Homeowners sell their homes and buy other homes for a variety of reasons, including a need to live closer to a place of employment, to be closer to family, to enjoy a better climate, or simply to upgrade. This article is about finding the best sequence of steps in the process.
Q: Three months ago, we rented a house that was listed by a real estate agent. We were told the owner lived abroad. After negotiations between our agent and the listing agent, we filled out a detailed application, paid first and last month's rent (plus a security deposit) and moved in and are still current on the rent. Yesterday we received a letter from an "asset preservation" company telling us that our rental home is a bank-owned foreclosure and that we have to move. What is going on?
LOS ANGELES - The gig: Michael Marini, 49, is chief executive of Planet Home Living, one of the leading developers of small-lot subdivisions - clusters of townhome-like single-family houses that are only inches apart from each other. The sleek, modern developments have proved extremely popular among Los Angeles homebuyers in recent years, particularly in high-demand neighborhoods, where there's little for-sale housing being built. Lists of those interested in the LA-area firm's projects are in the hundreds, Marini said. And he's currently under construction or about to start work on nine developments, eight of which are small lots. "Never been busier," he said.