Ontario Tax Sale Property Forum
Tax Sale Forum => Introduce Yourself => Topic started by: rnbsnowman on November 06, 2012, 05:28:19 AM
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Hello everyone
Been reading the board from time to time and finding some of the info pretty intersting.I have a question that I dont think I have seen answered as of yet. How do you know how many bids are on a property if any and are all bids sealed bids all of the time. Would it not be better if bids would have a chance to have a counter . Just looking to get them little feet wet ???
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Every tender package I have seen requires submittal of tenders in a sealed envelope containing a Form 7 and a deposit bank draft or cert cheque. I think you are hoping for an auction which would be interesting but would drive prices up.
The tax sale process is outlined in the Municipality Act; once started it cannot be stopped unless the debt is paid.
Welcome to the board.
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Thx
well I guess I will just keep readin and lounge on the side lines. lol
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Hello everyone
Been reading the board from time to time and finding some of the info pretty intersting.I have a question that I dont think I have seen answered as of yet. How do you know how many bids are on a property if any and are all bids sealed bids all of the time. Would it not be better if bids would have a chance to have a counter . Just looking to get them little feet wet ???
It's a blind bidding process. There are auction type tax sales in other provinces where you can counter. The problem with that model is you need to be there in person so it limits the amount of bids and favours locals as in many cases the only notification is in a local newspaper.
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The vast majority of sales in Ontario are by sealed tenders. O.Reg 181/03, which are the set of rules that Municipalities must follow in conducting these sales, also provides in Part III for sales to be held by public auction. I believe only St. Thomas (could be wrong, but it is a municipality in that neck of the woods can't bother to look it up) has held these sales by public auction in the past. Haven't seen any in the last couple of years. If you are a fan of 'Storage Wars', I believe you would love this kind of set up....I can hear Dave2 now....YYYYYUUUUUPPPPP. and of course I would play the part of Barry, always drives up in a fancy car(borrowed or rented, never owned), and goes home with nothing or less. 8)
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The vast majority of sales in Ontario are by sealed tenders. If you are a fan of 'Storage Wars', I believe you would love this kind of set up....I can hear Dave2 now....YYYYYUUUUUPPPPP. and of course I would play the part of Barry, always drives up in a fancy car(borrowed or rented, never owned), and goes home with nothing or less. 8)
Frank:
The ideal one for an auction is the ski resort that you are going to buy for our winter party in Grey Highlands.(the old Talisman ski resort) ;D
(who wants to buy a pool in Kawartha Lakes when you can buy a whole resort including the beaver River although you may have to watch out for PFM if he drives his boat up the river) More then one parcel.
ontariotaxsales.ca/nc/upcoming-tax sales/municipality/TSuid/796/pBack/67/stype/featured/muid/62.html
Reference Number: Grey Highlands-2012-12-13-Feature-GYGH09-01 02, 10-09 10
Word on the street is that it is unlikely to be redeemed at the last minute.
After a couple of years you can retire to the hot tub with Netpred and enjoy my beer. I hear there is a hard winter coming so you will probably recoup your
investment in 1 season.
You don't have to worry about me with these mininum prices. I will stick to ones I can afford like the surplus sales in Greenstone. Tempted to try to buy all 18 properties for 20 cents total.
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The vast majority of sales in Ontario are by sealed tenders. O.Reg 181/03, which are the set of rules that Municipalities must follow in conducting these sales, also provides in Part III for sales to be held by public auction. I believe only St. Thomas (could be wrong, but it is a municipality in that neck of the woods can't bother to look it up) has held these sales by public auction in the past. Haven't seen any in the last couple of years. If you are a fan of 'Storage Wars', I believe you would love this kind of set up....I can hear Dave2 now....YYYYYUUUUUPPPPP. and of course I would play the part of Barry, always drives up in a fancy car(borrowed or rented, never owned), and goes home with nothing or less. 8)
As I can remember, there are at least another two Sale of Land by Public Auction this year, one was in the County of Huron, waterfront house and farm with acreage, the waterfront was very close to Goderich where I had a project. Both canceled just before the auction in July. Another one was in Dutton/Dunwich near Windsor. My partner went there in person and had a good talk with the treasurer. It was sold to a local developer for good bucks if I didn't remember wrong.
Like Frank said, if you like auction style, get your number ready and yell loud .... YYYYYUUUUUPPPPP. :D