Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: netpred on May 07, 2009, 10:47:45 PM
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Hello everyone.
I have heard stories about people losing sealed tenders by a few dollars and stories of insider buying. I always wonder if every sealed tender sale is legit. Is possible that tenders are opened beforehand and then re-sealed? Can they be read under a really bright light? Or is it simply enough of an edge to know how many (if any) tenders are in for any property? Maybe someone in the municipal office is withholding relevant information or is making it difficult to locate a certain property? Or am I just a suspicious person by nature?.
I have no first-hand knowledge of any such irregularities, but have heard the odd story. I would appreciate anyone sharing any suspicious stories here. Please be careful and do not refer to any person by name or use any other identifiable information such as the name of a municipality. It would be sad to be hit with a libel suit.
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Sure it's possible and probable that it's happened before, but you have to think that it probably isn't the case most of the time. I personally can't think of even one tax sale that would be worth losing a job (and likely years of stable employment) over. Not to mention possible fraud charges. Let's weigh the benefits/risks:
Best case scenarios
-get to see how much people have overbid on mediocre properties days ahead of time
-you realize that no one has bid on a property but then you realize it's probably not even worth the minimum bid anyways
-you find out at what price you could get your cousins neighbour to put in a bid for you.. but then you're paranoid to come within 10 kms of that property for fear of fraud charges and many nights sharing a jail cell with "Big Bubba"
Worst case scenarios
-losing your job, fraud charges, ruining your reputation
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I have to agree with speed.Your tender is addressed to the treasurer and most if not all are professionals,cma etc.Responsible for the municipalities finances.Not the type to chance bunking with Bubba.
The only suspicious experience I've had was a sale cancelled 40 minutes after I dropped off my bid.But sales are often stopped.
Winning a bid by a dollar or two? Isn't that the idea?
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The points you guys make are all true. The dozen jobs at the township are the best in the area so its very unlikely people would jeopardize them over a property. The only time I got suspicious is when I discovered a waterfront property that no one at the town hall seem to know anything about. They don't know the location, taxes, assessment, zoning nothing. They couldn't get rid of you fast enough on the phone. Then when I called to get a list of bids after the sale the lady got really snooty.
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Not to mention the fact that the complexities involved in unsealing the bids which are usually sent within 1-2 days of the deadline or even the same day, then having a bank draft with the deposit (from a 3rd party) ready to go in time of the tax sale. Again, alot of work for what usually would turn out to be a marginally good deal rather than a deal of the century.
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Two: Comments:
The longer it takes to get the deed the greater the chance of losing your buy. The area I hate is northern Ontario where the Ministry of Natural resources has to check if any mining taxes are owed.
In most cases the township people are professional. Sometimes through ignorance or worse they don't follow the rules. I wouldn't let it worry you generally. If it occurs to you you have to decide whether to engage a lawyer. Here's hoping you never have that problem.
Dave 2 (alias also)
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Unfortunately this is the reality of dealing with the people, you can never trust them, still you always have to deal with them, that's called living in society i guess..
you can although read this forum and look at the step by step procedure of buying a tax property,
always make sure, you know what is the worth of the property,you are paying for what, after the payment to the state, what do you owe and to whom.
just a suggestion though