“Just overheard my co-worker turned into an accidental landlord. Tried to sell his old property in Coquitlam after purchasing a big one in Surrey. 4 months passed without even 1 offer.”

“Just overheard my co-worker turned into an accidental landlord.
Tried to sell his old property in Coquitlam after purchasing a big one in Surrey. 4 months passed without even 1 offer.
He has been day-dreaming about selling for more next year.”

- good-format at VCI October 17th, 2012 at 10:50 am.

10 responses to ““Just overheard my co-worker turned into an accidental landlord. Tried to sell his old property in Coquitlam after purchasing a big one in Surrey. 4 months passed without even 1 offer.”

  1. How funny, I just read on Facebook that a friend “bought a home in Coquitlam this weekend.” I checked MLS and sure enough their Surrey house is up for sale. I remember when they bought the Surrey house preconstruction, were going to rent the basement and coach house to family “And we’ll basically have no mortgage.” Then they moved in and in response to how they liked it they said, “Renting to family is working out,” and “It’s a lot of cleaning.” Not exactly enthusiastic, which really surprised me. I mean, you’ve got a brand new house and no mortgage. I’d be happy as a pig in you know what. I think what put a damper on the party was when they moved in they were not prepared for who their neighbours were renting their coach houses and basements to. It wasn’t the young professionals they were expecting. So shocking, I know. So they moved in 2010, now they’re selling in 2012. I hate that I am stalking the sale of their property, but they’re the exact people I thought jumped into buying a house without really looking to closely at the details. However I think it just shows that the world will keep on turning, people buy a house, they sell a house, and they probably don’t advertise if they lost money and how much.

  2. How common will this story be on this blog (censored on the media). They might have to foreclose because they cannot make payments on both properties if the Coco home doesn’t sell. Eventually, it will be so common place that this type of sad story (forclosures etc.) will be the only kind of stories in the media.Making a decision on an assumption that the home in Coquitlam would sell was a very risky bad choice especially in this downturn. They will learn the hard way that they still had the bubble mindset in this current RE environment. How quickly things change.

  3. A small reduction will sell the home. This person is likely greedy and has listed way above market value. Coquitlam homes are selling ok with a small 5% discount. Not for long though.

    • Yes, not for long. Prices will start rising again soon. 25% a year would be very healthy. So hurry and buy before you are priced out forever! HURRY!

      Your trusty used house salesman.

    • They will probably reduce it, but not meaningful enough to sell the the property, and then repeat again and again.

    • UBCghettodweller

      Relatives of mine left Coquitlam for Calgary, they simply dropped their asking price by 10% from “market value” during the summer and sold the place in less than three days. Before that it had been sitting around for nearly three months… This was post mortgage rule changes too.

      Given that they bought back in 2003, they still made a killing on appreciation and had their pick of houses in in the nice parts Calgary (yes, there are nice parts of Calgary) with a very large downpayment.

  4. We’ve been looking for a rental in our area for about 6 months now. Several times now I’ve been to see properties for rent that, you guessed it, were on the market this spring/summer, didn’t sell, and now the owner is trying to rent (in some cases, they aren’t getting too many bites in the rental market either, given how many times I see the same ad over and over again on craigslist-often at lower and lower rents). We’ve seen a few properties that were previously for sale, but hesitated to rent them in case the landlord decides to relist next spring, or even a year later (we hate moving, even a year between rentals sucks). So yeah, I agree this will be a very common story on this blog in the years to come…

    • UBCghettodweller

      I’ve recently been considering applying for Post-Doc positions at UCSD and Berkeley. I’ve noticed multiple places on craigslist that obviously were investor condos or houses that just can’t be sold and now are run by accidental land lords or what look like companies that buy up these places and rent them out… You’d be amazed at what $1000-$1500/month will get you in very nice parts of town near the Universities compared to Vancouver.

  5. Is being an “accidental landlord” kinda like knocking up your partner?

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