# My Condo



## jamesbe (May 8, 2010)

After a week and over 100 hours of work, I'm finally done upgrading and redo-ing my condo from top to bottom.

It's for sale if anyone is interested . 

As promised I have some pictures. Here is the ad on Kijiji

http://ottawa.kijiji.ca/c-real-esta...novated-3bdrm-Kanata-Condo-W0QQAdIdZ464148243


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## jcgd (Oct 30, 2011)

It looks like a nice little condo. Too bad it caused you so much fuss. Are you feeling relieved?

Good luck with the sale, I hope it goes well so you can move on!


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## cedebe (Feb 1, 2012)

Just out of curiosity, what's the square footage? (or metres depending on one's age)


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## Chris L (Nov 16, 2011)

Looks nice and clean, good job.


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## Dave (Apr 5, 2009)

Nice job indeed. If you post on kijiji, I assume that you are going the sale by owner route. I did the same. Just beware of all the agents that will harass you anyways. I even had one that came to visit pretending to be a client and after waisting my time was all surprised I had no idea she was an agent. I got as many calls from agents as I did from potential buyers, LOL  Was a great learning experience though.


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## My Own Advisor (Sep 24, 2012)

Well done. Walking distance to SBP


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## Cal (Jun 17, 2009)

79 visits to your post so far.

What was your reasoning to sell it yourself?


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## jamesbe (May 8, 2010)

It's actually listed with a Realtor. 

But he allows one to market one self and if I find a buyer he will only charge 1%!

Should be on MLS tomorrow morning as it was just put on internally today.

cedebe: I'm not sure the sq footage. My MPAC assessment says 1285 but there is no way it is that large. Probably around 900-1000


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## none (Jan 15, 2013)

You sir are a smart man (or lady, your font gives no hints on this).


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## jamesbe (May 8, 2010)

So, we listed last wednesday, sold on Sunday... or so we thought.

They had until Friday to waive conditions, they did the inspection waived all conditions except financing because their broker was on vacation. They assured us they were pre-approved this was no big deal. Today arrives, they can't get financing, deal is off.

OMG! They just cost me 2 weeks on the unit waiting for them. From now on I play hard ball, 72 hours no more to do anything.


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## My Own Advisor (Sep 24, 2012)

That sucks. I can't believe some people don't get pre-approved before they shop. Hopefully things will work out jamesbe!


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## Jungle (Feb 17, 2010)

Agents should not be taking people around unless they are _properly _approved with verification. (not just verbal)
This should be a standard document of proof given to the agent, before wasting everyone's time.

I know this doesn't happen in the real world, but there are too many dreamers out there to waste your time. It can cost you lost opportunity if someone else bought a competing property..


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## none (Jan 15, 2013)

Did you at least get a deposit of some kind?


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## Cal (Jun 17, 2009)

You should have forced their hand on the pre approval, and made them waive it or walk. Time is money. Sucks for your agent too.

Perhaps it will work in your favour though and get you a better offer/closing date or something.


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## jamesbe (May 8, 2010)

none said:


> Did you at least get a deposit of some kind?


Ha, they gave a measly $1000 deposit. In my counter offer my agent suggested I up the deposit, so I did to $2,500. They refused to give more than $1000.

All for not anyways, because the deposit is fully refundable! What's the point?

The real estate gig is such a sham really. I can't wait to get out -- the only ones making money are the realtors and lawyers and banks.

The offer wasn't ideal, it was lower than I wanted so I may get a better offer now, but the closing date was within 3 weeks, so I was really happy about that as it meant no more carrying costs for me.

Last time I sold my house I had 3 flakes -- I'm done with these people. I'm going to be a hard a$$ now. You want the property you better be ready to do the deal in 72 hours or waive your conditions. It's BS.

Last time when I was selling me home, after a month of waiting on a conditional sale, they backed out, which then caused me to be stuck on the market for 3 extra months!

Of course since the conditional sale I haven't had a single showing -- basically the listing gets killed when that happens.


