Friday, August 22, 2008

Housing woes

A few weeks ago the Ex calls me all excited. He put in a bid on a house at $20K below asking and it was accepted. It was a well maintained, old brick, three floor with basement. There are two rental units already occupied, and the owners are applying for a zoning change to convert the basement into another unit. A good investment for him. However it fell through. Because of new piping and electrical wiring regulations, the house is no longer up to code. The insurance company won’t insure it and he won’t have the money to do the major overhaul after the purchase.

Part of the reason for the cash flow problem is that his condo here hasn’t sold yet. His Realtor convinced him to do the floors and paint and then relist. But he’s not too optimistic on account of his Realtor not being very communicative lately. I told him what places are going for here (I did a little searching and a couple of my friends are also renting out their place). Now he’s considering renting it out instead.

Monday, I had to met up with the contractor because he couldn’t find the Realtor to let him into the condo. I got the keys back yesterday.

Tonight I scheduled to meet his chosen property manager to show him around the condo and building. I went over early to inspect the floor and paint job and take photos for him. Then I met up with the PM, showed him around, and gave him all the keys. As I walked home I felt real closure.

I hope something good happens for him. It’s been a frustrating few months.