Ontario Tax Sale Property Forum

Sheriff Sales / Foreclosures => General Discussion => Topic started by: DRD on April 15, 2010, 05:15:36 AM

Title: kingsville
Post by: DRD on April 15, 2010, 05:15:36 AM

Both properties redeemed, sabo last minute.

Title: Re: kingsville
Post by: guki on April 15, 2010, 07:22:16 PM

Anyone know how they managed that as all the tenders were opened?  Would love to know the story behind it...

Title: Re: kingsville
Post by: speedfreeksteve on April 16, 2010, 12:00:13 AM

Exactly why the minute you are informed that you have a winning bid, you should get full payment to the municipality ASAP. Basically if the property is redeemed within a couple of days of the tax sale it's very unlikely that a deed could get registered that fast, even if the winning bidder was present when opening the tenders and paid the balance right away.

Title: Re: kingsville
Post by: guki on April 16, 2010, 01:00:58 AM

So can one presume that if the savvy owner doesn't like the price it fetches at auction he just redeems?  Makes sense to me when sometimes the bid gets up closer to market value or at least assessed value.

Title: Re: kingsville
Post by: DRD on April 16, 2010, 05:17:41 AM

True...But watch out on some of the comercial properties done this way, this is an easy way to sell contaminated properties without disclosure!!