my house predicament

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MikeWillRetire
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Joined: Fri Jun 29, 2012 12:36 pm

my house predicament

Post by MikeWillRetire » Mon Mar 12, 2018 4:54 pm

My wife and I paid off our house in the fall, after 24 years of mortgage. We planned to live here another 2 to 3 years before retiring. It was a new community 24 years ago, but has been declining over the years for various reasons. The house next door is owned by an Army couple who rented the place out while they are stationed in Hawaii. The tenants were awful, so they decided to sell the house a few months ago when the lease ran out. Unfortunately, they did not winterize the house. This resulted in water pipes bursting on the second floor. The house was vacant, so nobody noticed until the realtor visited. By then, the ceilings collapsed, and the basement filled with water. The for-sale sign is now gone.

I have not been able to contact the owners. My fear is that their insurance company will deny the claim since the owners neglected to shut off the water supply and winterize the house. If so, the owners wouldn’t be able to renovate the house, and they could walk away from it. I’m pretty sure they have a mortgage.

I am looking for advice just in case this happens. Should I sell my house as soon as possible?

michaeljc70
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Re: my house predicament

Post by michaeljc70 » Mon Mar 12, 2018 5:00 pm

I'm not entirely clear what you are worried about. A foreclosure competing with your sale? The home being unkempt and looking bad when you go to sell? If it is the foreclosure competing with your home, I probably wouldn't worry much. You are making a lot of assumptions: the insurance will deny their claim, they won't have the funds to fix the home, this will still be going on in 2-3 years, etc. Is the home similar to yours? If not, a foreclosure matters even less.

soccerrules
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Re: my house predicament

Post by soccerrules » Mon Mar 12, 2018 5:05 pm

Hey Mike
I would not sell my house just because the neighbors did not care for theirs. I would sell if I wanted/needed to for a variety of reasons.

Take care of your house. Make sure you have the proper insurance coverage to replace your house and belongings should something happen.

I assume if you were to sell you would want to get the highest price possible. There might be some impact to the sales price (market value) of your home property if the area is declining and you have a "mess" next door.
You might want to wait until the house next door is either rebuilt or destroyed (empty lot) to put yours on the market.
Having the house for 24 years I assume it has increased in value some ?
Don't let your outflow exceed your income or your upkeep will be your downfall.

runner3081
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Re: my house predicament

Post by runner3081 » Mon Mar 12, 2018 5:33 pm

Neighbors come and go.

They will also come and go wherever you move.

Moving to get away from bad neighbors is a game you may never win.

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lthenderson
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Re: my house predicament

Post by lthenderson » Mon Mar 12, 2018 5:39 pm

I would be contacting the owners of the house and letting them know that if the insurance doesn't come through, I would be willing to assume control of the property for a reasonable price. I would then have the place razed and expand my fiefdom to put more distance between me and the neighbors.

Silverado
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Re: my house predicament

Post by Silverado » Mon Mar 12, 2018 5:49 pm

lthenderson wrote:
Mon Mar 12, 2018 5:39 pm
I would be contacting the owners of the house and letting them know that if the insurance doesn't come through, I would be willing to assume control of the property for a reasonable price. I would then have the place razed and expand my fiefdom to put more distance between me and the neighbors.
I like this idea. Would take a special set of circumstances to have it really make sense, but if it did, that'd be sweet.

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Sandtrap
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Location: Hawaii😀 Northern AZ.😳 Retired.

Re: my house predicament

Post by Sandtrap » Mon Mar 12, 2018 5:59 pm

Welcome.
I fully understand your concerns.
Area demographics change over time. What was a new and thriving community with young families changes over time as a city or region's center of "newness" moves. There are no more young folks, the area is no longer attractive, older folks rent their dwelling, and then percentage of renters increase and further erode home values, and perhaps, likely, the "feel" of an area.
In the extreme, grafitti, unkept yards, and homes in disrepair, and so forth.
I don't know your exact concern but it seems this is it. If not, disregard,
But if so, spruce up your home and sell it if you are inclined to move to a better neighborhood and a better home.
If the above description applies, it's not going to get any better.
You were going to move n 2-3 years anyway. Move now.
The house next door is not your concern unless you plan to take advantage of the sale and buy and "flip" it.
aloha
j :D

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MikeWillRetire
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Re: my house predicament

Post by MikeWillRetire » Mon Mar 12, 2018 6:16 pm

soccerrules wrote:
Mon Mar 12, 2018 5:05 pm

You might want to wait until the house next door is either rebuilt or destroyed (empty lot) to put yours on the market.
Having the house for 24 years I assume it has increased in value some ?
SoccerRules,
Thanks for the response. We had a nor'easter last week, and it took off quite a few of their shingles and some vinyl siding. Due to the broken water pipe, the windows are covered in condensation, so I imagine that the house will have a mold problem. My concern is that nothing will be done for years, and then I will take a hit when trying to sell my house. Our houses are only 20-feet apart. So I am leaning towards selling it now.

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MikeWillRetire
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Re: my house predicament

Post by MikeWillRetire » Mon Mar 12, 2018 6:18 pm

lthenderson wrote:
Mon Mar 12, 2018 5:39 pm
I would be contacting the owners of the house and letting them know that if the insurance doesn't come through, I would be willing to assume control of the property for a reasonable price. I would then have the place razed and expand my fiefdom to put more distance between me and the neighbors.
Ithenderson, thanks for the response. Unfortunately, this is not the type of community worthy of a fiefdom. :sharebeer

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Sandtrap
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Location: Hawaii😀 Northern AZ.😳 Retired.

Re: my house predicament

Post by Sandtrap » Mon Mar 12, 2018 6:18 pm

MikeWillRetire wrote:
Mon Mar 12, 2018 6:16 pm
soccerrules wrote:
Mon Mar 12, 2018 5:05 pm

You might want to wait until the house next door is either rebuilt or destroyed (empty lot) to put yours on the market.
Having the house for 24 years I assume it has increased in value some ?
SoccerRules,
Thanks for the response. We had a nor'easter last week, and it took off quite a few of their shingles and some vinyl siding. Due to the broken water pipe, the windows are covered in condensation, so I imagine that the house will have a mold problem. My concern is that nothing will be done for years, and then I will take a hit when trying to sell my house. Our houses are only 20-feet apart. So I am leaning towards selling it now.
Good idea.
Look up: "Curb Value".
j

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MikeWillRetire
Posts: 313
Joined: Fri Jun 29, 2012 12:36 pm

Re: my house predicament

Post by MikeWillRetire » Mon Mar 12, 2018 6:20 pm

Sandtrap wrote:
Mon Mar 12, 2018 5:59 pm
Welcome.
I fully understand your concerns.
Area demographics change over time. What was a new and thriving community with young families changes over time as a city or region's center of "newness" moves. There are no more young folks, the area is no longer attractive, older folks rent their dwelling, and then percentage of renters increase and further erode home values, and perhaps, likely, the "feel" of an area.
In the extreme, grafitti, unkept yards, and homes in disrepair, and so forth.
I don't know your exact concern but it seems this is it. If not, disregard,
But if so, spruce up your home and sell it if you are inclined to move to a better neighborhood and a better home.
If the above description applies, it's not going to get any better.
You were going to move n 2-3 years anyway. Move now.
The house next door is not your concern unless you plan to take advantage of the sale and buy and "flip" it.
aloha
j :D
Sandtrap, You've described my community well. Thanks for your input.

Mike

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