I need help… real bad! - Posted by UpsideDown - Fl
Posted by UpsideDown - Fl on May 15, 2007 at 08:22:05:
I bought 2 houses from a nice old lady who owned dozens of houses free and clear. Both houses are sitting empty…
1 has eaten my wallet and credit cards up to a tune of 35K in renovation work and in a rough area that is being revitalized… but not quick enough. Been sitting vacant with no hope of selling it. I am trying to rent but people don’t even have the security deposit amount let alone the rent…
The other is I bought under the idea that the house could be fixed up and retailed around 160K.
The house needed some work but was in a great area.
Turns out my house is on one side of a dividing street. You know the type. One side is historic and similar homes are selling for $160 - 200K.
My side of the street… hood. Houses selling for 80-100K. I owe 85k and it needs a ton of work. I had a tenant in there that wanted to buy it.
The floors were unleveled and they attempted to unlevel them and noticed extreme termite damage. I called a termite guy out there and he told me the house is too far gone and that it probably would be condemned if the county were to walk through the door.
I went back to my seller and she called me a flippin liar saying that she had the house tented 3 years ago.
I borrowed nearly 20K from a family member and owe the seller about 60K.
What should I do?
I’ve been trying to gather up some nerve to ask her to reduce the mtg payoff from 60K to 35K so I can unload this thing.
She has owned literally dozens of houses free and clear and has made her money.
This is one bad deal that i picked up from her and I have another right up the road… She literally saw me coming!
These 2 bad deals are enough to bankrupt me and hurt me and my family’s welfare for many years to come.
I am humbled by my mistakes and truly hope that she can show mercy on me and work with me on these.
If you were me… what would you do?