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Old 05-19-2010, 12:30 PM
 
5 posts, read 5,326 times
Reputation: 10

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5 years ago i bought a year-round 100yr old house on a little lake near foxwoods. it sat on a 3 acre lot with an approved 4 bdrm house building permit - new well and electrics. i hoped to live in the little stone house while building a retirement home. because of health problems and the economy, i ended up renting the house for the mortgage pymt amount and not moving or building. recently i had to evict them for non-payment of rent and they trashed the old house by opening the hot water heater and flooding the downstairs as they left.
Now what? spend the money and repair and try to sell it as a yr-round 900' stone lakefront house with building lot? or let the next people decide whether to fix the old house? I put $65K down, and owe $210K. Will i ever get more than the $210K mortgage amount? Where do i get answers? once a realtor would help. now-a-days realtors seem to just want to sell cookie-cutter pieces and want an open house ready property to list. they can't even agree on a price, i'm being told that there is an 80K range for pricing this property when i ask for a market analysis!
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Old 05-19-2010, 01:42 PM
 
28 posts, read 86,388 times
Reputation: 23
I'm so sorry to hear about the problems you're having. I don't have any advice but perhaps other posters will know how you should proceed. I would only suggest perhaps a short sale but that would mean you lose your $65k (which might be the best you can do at this point). That's my fear about renting - renters rarely take care of the property properly.
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Old 05-19-2010, 02:53 PM
 
Location: Fairfield
588 posts, read 1,627,222 times
Reputation: 275
That really stinks... I wonder if you can go after them for the damages. Did they sign a lease that was then violated? Give a security deposit? At worst, you can destroy their credit for nonpayment of rent. At best, you can take them to small claims court and get up to $5k out of them towards repair. It's not much, but it might help.

If it were my house - I'd at least get quotes on repairs. Then use that # to determine whether it would provide that much more value. If the neighborhood would support it, you can also reach out to some of the higher end builders in the area and see if they want to buy the land to do a tear down and rebuild.

In any case - good luck to you.
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Old 06-03-2010, 02:40 PM
 
5 posts, read 5,326 times
Reputation: 10
well-i'm going to try small claims court to see if i can get something from the tenants. trying to repair what i can to make the house habitable with cheap local temporary labor. have yet to find a realtor or make a plan on how to sell it. thank you for your advice and kind words.
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Old 06-03-2010, 06:28 PM
 
Location: Near the Coast SWCT
65,011 posts, read 47,336,882 times
Reputation: 10512
WHAT? First of all I'm not going to give you any advice until you come out of that courtroom with "ALL" the money from those idiots to fix the damages.

The judge is going to ask him/herself 2 things.:::: 1. Would this homeowner do that himself? 2. Was the hot water heater defective.

If both answers are No. You won.

Take it to Judge Judy. She'll not only award you the money but put those idiots in their place.
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