Ontario Tax Sale Property Forum

Tax Sale Forum => General => Topic started by: RCHOLDINGS on January 31, 2013, 09:10:27 PM

Title: Barrie - 14 Newton St
Post by: RCHOLDINGS on January 31, 2013, 09:10:27 PM

Did anyone here the results on this one.

I was told they were trying to resolve, but not sure what happened.  Too many Leins for me to look at.

Title: Re: Barrie - 14 Newton St
Post by: Dave2 on January 31, 2013, 11:13:30 PM

Quote from: RCHOLDINGS on January 31, 2013, 09:10:27 PM

Did anyone here the results on this one.

I was told they were trying to resolve, but not sure what happened.  Too many Leins for me to look at.

I was told 2 bids with winning bid of $120,000.  Any opinion if this was good value?

Title: Re: Barrie - 14 Newton St
Post by: RCHOLDINGS on February 01, 2013, 02:36:29 AM

Well lets put it this way.  Houses in that area finished to the max 239k.

My lawyers search found that there were a number of crown leins.  Those with this number would be 300k.

Lets just say I am glad I did my homework.  There were no mortgages on the property.

Someone will not be happy.  My realtor also advised that when I sent him to meet with the tenant it was the owner, and heavy smoker.

Title: Re: Barrie - 14 Newton St
Post by: DRD on February 01, 2013, 11:52:11 PM

Talked to owner, please read prior posts on this subject

Cheers

Doug

Title: Re: Barrie - 14 Newton St
Post by: al-rasid on February 02, 2013, 06:47:42 PM

I am new at this stuff, I  hope someone can explain a few things. This property had several federal and provincial liens.

1. Do provincial liens also carry over to the new owner
2. Lets say there are 4 federal liens are they accumulative or does the last registered lien have the previous amounts included in it.

Title: Re: Barrie - 14 Newton St
Post by: netpred on February 02, 2013, 08:03:54 PM

Quote from: al-rasid on February 02, 2013, 06:47:42 PM

I am new at this stuff, I  hope someone can explain a few things. This property had several federal and provincial liens.

1. Do provincial liens also carry over to the new owner Yes
2. Lets say there are 4 federal liens are they accumulative or does the last registered lien have the previous amounts included in it. They accumulate in that they al affect title. In terms of priority in relation to the other liens, the one registered first gets paid first and each subsequent one gets paid from the balance, if any.

Title: Re: Barrie - 14 Newton St
Post by: al-rasid on February 05, 2013, 07:10:10 PM

thank you for the info

Title: Re: Barrie - 14 Newton St
Post by: ChrisCentral on February 05, 2013, 09:22:54 PM

There are many reasons why there were only 2 bids on this one - a great property for $120K but not with all the added bonuses of gov. liens; too bad for the purchaser but I have read of people who have sucessfully negotiated liens down. I have no significant experience but maybe an aveune for the winning bidder to explore.

Otherwise let it go before you pay the balance and kiss your deposit good bye - a hard and expensive lesson.