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## phrenk (Mar 14, 2011)

jamesbe said:


> Last time I sold my house I had 3 flakes -- I'm done with these people. I'm going to be a hard a$$ now. You want the property you better be ready to do the deal in 72 hours or waive your conditions. It's BS.
> 
> Last time when I was selling me home, after a month of waiting on a conditional sale, they backed out, which then caused me to be stuck on the market for 3 extra months!
> 
> Of course since the conditional sale I haven't had a single showing -- basically the listing gets killed when that happens.


They'll need a bit more than 72 hours to obtain lender consent and the inspection report, it's just not realistic. Just don't accept an offer with a low paydown (below 10% LTV) or a condition to have a signed sale purchase agreement on their previous home.


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## My Own Advisor (Sep 24, 2012)

@jamesbe,

We had a rental for a few years in Ottawa as well. I hated the BS tenants like you and after 2 years, we got out. Made a small profit and the money into dividend paying stocks and REITs. At least with REI.UN, HR.UN, etc. you get rental income and no tenant headaches.


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## Cal (Jun 17, 2009)

The deposit does not have to be fully refundable. You should have had your agent ensure this in the paperwork.


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## Charlie (May 20, 2011)

I suspect they got cold feet or were playing two different properties. If it really was a matter of financing falling through then the Real Estate agent is probably more pissed then you....he's been wasting time showing properties his client couldn't buy. A non refundable deposit is tough to swing in a buyers market unless you offer a really extended close.

A few years ago you could have demanded no subject offers and just sat back as buyers outbid themselves. No more.


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## Pennypincher (Dec 3, 2012)

You should have definitely upped the deposit. At least $5000!!! Next time you won't be so nice  I didn't know there was such a thing as a refundable deposit.


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## marina628 (Dec 14, 2010)

I always do my offers conditional on financing and home inspection for 7 days which is standard.Sometimes it does not mean they couldn't get approved , maybe they didn't like the rate or Maybe they were playing two properties and choose the other.Normally you do $5000 deposit but we all know the agents never cash these cheques until all conditions are removed and the deal is finalized.


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## none (Jan 15, 2013)

What exactly is the purpose of a deposit if it's refundable? I don't get it.


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## jamesbe (May 8, 2010)

It's useless.

I found out last night after some searching that you MAY be able to keep it if in the end when the closing date comes and they can't complete the deal. That's the only time it's useful.


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## Charlie (May 20, 2011)

re-reading....you got an offer on Sunday with subjects to come off Friday. They extended to Monday, at which time the deal fell through. Doesn't seem that far out of line. You had a nibble that got away. Keep fishing. At least you had a quick offer. That's promising.

EDIT -- per Marina's post, it's her standard too.


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## marina628 (Dec 14, 2010)

Generally the home inspection and financial condition go hand in hand.The inspection can find things which would make the bank not wanting to finance etc.But even if you have approvals in place ,generally the bank will send them to underwriter once deal is on the way to get final approval.Some banks will give approval based on income but then they pull the credit and find some ugly stuff ,I worked in loans and mortgages for six years and clients will lie to your face and forget about them 3 or 4 collection items lol


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## lifeliver (Aug 30, 2010)

The bank usually needs about 5 days to meet a financing condtion. It can be done sooner but its you would really be pushing your luck.


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## Potato (Apr 3, 2009)

Also, all a preapproval is just an evaluation of the borrower's ability to borrow. The other piece that's important for a bank to lend is the collateral, and they obviously can't evaluate that until the offer with conditions is on the table. So it's possible the financing fell through because the appraised value was too far below their offer.


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## jamesbe (May 8, 2010)

^ doubt that. Appraised at $190 we agreed at 175! I just wanted to get rid of it.


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## My Own Advisor (Sep 24, 2012)

Buyers should look to be pre-approved for an amount above their target price, just in case; this does not mean buyers need to spend that money.

Your price seemed very reasonable jamesbe.


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## none (Jan 15, 2013)

jamesbe said:


> ^ doubt that. Appraised at $190 we agreed at 175! I just wanted to get rid of it.


