Ontario Tax Sale Property Forum
Sheriff Sales / Foreclosures => General Discussion => Topic started by: dogmacanada on May 21, 2015, 08:55:28 PM
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I've bid on the Perth Taxsale today, we were the second highest better the first highest bid 28,000 higher than us, is it possible to sell our tender. Can I get the winning bidder's address.
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what was the winning bid??
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I've bid on the Perth Taxsale today, we were the second highest better the first highest bid 28,000 higher than us, is it possible to sell our tender. Can I get the winning bidder's address.
Dogma:
I have been on both sides of this one from the first and the second bid perspective. It can be done but is more tricky then people realize and generally I have questioned whether I should do it.
From the perspective of the first place bidder it delays the registration of the deed by 2 weeks and increases the risk of a post sale redemption.
From the perpsective of the second place bidder if you read the posts recently how I was taken to task because I dared suggest a method to reduce bidding mistakes, you have to realize that the highest bid may not be the winning bid if the high bidder makes a mistake. It does happen and it maybe best to put your iniital efforts into hoping you are lucky. Usually many municipalites today ask for a review by their lawyer before declaring an official winner.
Finding out the names of the winning bidder varies by municipality. Some municipalities release the identity of the top two bidders as a matter of policy. Others protect the privacy although long term you can find out once the deed is registered.
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I know people ;) who have "sold" a second place bid a couple of times and shouldnt be a complicated issue as long as you and the other party are trustworthy people and your word is as good as a contract. finding the other winner has been the hard for most people doing this