Came home to find my building is "for sale"...

[MissMillie]

To be honest, I'm in a bit of a panic. My rent was just raised $100/month two months ago, and if someone else buys the building, it could go up again.

With all the trouble I've had w/ my child support, I have some catching up to do when it comes to other bills. Even if the checks come in as expected in October, I won't have enough for first/last in the event that I have to move. What can I do?

You know... it's be nice to catch a break in life--just once in a while.

[flamingyouth]

1. I'm sorry

If it's any consolation, in this market, it might take a long time to sell. I hope that is the case for you. Take care of yourself.

[WillParkinson]

2. Best of luck!

It's not easy to catch a break lately. I wish you the best of luck.

[radwriter0555]

3. They can't raise your rent again, since most areas have some form

of rent control.

If either owner wants you to move, again, chances are, they must pay you a massive relocation fee, usually several thousand dollars. Check your local rent control laws before you create needless worry for yourself.

Learn what your rights are.

[radwriter0555]

4. Oh and where is this building and how much are they asking for

it? I'm always in the market for real estate acquisitions.

[MissMillie]

6. Southern Worcester County, MA

it's a 4-unit building, 4 six-room units. Old building, new roof and windows. I don't know what they're asking for it, but if you're truly interest, I can check it out for you--but only if you promise not to raise my rent.

I'd buy it myself if I had any money. The thought of moving scares me sh*tless--and not just because of the financial burden. I need to do some serious purging of stuff. My attic is way too full.

[BigMcLargehuge]

5. the caveat of the renters life

MissMillie, I know it well and am still a renter. Sucks that they jacked your rent by a hundred bucks. I went through that a couple of times and finally moved into a privately owned house for rent.

Once I escaped the "building management company" trap things improved.

You certainly should check out any renters rights law in your state, and any city/town ordinances that protect tenants during building ownership changes. In some cases you may be eligable for a relocation fee as paid by the new owners of the property, and in some cases you may be granted your security deposit back when the new owners close should you have to relocate due to a huge rent increase.

Good luck MissMillie

[Bunny]

7. Check out your renter's rights in MA

Do you have a signed lease? If so, I do not think your rent can be raised until the lease expires, regardless of whether the building changes hands or not. Also, I do not think any new owners can make you move before your lease expires either. At least that's what the law is in PA (been a while since I rented, but I doubt if it's changed much).

For peace of mind, try to get answers ASAP. You may eventually get your rent jacked up again, or even have to move, but at least you'll have an idea of how much time you have left. And as someone else already mentioned, just putting a property on the market does not mean it'll sell right away. Good luck.

[Nikia]

8. That's horrible

I guess that I am glad that we have a one year lease. We just renewed it for the second time and the rent is the same as when we moved in.