Good for you. I ditched my house 2 years ago and love all the free time I have now. Dish washer broke? Just a phone call and zero $$ to get it fixed. Thank you landlord!


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## kcowan (Jul 1, 2010)

We got a conditional offer (on sale of their house) and a cash deposit of $1000. We countered demanding a $10,000 deposit and no conditions. Much to our surprise, it was accepted.


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## marina628 (Dec 14, 2010)

kcowan said:


> We got a conditional offer (on sale of their house) and a cash deposit of $1000. We countered demanding a $10,000 deposit and no conditions. Much to our surprise, it was accepted.


That does happen but not everyone wants to take a chance being stuck with two homes .Even 22 years ago when we bought our first home the $5000 deposit seemed to be standard,Anyway good luck with the sale


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## sags (May 15, 2010)

The deposit comes off the downpayment, so it shouldn't be a big deal to require a larger one.

But of course, a few years ago people were buying homes with 0 money down, and they didn't have the money for a large deposit because they weren't making a downpayment at all.

The introduction of mandatory 5% downpayments, should mean people could put down at least up to 5%.

Having bought and sold many homes over the years, I would never buy a home without some conditions though.

Subject to examination of the land survey........for one example.


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## Cal (Jun 17, 2009)

Personally I would refuse an offer conditional on the sale of the buyers home.


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## marina628 (Dec 14, 2010)

Accepted offer conditional to sale and have made those as well , in a perfect world all buyers will pay full price with no conditions but that won't happen .Anyway it has been a while , did the condo sell yet?lol


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## jamesbe (May 8, 2010)

Nope, since the initial sale it has had ZERO action. Once a home goes conditional it comes off the market and that seems to kill it.

I had a showing yesterday to a guy that was somewhat interested, he said he would let me know in a few days. I dropped the price last night, hopefully that helps.


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## kcowan (Jul 1, 2010)

Only one conditional offer can be accepted, so make sure that the condition is something you can live with.

(We bought a house with an unconditional offer after it had been tied up with a conditional on the sale of the prospective purchasers house for over 3 months. They had 24 hours to remove that condition and took a pass. Our offer was substantially below the unconditional one.)


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## jamesbe (May 8, 2010)

SOLD! Closes next friday. Already counting the pennies


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## none (Jan 15, 2013)

jamesbe said:


> SOLD! Closes next friday. Already counting the pennies


Congratulations! I have a friend who just had to cut the price of his house in Halifax because it's not moving. I'm afraid he's chasing the falling knife.

I suggested that he fire his realtor and cut the price an additional 10K and list it on viewpoint. I don't think he has the balls to do that though.

It must be nice to be free!


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## jamesbe (May 8, 2010)

Ha, my condo is posted for rent now... well no longer my condo, but I thought I was look out of curiosity.

They are trying to rent it for $150 a month more than I ever got and about $250 more than market rate. Good luck!


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## andrewf (Mar 1, 2010)

Buying a place and can't get the cap rate to justify the price? Just revise upward your rental income assumption! What could go wrong?


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## marina628 (Dec 14, 2010)

Did they do any improvements to the unit?


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## jamesbe (May 8, 2010)

No, I renovated it completely before selling. Couldn't get renters so went the sell route.

I can see from the photos it's the same, doesn't even look like they fixed the broken closet doors.


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## thompsg4416 (Aug 18, 2010)

I'm looking for a rental. Where is it?


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## Berubeland (Sep 6, 2009)

Recently I tried to rent a really nice basement apartment for 4 months $1100 all inclusive. Major problem with the place is that there is no parking and in the price range.. people have cars. Finally I find a super nice set of roommates to take the place, both work 2 jobs, decent credit, no smoking, no pets. The owner manages to find a parking in the area decides his place is worth $1400 plus 50% utilities. Except you can get a condo in the area for that price.

To top it off, while showing that place one day, I was showing access to the TTC route through the back yard and through the back gate when I slipped and fell. I did a full on face plant and fell right onto my shoulder. It still wakes me up at night if I try to sleep on it 3 months later. 

The owner and I have now parted ways...but sometimes I have no idea how their thought process goes.


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