Once upon a time, before I met my wife, she had a friend named “Joe”. Once I met my wife for the first time it wasn’t too long until I met “Joe” for myself. Then we all became friends.
Years passed and “Joe” began to dabble in real estate, the rental kind. One of his first purchases was this lovely old two story, single family home that had been separated some years back into a first and second floor apartment type setup. To make a long story short, 5 years ago he offered the ground floor apartment to us. He needed someone he could trust, he told us, and promised my wife that she would always have this place to live in for as long as she lived. He even went as far as to tell his son, who would inherit his estate and business when he passed on, the same thing.
Several months ago, “Joe” invested his hard earned dollars into starting up a business for himself–a sports bar and restaurant establishment right here in town. Unfortunately, once he started renovating the building he bought to accommodate his new establishment, he underestimated the cost of said renovations by a rather significant amount.
Now, by what “Joe” tells us, this money he scheduled to pay for the renovations is actually his own. No loans involved so far. And “Joe” has an excellent credit rating by the way. I know this because he had me use my computer to look it up for him. So now, he’s looking at taking out a short term loan to finish renovating his future sports bar and restaurant.
Apparently he decided not to go that route after all.
Instead, he’s decided to sell the house we are currently living in for some quick cash. The house he promised my wife she would always have to live in for as long as she lived.
Yes, it’s his property and yes he has every right to sell it but I also happen to take a man (a friend, no less) at his word. That plus the fact that he made a promise to my wife who had been his friend for years before he ever became her landlord.
And promises like that are sometimes more important and binding than obtaining some quick cash.
One question remains though.
Can I just shoot him?
Why don’t you send him a few of your cats?
He sounds like a class-A asshole. I can imagine how pissed you and your wife are. But I love the way, even though you’re fit to spit, you still protect his identity by using a pseudonym.
.-= Larry Wallberg´s last ramble ..Horton Hears an Evangelical =-.
Larry – Of course, some names are just terribly convenient?
Hi Kirk,
This obviously sucks. I think the question I have is why on earth did he make such a promise? So many things can and do happen. It didn’t need to be this, it could have been any number of things. These are the kinds of promises you just don’t make – things change, he should know that.
Having said that, you should have known that too… Forever is a long time. Even those who stand at the Alter and promise their lives to someone often don’t follow through. Such is life.
I’m sorry this is happening to you. Have you thought about buying? (Realtor kicking in now). There are so many loan programs for vets and even more under the ADA guidelines… (You’ll need a specialty lender though to help you figure it all out). Call your City office, they’ll be able to give you some info too. Just an idea…
Denise – Oh, I hear what you’re saying but considering our age forever may not be that long.
And your idea about buying is not that far fetched. I’ve already used my VA rights long ago to buy a home (since paid off and the VA rights were returned to me). So I suppose that’s another possibility if we need to turn to it. Most banks these days know how to handle this kind of thing. That plus the the fact I’m rated 80% disabled (courtesy of the VA) and have a guaranteed income added to what my wife brings in from her quilt shop (which is about all we got going for us at this point).
Who knows? These types of incidents may turn out to be more of an opportunity than a disaster.
Absolutely Kirk this may turn out to be an opportunity rather than a disaster ~ I’m a great believer in things happening for a reason!
You have so many things going for you and may even qualify for the homebuyer tax credit, making the whole deal even sweeter. (Even if you owned a home before as long as it wasn’t in the last 3 years you’re good).
Good Luck… I’ll be watching your posts for updates of course.:-)
.-= Denise Hamlin´s last ramble ..Students with Parents as Cosigners May Qualify for the Homebuyer Tax Credit =-.
I hate to hear of crap like this happening to good folk(to any folk). But I prefer to think of it like ya’ll,as an opportunity,an open door(one-way, out,but still open).I’d advise against the shooting route,although you would be relocated that way.If the market is slow in your area perhaps you can buy it w/a good deal if he’s in a great need of cash flow.Plus you would have the other unit as income, hmm,perhaps things are a changing. Give it a thought or try if interested
Sandi – Alright, we won’t shoot him. Besides, that kind of relocation is not on my list of things to do this weekend.
And, as you pointed out, we’ve decided that the only way we can look at this is as an opportunity. An y other way is too depressing. He’s asking to much for this place but buying is a fair option otherwise.