Ontario Tax Sale Property Forum
Tax Sale Forum => Property Information => Topic started by: bee on September 05, 2018, 06:01:22 PM
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Sold for $177K, 12 bids
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That cottage has an assessment value of 301K and the Real Time Valuation of 374K.
But, similar cottages in that area recently actually went for 210k-260K.
What paper says and what is actually being sold in real life is different, especially in remote areas.
So in my opinion, if the winner is a local person, I think 177K is still a good buy. However, if the winner is from far (let's say from the GTA), he better like driving a long distance to Magnetawan.
Congrats to the winner!
Hopefully this time, there is no after sale redemption.
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The owner is still there, most likely will be redeemed.
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Bee, but how do you know it is the owner there?
I see three possible scenarios:
1. The owner is still there as you say. Well, then the winner should rush with his payment of the balance and get deed registered as quickly as possible. After that, it is just a matter of evicting the previous owner.
2. Someone is renting the cottage. The winner has got a better deal than expected. Honor the current lease and continue renting until the end of the term.
3. A third party (possibly an illegal occupant) lives there without consent of the owner, owner being unreachable or not to be found anywhere. In this case, we all know who to contact- OPP.
In my honest opinion, whoever stays there right now, it is not the owner but falls into #2 or #3 above. Why in the world would an owner take the risk of losing his cottage for just 15K of debt?
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Yes, it's possible, the same scenario is just happened with Prince Edward 80AC, owner redeemed 6 days after bidder paid the balance, and municipality waited for him to pay.
It does not matter how fast bidder will "rush", if Municipality sensed that owner is "exist", they will delay as much as they can. Happens all the time....