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Experiences




Chapter: EXPERIENCES




This section features different member experiences throughout the process and can act as a guide to those who are interested.



RobG

Okay, I admit, I'm a total newbie at this. I saw an ad in the Edmonton Sun a couple of weeks ago stating that the City of Edmonton is having a real estate auction April 20 to sell off over 50 properties.



So I go down to city hall at the advertised date and time (April 20 10 am), the woman at the tax desk informed me that the auction had been cancelled. I asked why, she said that all of the property taxes had been paid!! Then she said that there wouldn't be another auction until next year.



Then she said that only 5 homes were up for auction. I really don't understand ... how is it that 50 advertised properties become 5 properties, and the auction will be suddenly cancelled without warning?



Is this common? Is there another way to purchase homes by paying the taxes, besides going to the auction?



What a big waste of time this was!





jrest

Called up the local registy office and they refered me to a freelancer. I told him I was wanting to do a E REG Title search of propertry in Prince Edward County and he checked his list and it had not been setup yet for this service and won't be till the Summer. The only way was to call someone in Picton.



Before I call I checked the listings and found that the Mchill property that I was interested in had just been  canceled "DANG"





GregM

Well, I tried to get a couple of title searches done today through http://www.bdc-canada.com/DOCUM/services/landregistrysearch.htm and wasn't successful at all..with them. Being a newbie, I wasn't exactly sure which of their many options was what I needed.. a basic title search and an execution search against the current owners. After filling out their forms and enering my credit card info, I got a call from them telling me they needed to confirm I was willing to pay the total amount before proceeding. They quoted me the amount of 35$ per search, 2 titles, 2 writs($140.00) plus the disbursement fees, which would clearly be way over $50.00 and " sometimes as much as $200.00" per property. My contact there seemed somewhat annoyed on the phone). As they couldn't quote me a clear cost, I declined. I then went to OTS, ordered the title searches (which includes execution searches on owners) and got all of the information in 1/2 hour! No cryptic options to choose from, just ask for the title search, pay $96.00 and your done. Too easy! The only difficulty was finding the form to request a search. You need to be logged in, view a tax sale listing, click on More Information, then select Title Search from the two options. Now I just need to learn how to do it myself through Teranet or MPAC myself and be able to conclude whether a property is free or clear on my own.



JReist

Over the last year we have watched the Tax Sales and tried to get up the nerve. So far we have bid on 2 both canceled.



I have found a lot of tools on the internet to access properties, but up to now could only afford to look at properties on the weekend. This means that in order to do a Title Search I have to get it do by someone else that can cost $50 to $100 per property. So I have been wondering what needs a Title search. It is risky and I think I will have to get searches done. I received one good email from a title searcher that told me that there could be leans on vacant property. Farm land could have leans from Farm Credit Canada, a developer or owner could have unpaid PST and/or GST meaning leans, unpaid income tax could result in leans



Up till now I have only been able to do my search on a weekend and not been able to get to the registry office. This has been solved by my former employer.  Friday me an my wife will be off and spend 5+ hrs on the road to check out the registry office and see some property.



Rufjat

There is a sheriff's sale coming up this week and I was planning on putting in a bid for a house that was going up for auction... I just want to make sure i know what im getting into though first.



the story is this - the house is a nice sized home on a good lot - in 2002 it was built.  In October of 02, there are two transactions on the title search...

1) TRANSFER for about $100k from "Jane Doe and John Doe" to Jane Doe (the same one that was the transferor)... I'm guessing this means that it was a divorce possibly... I looked up the PR # on the microfiche... and it came up with this... Under the "total consideration for this transaction"... $100,000 is listed as the Mortgage Assumed, but it doesnt show any principal / interest for this 100k...

2) On the same day, there is a transaction of "CHARGE" to Bank of Montreal for $210,000 which shows up as the mortgage... So I'm not sure if the $100,000 is money I'd be liable for if I won the property, or if it was perhaps money she paid to her possible ex-husband for the house in a settlement... ??  any ideas?



The house is being sold at the suit of a pool company who, in 2003, charged her $68,000 for a pool... They have put a lien dated from 2003 against the property for $47,000.. I assume, if I won this property, I'd be liable for this $47,000 plus the principal remaining on the $210,000 mortgage...

I have not yet done an execution search against the lady - I'm gonna do that tomorrow, as well as a search for tax arrears.



For the area, I am guessing the house should go for about $500,000+ in pristine condition - 2 years ago, it was listed on the MLS for $560,000 but didnt sell.



jreist

In checking out the property for the Elizabethtown-Kitley I found that there was a Crown Lean from CMHC that was listed as being $19062.20. I checked with CMHC and was told that it was now $26,132.81 being that it was probably 6yrs in arrears. I was told it had to be payed before ownership be transfered. 



I was planing to put in a bid even though it would cost me more then what I planed, the property seem good, unfortunately it was payed off and cancelled








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