With a $1.2-million home valued at $2.5 million, and more than three years left on the mortgage, a homeowner in Lincoln Park, Ont., is trying to sell her property.
The listing says the home was sold in November to a developer for $1,056,000.
But in an interview, she said the developer told her she needed to pay an extra $500,000 for renovations and new plumbing, to make the home more livable.
So she took out a second mortgage to pay the extra $1 million and move into the home.
She said the home is still worth $2,543,000 but she wants to sell it.
She also said the appraiser is trying the same method to get a higher price on her house.
“He’s been very honest and he’s been a good client,” she said.
“He’s not lying to me.
He’s a good person.”
Property Shark appraiser Ian Cuthbertson said he has worked for both the city of Lincoln Park and the province.
He said a property can only be appraised once.
“There is no need to buy a property, it is your responsibility to prove it,” Cuthberson said.
“I am confident that they have done a thorough inspection and done the proper work on this home.
If you are not satisfied, I can get the home back.”
In an interview with CBC News, the developer said he had only had the house appraised twice before the new owner bought it.
He also said he did a thorough appraisal on the house and didn’t think the new owners had a problem.
Property Shark says it was contacted by the current owner, but it has yet to get an official response.
In an email to CBC News this week, the owner said she is moving out of her Lincoln Park home as the house is “extremely difficult to sell.”
“I do wish I could say that I have done everything possible, but I cannot make the necessary changes,” she wrote.
She said she has been told the owner plans to move out of the home because she is “too busy with my other projects.”
Cuthbersonson said it is important for a property owner to be clear about their rights and obligations to the property.
“You don’t just take this opportunity to make a quick buck and sell your house,” he said.
Property Sharks’ website says it is an independent and impartial appraiser.