House Rental needed, Wellington/ Kapiti.

**car** · 18th April 2008, 12:41

Landlords have decided that they can't afford the mortgage and so are selling the house we currently rent. Which, with a baby on the way, is a bit of a PITA, but there are harder things in life.

If anyone's got a heads up on rentals in the Wellington or Kapiti area (we'd dearly love to stay in Pukerua Bay, or close by) then I'd be grateful for a PM.

Cheers,

Chris.

**Usarka** · 18th April 2008, 13:01

Have they given you notice? 42 days from date of sale I believe, or 90 days if they give notice before sold. Given the market at the moment it might not be a quick sale, so you should have a bit of time to find somewhere.

Pain in the a&*#&. Not the best having people come through the place while you are looking though.....

best of luck

**MIXONE** · 18th April 2008, 13:08

Unfortunately this is going to become a common scenario with many of the people who jumped on the rental band wagon in the last couple of years now finding the rent doesn't cover all their outgoings.Best of luck with the house hunting.

**car** · 18th April 2008, 13:12

Originally Posted by Usarka

Have they given you notice? 42 days from date of sale I believe,

Yeah, that's the notice they've given us. When my wife called to tell me, she actually said that we'd been given 42 days to move out, but she'd misread. They're giving us notice that owner intends to sell, and that if he does, we'll then have 42 days. All seem legal and above-board.

**car** · 18th April 2008, 13:15

Originally Posted by MIXONE

Unfortunately this is going to become a common scenario with many of the people who jumped on the rental band wagon in the last couple of years now finding the rent doesn't cover all their outgoings.Best of luck with the house hunting.

We expected that something would be coming, but I was hoping for a small rent increase rather than this -- we love the house. The property manager confirmed your sentiment, though, that there are a lot of people trying to get out of the rental market. He also said that a lot of them are coming back to them shortly afterwards, unable to sell, and getting tenants back in to cover some of the costs.

I think we're going to take our time and find just the right place, not jump at the first 3-bed we find.

**mynameis** · 18th April 2008, 13:17

Pack your bags and move out as soon as possible into a nice home you guys like in the area.

That way you'll be done and over with sooner, something that you will have to do anyway. And it's not going to be in your heads bugging you.

On the flip side the owners will have an empty house with no rent coming in and all the time on earth to sell it !

**mynameis** · 18th April 2008, 13:20

Originally Posted by MIXONE

Unfortunately this is going to become a common scenario with many of the people who jumped on the rental band wagon in the last couple of years now finding the rent doesn't cover all their outgoings.Best of luck with the house hunting.

Yeap dumb idiots really who did not leave any buffer and thought they knew the game !

**Usarka** · 18th April 2008, 13:39

Originally Posted by mynameis

On the flip side the owners will have an empty house with no rent coming in and all the time on earth to sell it !

Too true, thats the big risk when a landlord needs to sell. As soon as the tenant finds out the house is on the market they start looking and then give their 3 weeks notice. No problems if the market is hot.......

**Beemer** · 18th April 2008, 13:56

Who knows, the new owners may be looking to keep it as a rental and could be keen to keep you on as tenants. But I'd start looking to be on the safe side.

**jim.cox** · 18th April 2008, 14:09

Originally Posted by car

I think we're going to take our time and find just the right place

If you like the place you are in, could you guys not look at buying the house yourselves?

**car** · 18th April 2008, 14:16

Originally Posted by jim.cox

If you like the place you are in, could you guys not look at buying the house yourselves?

Yes, and we will, just as soon as the real estate agent makes himself known to us. The move over here and subsequent time spent looking for work cleaned out much of our savings, and I don't fancy bending over and letting the bank stick me with nine throbbing percent of interest if I don't have any significant capital to lay down. We're saving, and were going to start looking in, say 12 months' time, when we have a clearer view of if and where the market's going to settle.

But we'd consider buying, if we could realistically afford the place, because after all this moving around it might be worth the premium to keep some stability in the kids' lives.

**jim.cox** · 18th April 2008, 14:20

Originally Posted by car

Yes, and we will, just as soon as the real estate agent makes himself known to us. .

Try by-passing the real estate agent and talk direct to the owners - you should then be able to split his/her fee between you and both save about $6k

**car** · 18th April 2008, 14:26

Originally Posted by jim.cox

Try by-passing the real estate agent and talk direct to the owners - you should then be able to split his/her fee between you and both save about $6k

I don't know who the owners are. They purchased the house as a rental investment and never moved in, we moved in the weekend after the previous owners moved out. (All of which was about nine months ago, which is another reason everyone's surprised that the guy's looking to sell -- all those costs nowhere near recovered.) The two paths I have to find out who the owners are are the property manager and the real estate agent, both of whom have no reason to tell me and every reason not to.

Unless... We might have an address for the previous owner. He should know who he sold the house to.

Hmm.

**Nasty** · 18th April 2008, 14:34

Originally Posted by car

I don't know who the owners are. They purchased the house as a rental investment and never moved in, we moved in the weekend after the previous owners moved out. (All of which was about nine months ago, which is another reason everyone's surprised that the guy's looking to sell -- all those costs nowhere near recovered.) The two paths I have to find out who the owners are are the property manager and the real estate agent, both of whom have no reason to tell me and every reason not to.

Unless... We might have an address for the previous owner. He should know who he sold the house to.

Hmm.

The thing is your lease sounds like it is through an agency/property manager and not with the owner ... so its really none of your business who owns the property (god that sounds rude) .. I manage a number of properties .. I don't own any of them .. but my friends do .. the leases are with me as landlord. Therefore its in the interest of the realestate agent and property manager to not give you this information.