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OilKiller · 10-08-2010, 11:56 AM

Since CP is good for just about anything else, I figured there would be some experts or at least people who know more than me (not hard when it comes to this type of stuff) around that could help.

My wife and I purchased our house about three years ago when the boom was on. We paid $360,000. The balance still owing on the property is about $310,000 (or close to that). We had ripped some stuff apart during renovations and the person who was doing the renovations (a friend), up and moved to Ontario. So now our house has been ripped apart for quite some time and we haven't been able to afford to hire someone to do it. I'm personally not a handy guy at all.

It it's current state, the house might be worth about $260,000 - $270,000. So even at the best of sales, that leaves a balance of $40,000.

How does something like this work? Is there any way we can get out? Could we sell the property for what we can get and make arrangements to pay the difference?

Just would like to know what options we have, if any. We really, really want to get out. We can't afford to fix it and I'm sick of living in a construction zone. Going to the bank to get a loan to hire someone to fix it is not an option...we have been down that road already. We also thought about trying to get an investment company to purchase the property for what is owing and tear down the house and put up a fourplex. The area is zoned for it and I've seen several not far from here. It is a huge corner lot that would hold something like this, but I've had no luck in trying to get through to any company that might be interested in this sort of thing or even finding them.

We're in quite the spot and any advice from those who know more about this stuff would be greatly appreciated. Thanks!

10-08-2010, 11:56 AM	#1
OilKiller Lifetime Suspension Join Date: Feb 2004 Exp:	Real Estate Advice Since CP is good for just about anything else, I figured there would be some experts or at least people who know more than me (not hard when it comes to this type of stuff) around that could help. My wife and I purchased our house about three years ago when the boom was on. We paid $360,000. The balance still owing on the property is about $310,000 (or close to that). We had ripped some stuff apart during renovations and the person who was doing the renovations (a friend), up and moved to Ontario. So now our house has been ripped apart for quite some time and we haven't been able to afford to hire someone to do it. I'm personally not a handy guy at all. It it's current state, the house might be worth about $260,000 - $270,000. So even at the best of sales, that leaves a balance of $40,000. How does something like this work? Is there any way we can get out? Could we sell the property for what we can get and make arrangements to pay the difference? Just would like to know what options we have, if any. We really, really want to get out. We can't afford to fix it and I'm sick of living in a construction zone. Going to the bank to get a loan to hire someone to fix it is not an option...we have been down that road already. We also thought about trying to get an investment company to purchase the property for what is owing and tear down the house and put up a fourplex. The area is zoned for it and I've seen several not far from here. It is a huge corner lot that would hold something like this, but I've had no luck in trying to get through to any company that might be interested in this sort of thing or even finding them. We're in quite the spot and any advice from those who know more about this stuff would be greatly appreciated. Thanks!