- Joined
- Feb 9, 2009
- Messages
- 83
My wife and I bought a triplex in Moncton three years ago in a rent-to-own deal, and the tenant who was supposed to buy it has bailed on the deal.
That would normally be a good thing (because we get to keep his down payment and "credits"), but we've never seen the property and have just been told by a realtor that the property is a tear-down (in other words, not even close to being worth what we paid for it three years ago).
I suggested to the realtor that we just do cosmetic work and rent it until the market improves, but she says the property needs too much work and the market won't bear the rents we need to break even. (Despite this, she says the neighbourhood - which is downtown - is a great neighbourhood and is filled with "wonderful" homes.)
The options the agent has suggested to us are:
1) Sell the property as-is, and take a loss
2) "Hand the keys over to the bank". I'd never heard of someone doing this outside of bankruptcy, but the agent claims that lots of people are doing it in Moncton, because the market has been terrible for the past 3-4 years and values have dropped 10%-15%.
We found the realtor who is advising us through the yellow pages (I posted on this forum looking for a realtor, but nobody replied). She has over 30 years experience, but she's a rambler and seems pretty scattered.
Instead of trying to come up with creative solutions, the realtor just keeps going on and on about how crappy the Moncton market is. I'm sure that's the case, but I don't see the point in giving up so soon. All of this makes me question her advice (is she really thinking through the best options, or just rushing to conclusions?)
Any advice on what I should do?
That would normally be a good thing (because we get to keep his down payment and "credits"), but we've never seen the property and have just been told by a realtor that the property is a tear-down (in other words, not even close to being worth what we paid for it three years ago).
I suggested to the realtor that we just do cosmetic work and rent it until the market improves, but she says the property needs too much work and the market won't bear the rents we need to break even. (Despite this, she says the neighbourhood - which is downtown - is a great neighbourhood and is filled with "wonderful" homes.)
The options the agent has suggested to us are:
1) Sell the property as-is, and take a loss
2) "Hand the keys over to the bank". I'd never heard of someone doing this outside of bankruptcy, but the agent claims that lots of people are doing it in Moncton, because the market has been terrible for the past 3-4 years and values have dropped 10%-15%.
We found the realtor who is advising us through the yellow pages (I posted on this forum looking for a realtor, but nobody replied). She has over 30 years experience, but she's a rambler and seems pretty scattered.
Instead of trying to come up with creative solutions, the realtor just keeps going on and on about how crappy the Moncton market is. I'm sure that's the case, but I don't see the point in giving up so soon. All of this makes me question her advice (is she really thinking through the best options, or just rushing to conclusions?)
Any advice on what I should do?
