Liam and Judy got themselves into a pickle. They needed to relocate for Liam’s job and decided to buy real estate in Ottawa first, then put up their Toronto home for sale.

They made this decision based on the fact that the company was offering to cover moving expenses only. The couple did not want to incur the costs of renting an apartment in Ottawa for Liam while Judy was still in Toronto, selling their home and tying up loose ends.

Since they both had some real estate experience, they decided to perform their real estate transactions on their own. They did not hire or consult a real estate agent but they did conduct some initial real estate market research at the beginning of their adventure.

Liam and Judy chose to pay a little more than what they would have liked for their Ottawa house because of the closing date and a few extras the owners were willing to throw in. Plus, the housing market was at a prime point in its cycle. Based on their research, they were positive that they would not only make money off their Toronto real estate, but also sell it in no time.

Things were going well, the Ottawa property closed without a hitch and they moved the furniture they were keeping to the new house. They found a buyer for their Toronto property and started the transaction. One week before closing though, the buyer made a major purchase which affected his credit. His lender withdrew the mortgage loan, leaving Liam and Judy with two properties.

Eight months later, Liam and Judy are still paying two mortgages. Their relationship is strained because of the distance and their rapidly deteriorating financial situation. No one seems to be biting at their asking price. They have since hired a real estate agent, hoping to offset the horror of dealing with two mortgages.

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