to sell or not to sell?

[seldear]

Just received a call from my real estate agent looking after the unit I bought 2 years ago. The tenant is 1 month in rental arrears and has run off, leaving the place more or less a dump. I'm not certain I have landlord's protection insurance, but the agent is checking that out. So, I'm out two months rent, they're applying for the bond now, which might just cover the repairs, but otherwise, it's dodge city.

Lately, I've been wishing I'd never bought the unit in the first place, unfortunately, if I sold it now, I doubt I'd get enough money back to justify the purchase. Still, I might inquire of the agent and see what it might go for. I wouldn't be able to pay both the mortgage company and my mother back, but my mum's a lot easier to pay back than the mortgage company - and if the worst came to the worst, I'd agree to have the amount deducted from whatever amount comes to me of Mum's assets when she dies - her suggestion, not mine!

At the least, I wouldn't have the question of where the mortgage money is going to come from constantly on my mind. It would shorten my viewspan down to 'where is the next set of bill money coming from' but I don't know that that's such a bad thing in my present circumstances.

Comments

[angst-angel.livejournal.com]

*hugs* Good luck with whichever you end up with. :)

[amilyn.livejournal.com]

Ugh. That's crappy. I'm sorry.

[erica-w.livejournal.com]

I know I'm in a different country and all, but my mom deals with this crap all the time. I can ask her what could be done if you were here, then you can see if Oz has something similar.

[seldearslj.livejournal.com]

Thanks. I wouldn't mind that, actually. My agent is inquiring into the details, but it's always a good idea to find out all the possible options.

[erica-w.livejournal.com]

I tried calling her earlier this evening but nobody was home. She's coming over tomorrow, so I'll ask her then and get back to you.

[erica-w.livejournal.com]

Mom just said to contact an attorney. If you can track this person down, you *might* be able to get something from them, but it doesn't look good.

[seldearslj.livejournal.com]

Eh. Not sure it's worth it. It's about 2 months rent and damages, most of which is covered by the bond (6 weeks rent) - and the person is on social security, which means there's not all that much to claim back.