Ontario Tax Sale Property Forum
Sheriff Sales / Foreclosures => General Discussion => Topic started by: MikeS on October 19, 2010, 05:23:40 PM
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Anyone have any knowledge and would care to shed some light on the process/pitfalls of getting rid of a seller occupied tax sale purchase?
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It depends.. could be as bad as: Heavy property damage.. or it could work out so well the past owner is renting from you.
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What are the chances of the owner renting back a house from you that you basically took from him? Can't see that going over very well
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It really depends on you approach the situation. But never contact the owner prior to the tax sale hoping to arrange a deal because they may encourage this person to settle their tax sale debt and redeem.
What are the chances? It really depends on each situation, after you win the tax sale property, if you have a person or family living in the home approaching them and offering a rental agreement might work. Many families will want to remain in the home and might go for such a deal. Remember most people are not paying their taxes because they cannot for some reason. Renting back to them might give them enough time to get finances in order without disrupting their home life or schooling choices.
In many cases people will be angry with you and not want such an arrangement. That's completely understandable.
I'd say your chances are: 20% it will work overall. 50% + with a family. 70% with kids. These numbers have no basis in science.. just a hearsay guess.
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RE: Process of removing occupants
My understanding of legally removing previous owners involves contacting the sheriff and requesting the occupants of the dwelling to be removed. The occupants will first be given a notice by the sheriff which states the crown's intent (I believe it is 60 days notice to vacate the dwelling). If there is no appeal of reasonable extension by the occupants, then the sheriff can legally enter the house to have the residents removed.
My only question is whether at the time of title transfer into your name, do the rules of the Landlord Tenant Act come into effect? If so, this would add another 60 days of non-payment by the "tenants" prior to being able to contact the sheriff. I'm pretty confident that the Act would be applicable, but if anyone is familiar with the legalities or has dealt with this in the past it would be helpful to know...