We found out on Wednesday that our dream property will not become a reality for us.
There are several bylaw and city permit issues on the property, which we were prepared to rectify if the price was adjusted accordingly. If they aren’t addressed, fines will follow. One building must be torn down and its septic tank removed. The second building has an addition that is not up to code, and so must be upgraded. Its septic tank must also be removed and a new one put in. So rental income #1 is gone, and rental income #2 cannot proceed without renovations. Nevermind the whole wetlands issue, these two issues alone will cost around $50,000.
But when our realtor told the listing agent we’d be submitting an offer with the above considerations he basically said “Don’t Bother”. Apparently, they are willing to wait for some poor sucker to come along who doesn’t do their homework and fails to realize what they’ve gotten themselves into until it’s too late. I wish the seller good luck in finding that sucker, but we’re going to move on.