- Joined
- Sep 17, 2007
- Messages
- 37
I have owned a house with a JV Partner (non-rein member) for the last 2 years. No JV Partner agreement was drawn up (never again) as both were 50/50 in mtg., reno costs & work, etc. Due to the fact that I had bad credit 2 years ago & could not qualify for a toaster - I allowed my JV Partner to walk all over me. We were cash flowing over $600 a month. From day 1 we needed a new roof - my partner always insisted NO. I wanted to raise the rent - my partner said NO. So when she came to me in April 07 & wanted to sell I said NO - stuck to my guns. We would do an equity take out to free up cash. She would only allow our origional bank to do the second mtg.(her husband is a lawyer) - We were turned down. I asked to buy her out. She said NO - she was worried about selling it to me for appraised value - when the market could have given us more. So up For Sale it Went. Gave notice to renter - she left in 8 days. 3 months later no bites. I successfully put in an acceptable offer to her to purchase myself. My appraiser (Bob Huldane appraisers - Red Deer) found black mold behind the baseboards. Bank would not fund until an enviromental assessment was done to prove the problem is cleaned up. (I had a renter in place from June 28 - my possession date - today it is still vacant) We have had the environmental guys in 8 times so far. At the start the black mold was at 44 - everytime the enviro. guy came he would recomend something more to do. ie: visit 1 -take out carpet, visit 2 remove this wall, visit 3 paint floor & wash walls, visit 4 bathroom fixtures, etc. The basement is now almost gutted (a bedroom remains. On July 4 - I spent $10,000 to have a new roof put on and new flooring - after all it was going to be mine. Now I want my partner to pay for 1/2 of my expenses as the house has almost NO basement development. She said NO. She pays for nothing. I can live with that. Just want her gone. Now the mold has gone down to a 4 - even the enviro guy is not sure what more we can do. The newest suggestion is to check out the attic. Here is my BIG problem. My partner is bulling me to put the basement back together, put it up for sale & say "we had a mold problem & to the best of our ability we have cleaned it up." She feels there is no such thing as 0 black mold count. She WILL NOT allow the enviro. guys back in. She said "let the buyer get an enviro study done if they feel necessary." - she feels no one will question if all looks good. I WILL NOT sell an unhealthy house. I WILL NOT give this problem to a unknowing party. Besides FULL DISCLOSURE is still the law (I am a realtor also - I would loose my license)
Please give any imput you can. My JV partner is Still my friend so far.
Please give any imput you can. My JV partner is Still my friend so far.
