Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: twinn1 on October 06, 2009, 08:13:10 PM
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Here is a tax sale I found that is yet to be advertised in the Gazette.
If anybody on here has some time on their hands and wants to do some research. Next time I am in the area, I will drive by and check it out. My guess is that with a min bid of 128K plus government lien, this one will not even get a min bid (really depends on the amount of the govt lien). As far as Kitchener is considered, its a medium area. Not the best by far but there are way worse areas.
http://www.kitchener.ca/tenders/tenderDetail.asp?tid=17338
? Government Lien registered on title
T09-094 Description of Lands:
Lot 5, Plan 1368,
in the City of Kitchener, Regional Municipality of Waterloo,
being 106 Roseneath Crescent, Kitchener
Minimum Tender Amount $ 128,851.77
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Ok I dont get this at all
Man pays 190 in 2002, Even if he didnt pay a cent of taxes how do they hit 128k min Assessed will be 250 range ..
Its a house so its not like cleanup cost for gas tanks..
In regards to the lien I suspect revenue canada as this guy is apparently the owner
http://www.talkgold.com/forum/showthread.php?t=209508&page=1 (http://www.talkgold.com/forum/showthread.php?t=209508&page=1) money goes south around page 31..not really worth a read unless you are bored
trading online currency???hmmm if it looks like a pyramid..and smells like a pyramid..must be a pyramid
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128K does sound quite high considering that the current owner purchased in 2002. I do know that some homes that back directly onto Mclennan park (Mt trashmore as the locals call it, used to be a dump like Centennial park in Toronto, now its a park) did have problems 10-15 years ago. The homes flooded with toxic water and the City of Kitchener had to pay to repair the damage, athough I think that was on the other side of the park.
The only thing I could think of that would cause such a high min bid would be:
1. A lot of homes in Kitchener still have electric baseboard heat even though most streets do have natural gas lines running under them. Possible that the owner had natural gas run into his home and did not pay for it. Kitchener has their own utility company, even then, I dont know were 128K came from.
2. Lets assume 250K assesment and give them a $3000 annual tax, no lets make it $5000/year, even then its $35K plus 25K to run the natural gas (if they did run it) I know 25K is way to high, but still, even then its only $60K.
I dont get this either, I will try to dig up some info on this, might even do a title search. Will keep everyone posted.
The closest house on MLS is this one, two streets over: http://www.realtor.ca/propertyDetails.aspx?propertyId=8717505
259K, mght be room to make some money depending on how much the lien is against the property.
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It doesn't say that it is a tax sale anyplace on the city's website. The property may have come to be owned by the city through some other mode, and now is surplus land. I haven't read all the other links on this thread, but thought I would point that out. Trying to calculate th eprice on back-taxes may be a little off.
Don't Tax Sales have to be listed in the Gazette, while other sales don't?
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Tax sale properties do have to be advertised in the Gazette, however, that can be one week before the sale. A lot townships post public notices before they advertise in the gazette. That being said it could be a surplus property but I doubt it, as how would city of Kitchener have purchased the property with a lien on it? Being the owners they would be responsible for the lien on the property. Does not make sense.
I will do an drive by and some more research in the coming days, if what i find is noteworthy I will post it.
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"This sale is governed by the Municipal Act, 2001 and the Municipal Tax Sales Rules made under that Act.
The successful purchaser will be required to pay the amount tendered plus the accumulated taxes to the date of transfer to the successful purchaser and any relevant federal or provincial taxes that may apply (including Land Transfer Tax and GST). Failure to complete the transaction by the successful purchaser will result in the forfeiture of their deposit.
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Its a tax sale....they will advertise a week prior Twinn just gave us a few weeks extra...thanks
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This house is a train wreck.
I did my own observations of the front and back of the property. I spoke to two of the neighbours so I can speculate why the minimum tender is so high from what they told me. You must do your own due diligence.
My observations;
House needs painting
Lawn maintenance required
Need new roof desperately. One 3 ft by 5 ft section is down to the paper.
Solar heater on roof was for the pool.
Pool has been filled in.
