Forgetting about the fact that you`ve already put in a bunch of money so far (its a sunk cost), if you`re going to put another 10k into real estate, is this the property you`d pick? Knowing that it has a 245k first against 270k value, plus a second mortgage putting the amount of mortgages over the value of the property?
I`m afraid I don`t know any BC realtor`s, since I`m in Calgary.
Best of luck to you,
Michael
QUOTE (springforward @ Oct 27 2010, 08:57 PM) Michael,
My guess is that in today`s market the house is worth less than $300,000, perhaps by $30,000-$40,000.
When you were talking about the second mortgage being registered were you meaning with Land Titles? What if the 2nd was never registered period and not signed by the title holder?
Can you recommend a lawyer in BC?
Even though the property might be able to get back on track to be mostly self supporting you figure the Reserve fund withdrawl and the inflated 2nd mortgage plus the extra costs (to stop it from bleeding red ink) make it a dead horse?
Cheers
I`m afraid I don`t know any BC realtor`s, since I`m in Calgary.
Best of luck to you,
Michael
QUOTE (springforward @ Oct 27 2010, 08:57 PM) Michael,
My guess is that in today`s market the house is worth less than $300,000, perhaps by $30,000-$40,000.
When you were talking about the second mortgage being registered were you meaning with Land Titles? What if the 2nd was never registered period and not signed by the title holder?
Can you recommend a lawyer in BC?
Even though the property might be able to get back on track to be mostly self supporting you figure the Reserve fund withdrawl and the inflated 2nd mortgage plus the extra costs (to stop it from bleeding red ink) make it a dead horse?
Cheers