Monday, May 28, 2012

The Housing Crisis - Part 1


Renting out one's apartment is an awful, tiresome, and frustrating task.

Refinancing one's mortgage is a process so convoluted, confusing, and frustrating that it should be reserved as a punishment for war criminals.

In April of 2012 I decided to try and rent out my apartment and refinance my apartment at the same time.

This was a poor decision.

I started by trying to sell my apartment. Or I thought I was going to sell my apartment. I had a broker come in and take a look at it, he said I could get my money back for what I paid for it. He said he'd call me to start the process.

I never heard from him again.

I invited another broker to look at my apartment, he was not as optimistic about me getting my money back... Because he wasn’t lying to me.

When I asked him how much he thought I could get for it he made what some people would call "a poop face" and started telling me about the real estate market.

It was at that point that I realized I would not be getting my money back.

Real estate broker suggested I rent out my apartment. After some thought and private counsel with my trusted board of advisers, or as I call them: mom, I decided to go ahead and try to rent my place.

My broker was excited. "great" he said. "when can you be out and have it painted?"

Ummm after you rent it for me?

Apparently my profound confidence, snappy dress, and impeccable grammar led apartment broker to think I was some sort of Vanderbilt who could afford to keep several homes around the city in which to stay in when I become bored with any of the others.

I told him he would have to rent my apartment with my stuff in it.

Well, its gonna be a lot harder to rent if its not empty.

Well, that's why I am not doing it. That's why I have you apartment broker. I didn't say you had to rent my apartment to a gnome, a red head, or Australian royalty, I just said rent it. I don't care how hard it is, just make it happen. When I go to a restaurant and I order a dish the chef doesn't come out and tell me how hard it is to make.

So apartment broker begins the process. He complains that it’s tough showing the apartment only at night and he could show it more if he had the keys. And there is nothing I love more than giving strangers keys to my apartment.

Regardless, I give him my keys.

Apartment broker complains that what I am asking in rent will be too high and we should lower the price. I tell him I NEED to get that rental price to cover my mortgage which I acquired in the spring of 2008 when the mortgage rate was just under 437 percent.

I realize I need to save some money somehow.

So now I go to see a new broker. Mortgage broker. He explains to me I can save a considerable amount every month by refinancing my mortgage. All I need to do is fax in several documents and forms to begin the process. I am excited. I begin the process.

Meanwhile every time I talk to apartment broker he tells me how my kitchen is too small and before they rented out a similar apartment they had to show it 35 times.

First of all, I start to loathe him.

Second of all I want to scream at him that I don’t care if he has to show it 100 times. You have the keys. That's why I gave you the keys, so I wouldn't have to care. Again, the chef doesn't come out of the kitchen and go

Oh geez guys sorry but I am having a hell of a time chopping this onion

No! He chops the fucking onion and makes me my dinner. You on the other hand insist on telling me all the minute intricacies of apartment renting that I have never once cared about until now. And looking at it now, I still don’t care about them.

Every time I get on the phone with him he wants to tell me everything about every prospective person. I ask him how its going and it’s like he hears me say “Hey, ramble for five minutes.” Every conversation sounds like this:

Ya know its tough we got a lot of traffic in the office and then we post ya know but we gotta make sure we get the right people because and then ya know I gotta deal with the board and you don't even wanna know what I gotta deal with.

You’re right. So please shut up and just rent my apartment.

Meanwhile after faxing in my forms, my mortgage broker explains to me that I have to have somebody assess my apartment to tell me what it's worth.

Good. I was hoping I could invite a stranger into my home to place a value on the thing that I own but no longer want to so must rent except at a lower cost than what I am currently paying now so that I could potentially lose money to not live in the place where I live.

Getting in touch with the, I don’t even know what to call him, apartment assessor, is like trying to track down a missing child but I finally succeed. This bozo calls me back and asks if he can come by my apartment at noon the following day. I tell him no because I have a job, like other adults. I ask him what times he works. He says

Monday to Friday 10 to 12.

Oh. Good. I was thinking this might be a challenging experience but if you work ten whole hours a week this should be a piece of cake.

Naturally, I should have anticipated what would happen when he showed up at my apartment.

To be continued…

4 comments:

Pat said...

Where are you going if you rent your place out?

We are in a Realtor mess ourselves. We decided to get off the road (full-timing in an RV for 7 years) and are now renting a condo which we want to buy. The condo belongs to my friend's mother-in-law who passed away 3 years ago. The condo has been on the market that long but has not sold. That doesn't mean it doesn't get showings. PLENTY of showings. Which are a pain in the patootie. We applied for a mortgage and two different banks told us that we were "pre-qualified", but they don't do "pre-approval" until we actually bid on the place. Seems a little awkward, doesn't it? Uh, yeah, we'll bid X number of dollars, oh, wait, can't afford it. Sorry! Hoping everything will be settled within the next couple of months. Good luck on your end, too!

DangGina said...

Your stories are always the best. I'm sorry if it seems like I laugh at your misfortune a lot. (At least you don't hear it, as I read your blog from Idaho?)

I'm sure it's far too late, but good luck with The Housing Crisis :)

Caroline B said...

My thoughts too - where will you live?
Sounds like a nightmare - you wonder how these people function in their jobs. Good luck wiht the whole rigmarole!

Seudas said...

Yikes. I'm glad it'll be a few more years before I have to deal with mortgages and brokers. It's bad enough trying to convince the manager of the apartment complex I'm living in next year that a rabbit is not a rodent. He didn't believe us.