Back fence needs repair, boards missing and back gate will not close.
Shed in backyard full of garbage.
House backs onto a Hydro corridor and community trail.
A/C unit at side of the house.
Old building materials piled on the front porch.
Run don't walk away from this baby.
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A pic for you guys. It doesn't look bad at all.
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s of the front and back of the property. I spoke to two of the neighbours
AAAAAHHHHHH...EVERY DAMN SALE.. REPEAT AFTER ME
DONT TALK TO NEIGHBOURS
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LOL
All together now "Due your own diligence"
That includes the neighbourhood.
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This house is a train wreck.
I did my own observations of the front and back of the property. I spoke to two of the neighbours so I can speculate why the minimum tender is so high from what they told me. You must do your own due diligence.
My observations;
House needs painting
Lawn maintenance required
Need new roof desperately. One 3 ft by 5 ft section is down to the paper.
Solar heater on roof was for the pool.
Pool has been filled in.
Back fence needs repair, boards missing and back gate will not close.
Shed in backyard full of garbage.
House backs onto a Hydro corridor and community trail.
A/C unit at side of the house.
Old building materials piled on the front porch.
Run don't walk away from this baby.
Train wreck??? Sounds like someone is interested.
Looks decent from the pic (thanks Jayz, Karma for you)
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Knock yourselves over this one.
That is NOT what that house looked like at 11:30 am Saturday October 10, 2009 unless Jayz cleaned the building material garbage off the front porch, move that clear plastic container with the blue top to the left of the front door from under the mail box that is to the right of the front door and the white container with the blue top and also open the gate to the right of the garage to the back yard.
When did you take that picture Jayz?
Take a picture at the same angle only from the left hand side and you can see the roof that the shingles are gone.
Why didn't you take a picture of the back of the property Jayz? It would show the pool filled in, the broken fence and the shed over flowing with garbage.
xoxo
Karma is good.
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Wow, you guys have done more due dilligence then me, and I posted the sale. Im going to go and look at it this week sometime. Ill take pics if I dont forgot my camera.
Due dilligence means not talking to the neighbours, they might know already but if they didnt, you just told them and now have potential bidder against you. This sale has yet to be advertised in the Gazeete and I have not seen any actual hardcopy (newspaper adverts for it in my searchs of local newspapers). So there is a good chance that you just invited another bidder.
DO NOT TALK TO NEIGHBOURS!!!!
Thanks for your update regardless.
Here is the google maps street view link
http://maps.google.ca/maps?q=106+Roseneath+Crescent,+Kitchener&ie=UTF8&gl=ca&ei=IbfSSuzmC5DKlAfX65SpCg&ved=0CAsQ8gEwAA&hq=&hnear=106+Roseneath+Crescent,+Kitchener,+Waterloo+Regional+Municipality,+Ontario&ll=43.416345,-80.492784&spn=0.000869,0.002384&t=h&z=19&layer=c&cbll=43.416399,-80.492689&panoid=Fu6r0YNPTDK_HCN53wA7Ig&cbp=12,315.15,,1,-2.38
It looks like the pic posted is from google maps, they were in and around Toronto sometime in April/May/June so this pic must be from that time frame. Question is, it sounds like the guy is/was doing some reno work, why? If he is not going to redeem it? Its not like a property goes to tax sale overnight--.
Second, you must have had a good walk around the property to get those details, is it vacant? Because Sat morning at 10:30 is when I would expect most homeowners to be home. I REALLY HOPE IT WAS VACANT, cause if the owner is the one that gave you the tour, this one is as good as redeemed.
Looking at google maps it looks like #107 was for sale in that timeframe. If anybody wants to check what it sold for let us know. That would give us a pretty good market value for something that is in good shape (I am assuming)
BTW, there was house in uptown waterloo that sold this week, it was advertised for 84K(no drywall, hydro, looked like garbage), I dont know what it sold for, it already had offers on it by the time I heard about it. But there are deals out there outside of tax sales if you look.
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if you go a bit west on streetview you can see the roof..
