Ontario Tax Sale Property Forum

Tax Sale Forum => Questions and Answers => Topic started by: SRS on September 19, 2006, 02:40:09 PM

Title: Obtaining Mortgage to purchase Tax Sale Property
Post by: SRS on September 19, 2006, 02:40:09 PM

Hi everyone, first post here... this forum is a great resource.


A question about obtaining a mortgage to purchase a tax sale property, assuming you are the successful bidder and provided the 20% deposit;

- Is it possible to obtain a mortgage from a bank/lender to purchase a tax sale property (i.e. mortgage for the remaining 80% of your bid)? Not sure if banks might stay away from these.

- If so, any tips on getting the mortgage completed in the 2 week time period?

thanks.

Title: Re: Obtaining Mortgage to purchase Tax Sale Property
Post by: Frank on September 19, 2006, 03:07:14 PM

Read this thread:

http://taxsaleproperty.org/forum/index.php?topic=71.0

Title: Re: Obtaining Mortgage to purchase Tax Sale Property
Post by: SRS on September 19, 2006, 03:35:48 PM

thanks Frank.

just curious as to why a mortgage is not possible? has anyone tried or do banks usually have a rule/policy against it?



thanks.

Title: Re: Obtaining Mortgage to purchase Tax Sale Property
Post by: Frank on September 19, 2006, 03:53:37 PM

Think about it, you don't own it, nor does the person selling it.  These are forfeiture sales and there is alot which cannot be confirmed concerning the condition of the property.  Banks don't deal in smoke and mirrors.

Once you own it, and can prove its worth to them, then that is a different story.