May. 31st, 2017

mme_hardy: White rose (Default)
 
A young couple with a baby on the way are victimized at every turn by their habit of credulously taking the lowest bid from unknowns. Shock horror!

No, really.

We Bought a Crack House
It was a crumbling Parkdale rooming house, populated by drug users and squatters and available on the cheap. We were cash-strapped, desperate to move and hemmed in by a hot market. Five years, three contractors and $1.1 million later, our home reno nightmare is finally over.

This was November 2010, and Julian and I were living in a handsome but cramped two-bedroom detached with our two-year-old son, Oliver, on Elm Grove Avenue. That house had been a flip job, hastily renovated by the previous owner, and we had bought impulsively, anxious to upsize from our 900-square-foot condo. We soon discovered that it had a slew of issues, the main one being the rats that congregated in our crawl space, scratching and scurrying at all hours and providing fresh fodder for our nightmares. We wanted out.

You'd think these people would have learned a valuable lesson. Ha, ha, you fools!

Our budget was $560,000, but nothing came on the market at that price, so our enterprising young agent, eager to kick-start her business, began knocking on doors in the neighbourhood. Eventually, she met an elderly couple who explained that they owned several properties, including the grande dame, which they’d consider selling. They suggested $480,000, based on their most recent Municipal Property Assessment Corporation report, seemingly unaware of Toronto’s scorching market and the fact that MPAC generally assesses below market value. We needed to move fast, Julian said, before they put it on the market.

That night, six hours after Julian had called me at work, we submitted a bid of $480,000 without conditions. To our surprise, the owners refused it outright, evidently realizing they’d under-quoted us. We pushed our offer to our limit of $560,000, and they accepted. I was thrilled. Then the adrenalin wore off, and the gravity of what we’d done sank in. We had just spent more than a half a million dollars on a house I had never seen.

I'll let you pick your own favorite quotes.   I'm pretty sure mine is

We considered cutting the electricity, changing the locks or just starting the demolition with the tenants inside, but it didn’t feel right.

The kindly [personal profile] movingfinger  has linked me another article about the couple's hapless victimization by their habit of impulse-buying real estate, as if each successive house were an adorable kitten that had showed up on their doorstep.  And you'll be happy to know that \totally sincere\ liberals have started a gofundme to help with their cruel, cruel situation.

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