Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: ErnestBidder on December 15, 2011, 04:43:02 AM
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Read something here, a few days ago, that triggered a memory: at a tax sale, milling around during the 20 minutes before the bid opening, I happened to overhear one person comment on the one property I had bid on; the comment was of the nature to indicate that this person really wanted that property, but, then, so did I. I sidled out of sight, ran like hell to the clerk's office, and asked to pull out the bid to increase it. They said "against the rules", but I insisted I was upping the ante, not trying to cancel my bid. They called the attorney general on ontario (or some such similar) and got the OK to let me do it. I had extra funds with me, filled out a new form, handed over the funds and the form, and, at that point, they gave me back the original bid form.
Lesson 1: Always put in a deposit of at least, or more than, 25%;
Lesson 2: Always bring extra money;
Lesson 3: Argue your case with all your might.
Lesson 4: Keep your mouth shut. I didn't beat the other bid by all that much!
I got the sealed bid over the counter with seconds to spare! I won that (first ever) bid!
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Congratulations on wining the first one!.
I had similar experience, but I had to withdraw my bid as it wasn't buildable. you can withdraw it up to the very last minute of advertised 'bid opening time' and you must make a written request, I was told.
It's a good idea to go beyond 20%, just in case if you see some board members around there ;D (No offence~just kidding)
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Here endeth the lesson...loose lips sink ships
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Read something here, a few days ago, that triggered a memory: at a tax sale, milling around during the 20 minutes before the bid opening, I happened to overhear one person comment on the one property I had bid on; the comment was of the nature to indicate that this person really wanted that property, but, then, so did I. I sidled out of sight, ran like hell to the clerk's office, and asked to pull out the bid to increase it. They said "against the rules", but I insisted I was upping the ante, not trying to cancel my bid. They called the attorney general on ontario (or some such similar) and got the OK to let me do it. I had extra funds with me, filled out a new form, handed over the funds and the form, and, at that point, they gave me back the original bid form.
Lesson 1: Always put in a deposit of at least, or more than, 25%;
Lesson 2: Always bring extra money;
Lesson 3: Argue your case with all your might.
Lesson 4: Keep your mouth shut. I didn't beat the other bid by all that much!
I got the sealed bid over the counter with seconds to spare! I won that (first ever) bid!
It's always a bit of a dilemma...how much to bid. Putting in a larger deposit than is legally required also means that you stand to lose more if you are successful and for some reason end up walking from your bid. If you have the resources, you can always obtain several deposit cheques and then re-deposit the ones you don't use. If I were the Treasurer I wouldn't have been able to give you back your bid since I always kept them in a sealed box...which didn't get opened until bid time. If you needed to up your bid then you would have had to have submitted a second one. Again, you need resources to play this game. 8) and yes, keep your mouth shut, since I might be listening in.