt trapped in a neighborhood where the schools were not so good.  We'd foolishly planned on private schools, not realizing how risky a plan that was.

In a panic, we put the house on the market and stressed week after week as we saw the value of our house deteriorate.  Fortunately, we sold within 3 months; it felt like 12.

After the sale, we moved into a rental located in an area with great schools.  The house was crappy, but you can't have everything, right?

In this video I talk about the sale of our house, facilitated by our amazing realtor, Sue Adler.  I also touch on an issue we were having at the time: after we sold our home we signed a lease on a rental home with an option to extend the second year.  When we decided to exercise that option, the landlord informed us he was selling the house.  We thought we had rights, but we found out otherwise.

(Beware.  A right to extend a lease doesn't preclude a landlord from selling the house you live in.  In fact, a landlord can legally sell whenever he wants to, regardless of the contract he's signed with you.  But don't worry.  The contract has to be honored by the new owner.  That really makes you feel warm and fuzzy as a tenant, doesn't it?)

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