[Wookie]

Originally Posted by ken0042

Well Wookie- you have to admit that the boom and the subsequent correction that we are seeing is a result of demand exceeding supply to a certain extent, and if there were people who bought property hoping to help push along the demand, and they ended up losing out, I'm not feeling very sorry for them. Any investment involves risk.

What has caught the OP here is that the condo builder had a lawyer draft a legal contract, and either the OP didn't get representation of his own, or that representation was flawed.

When I bought my house, I used a realtor and a lawyer. The realtor went over the purchase agreement as my advocate, and showed me what each part meant. When I bought my property out in Manitoba I also used a lawyer, and paid him some extra cash as this was a "sale by owner" deal, and I didn't want to get shafted.

In my mind the OP tried to save some money by not getting representation, and it has now come to bite him.

I would suggest the OP speak to a lawyer about his options. My recommendation is to look in the power ring for Troutman's post, as I have used his services and he was extremely helpful. If nothing else, better to spend a couple of billable hours with a lawyer to get the info you need, than to just try and do this on your own.

I'm not feeling sorry for any of them either. But noticing a bit of schadenfreude and blame vs. empathy.

"it's their fault"
"if they weren't so greedy"

As if buying a property to rent out was "oh so evil"

Perfect example.

I rented my place out while I was living elsewhere. I used it as an opportunity to pay down the mortgage on a place that maybe I couldn't afford otherwise. I'm now living there with a roommate. That's how I make ends meet.

But, while renting it out, the renter had some problems, I tried to help him as much as I could. But it was becoming difficult and I was going to take a financial hit if I was any more lenient (and in the end I got screwed). His take on it, "this is an investment for you, vs. me and my life/ making ends meet"

So, because I was renting it out, I could afford to lose money because, wow, if I'm renting this place out, it must mean I'm rich. Or by buying property with different intentions then living in it, one is screwing someone else out of a home.

Feeling sorry is a totally different thing.