Ontario Tax Sale Property Forum
Tax Sale Forum => Introduce Yourself => Topic started by: olegs69 on March 25, 2012, 06:36:28 AM
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I've been a process server/ legal researcher and general gofer for about 4 years now. I'm in the employ of a lawyer who specializes in civil litigation.
I'm finishing up university and don't know what to do with life. I am also currently managing two rental properties for a landlord; tenant vetting, eviction and etcetera.
I'm looking at tax sales as being an industry that resembles the legal field.
I've developed street smarts and thick skin in both my personal and professional relationships.
Any leads would be welcome.
If you'd like to have a coffee sometime, drop me a line (here by PM).
Who knows.
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the internet has lots of info...read read read....and good luck.... only the strong/lucky survive
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There are always newbies wondering how to make lots of money from tax sales. At today's tax sale prices there are only two ways. Firstly, you can sell data as Ontario Tax Sales and Tri Target do. Secondly, you can collect excess proceeds of sale for the owners for 50 cents per dollar collected as some of you do, or may anticipate doing. A word of caution! The police have laid charges against someone who recently pocketed 60k in such a transaction. As I understand it the excess proceeds of sale were about 120k from the sale of the woman's property. I also understand that Real Tax (a division of Ontario Tax Sales) scoops much of the money for the municipalities if no one applies to the court within the year. As stated on the web site for Real Tax, this is a million dollar aspect of tax sales. The point is, the charges laid by the police hinge on the position that to do such a collection you must first be registered as a private investigator. Anyone considering collecting excess proceeds as an additional source of tax sale revenue should make sure that, as with tax sales, you fully understand the rules. :o
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There are always newbies wondering how to make lots of money from tax sales. At today's tax sale prices there are only two ways. Firstly, you can sell data as Ontario Tax Sales and Tri Target do. Secondly, you can collect excess proceeds of sale for the owners for 50 cents per dollar collected as some of you do, or may anticipate doing. A word of caution! The police have laid charges against someone who recently pocketed 60k in such a transaction. As I understand it the excess proceeds of sale were about 120k from the sale of the woman's property. I also understand that Real Tax (a division of Ontario Tax Sales) scoops much of the money for the municipalities if no one applies to the court within the year. As stated on the web site for Real Tax, this is a million dollar aspect of tax sales. The point is, the charges laid by the police hinge on the position that to do such a collection you must first be registered as a private investigator. Anyone considering collecting excess proceeds as an additional source of tax sale revenue should make sure that, as with tax sales, you fully understand the rules. :o
All of this from a person who has forgotten more about tax sales than I know.
Two points emerge fom this post. First, prices are crazy. Second, don't get into anything unless you really know what you are doing.
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There are always newbies wondering how to make lots of money from tax sales. At today's tax sale prices there are only two ways. The point is, the charges laid by the police hinge on the position that to do such a collection you must first be registered as a private investigator. Anyone considering collecting excess proceeds as an additional source of tax sale revenue should make sure that, as with tax sales, you fully understand the rules. :o
Any idea if the need to be registered extends to winning beers from Dave2. After all we cannot have unliscensed collectors enjoying free beers. ;D
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I've had occassion to contact a former owner after a sale, and explain the excess proceeds procedure to them. In most cases they are completely unaware of their rights to the money and the timelines involved. In some cases I have had to go past them and contact their lawyers (just look at their deed transaction from when they purchased and you'll find their name). I've never asked for nor received a reward for this service. In one case the owner thought the property was only worth $20k (as per a local real estate scammer), and so let it go for back taxes, she ended up with $70k in excess proceeds, and should really have been taking me out for a nice steak dinner. 8)
There are always newbies wondering how to make lots of money from tax sales. At today's tax sale prices there are only two ways. Firstly, you can sell data as Ontario Tax Sales and Tri Target do. Secondly, you can collect excess proceeds of sale for the owners for 50 cents per dollar collected as some of you do, or may anticipate doing. A word of caution! The police have laid charges against someone who recently pocketed 60k in such a transaction. As I understand it the excess proceeds of sale were about 120k from the sale of the woman's property. I also understand that Real Tax (a division of Ontario Tax Sales) scoops much of the money for the municipalities if no one applies to the court within the year. As stated on the web site for Real Tax, this is a million dollar aspect of tax sales. The point is, the charges laid by the police hinge on the position that to do such a collection you must first be registered as a private investigator. Anyone considering collecting excess proceeds as an additional source of tax sale revenue should make sure that, as with tax sales, you fully understand the rules. :o
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It really is criminal how these monies are treated; it seems to me that, without a whole lot of effort, municipal treasurers could follow Frank's example (kudos to you, Frank!) instead of taking the tax grab route. I know it's all legal (I'm not sure at all that it's above board), and it's not part of their duties, but these are taxpayers! They've paid taxes faithfully for, in some cases, decades, only to be treated shabilly in the end, and you can take that both ways.
I have no problem if it's a defunct corporation, or the attitude of surviving family members, but it should be ensured that owners, who may have fallen on hard times, financially or health-wise, have their just dues handed over to them. To do anything other is, to me, criminal. Of the bids I won, one was an Asian partnership who started fighting amongst themselves, the next was a "checkerboard" rural building lot, and the last, won then redeemed immediately, was owned by a multi-property local landlord. These rules are akin to the bank act handling of dormant bank accounts: it seems that the Canadian banking system is unable to locate Gina Lollabrigida & her husband, Dr Michael Skofic, to the tune of some $10,000+!
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Excellent discussion on a seldom discussed topic!
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Just a quick reply to thank g2020, and Frank, for two extremely informative posts on the excess funds. I had no idea about 3rd party collectors charging outrageous fees for doing the job that the municipality should be doing, nor did I have any idea that Frank is really the admirable and loveable chap he has always claimed to be. ;>))
I owe each of you a beverage of your choice, when we meet.
Thank you both, and, if anyone should have the contact info for Mr & Mrs Skofic, please forward.
While you're at it, everyone should go look at the Bank of Canada unclaimed funds from dormant accounts: I found $700+ for my cousin! In the Ontario gazette, I found $1000 that belonged to the widow of a former workmate.
http://www.bankofcanada.ca/unclaimed-balances/
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thanks for the link...nothing for me but found 250 for an uncle.... cheers