Did anyone figure out the reason for the high cost..is it a hydro bill for a grow op? and how much is the crown lien??
Not sure he will redeem, if he cant afford 5 k for a roof..wheres he getting the tax money, but then you get the joy of a eviction.
Judging from the E-gold game , you arent dealing with someone who will just walk away
But if renos are going on..hes either willfully blind or he is redeeming..of course if the crown lien is big enough whats the point
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The notice was published in the Waterloo Region Record Record. That's how I found out about the property.
Thank's for you tip about the neighbours, but in my case I found some details that you don't know and I have drummed up other business with that neighbour. Good Karma :)
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FYI, to anyone that is interested, I drove by this afternoon, the google map picture is a pretty good example of the how the house looks now, I didnt even bother to take a pic because it looks the same.
KMAN_KIT
I don;t know, but by your overexaggerted claim of the property, I take it you are bidding or trying to work out a deal with the owner.
House needs painting sure it can use a coat, but its fine even without one
Lawn maintenance required Its not even that overgrown, 5 minutes with a lawnmower will fix that
Need new roof desperately. One 3 ft by 5 ft section is down to the paper.True
Solar heater on roof was for the pool. dont know, must be from the neighbour
Pool has been filled in. true
Back fence needs repair, boards missing and back gate will not close.Its missing two boards, 5 min with a hammer and its done, never tried the gate as i said, the house was OCCUPIED)
Shed in backyard full of garbage.No idea how you know this without being on the property, shed was closed, no garbage in backyard
House backs onto a Hydro corridor and community trail. True, more of a communty trail then a hydro corridor, there is an school two minutes off the trail almost directly behind the house
A/C unit at side of the house.I did not see this but did not walk around the property too much, it was occupied
Old building materials piled on the front porch.I did not say any material or tarps on the front porch, drive way looks decent,
I am still doing my due dilligence but from my inital research the house is a write off due to the liens and not the condtion. After reading your write up my first thought was that it might be/have been a grow op, but its being occupied right now, so it can't be in that terrible shape. Still doing some more research............
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This house is a train wreck.
I did my own observations of the front and back of the property. I spoke to two of the neighbours so I can speculate why the minimum tender is so high from what they told me. You must do your own due diligence.
My observations;
House needs painting
Lawn maintenance required
Need new roof desperately. One 3 ft by 5 ft section is down to the paper.
Solar heater on roof was for the pool.
Pool has been filled in.
Back fence needs repair, boards missing and back gate will not close.
Shed in backyard full of garbage.
House backs onto a Hydro corridor and community trail.
A/C unit at side of the house.
Old building materials piled on the front porch.
Run don't walk away from this baby.
So are you painting,or roofing?Is the garage door opener working?No mention of dandilions.
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Dude:
This is not my property. I read the notice in the Waterloo Region Record and I went over and looked at it from the street and through the hole in the back fence.
It is now published in the gazette.
I thought that this forum was to help everyone, but it seems that there are a few "experts" who believe that they know all.
Go ask them!!!!
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Twinn1 if you think that this house is a keeper than you must live in a dump, upgrade and buy this one.
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Twinn1 if you think that this house is a keeper than you must live in a dump, upgrade and buy this one.
This form is to help everyone, but your description is really overstating the true facts. No worries, I understand that this is an internet forum and you've got to do what you've go to do to discourage bidders.
I dont think the house is a keeper, but if the min bid includes all liens then there is small margin for profit. I have seen tax sale properties that have had nothing but shacks on them, much worse then this house. Does it need work, yes, of course it does or else it wouldnt be going to tax sale. But is this a tear down and rebuild, no, not even close. The biggest negative for the house is the unknown factor-not seeing the inside and I can only imagine the state it will be in after the occupants get evicted.
This game is all about profit, not about finding a home to live in, as there are very few homes that actually go for tax sales.
My prediction for this one is that it will either be redeemed before the sale or it will end up going for 200K plus at auction by someone looking to take an early retirement from the tax sale game.
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Looks like this place went up for auction again in Nov of 2011, does anyone know what the story behind it is.