Ontario Tax Sale Property Forum
Tax Sale Forum => Announcements => Topic started by: Driver on February 07, 2007, 12:30:30 PM
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If anyone is interested in the Tillsonburg properties, I live here and could save you some time or $$. I am not in any way interested in them for myself. To big a project for me. You could post a question or email directly.
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I went to the bid opening yesterday. 3 lots were redeemed before they started. A developer bid $5001.00 /lot on all 30 lots. He was out-bid on 5 of the 27 lots still available. Highest bid was $7550.00 on 3 of the lots. Can the owner still redeem after the town has accepted the bids on the 27 lots that were available, or is it a done deal ???
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The old owners can redeem these properties right up untl the time the tax deed is registered in the name of the successful bidder. Once the deed is registered their time is up. It is highly unlikely they will come forward now, nonetheless if you were the successful bidder on a tax sale property it would be in your best interest to get it done quick.
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If anyone is interested in the Tillsonburg properties, I live here and could save you some time or $$. I am not in any way interested in them for myself. To big a project for me. You could post a question or email directly.
I am looking for acerage for long term investment. Please let me know if you come a cross anything.
Thanks
Ashok
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I received an email from someone that bid on, and got, one of the Tillsonburg properties. Congratulations. He had a couple of questions to which I have no answer, maybe someone here could help. How much for property taxes the way it sits now? I would think no more than $200/year, but I could be way off. How does the property get serviced? Does the developer, or the Town, put the roads in? Or do they work together? I was told a while back that it costs about $30,000/lot to service (gas /electricity/water/ sewer) in a situation like this. If that is the case, purchase the lot for $7000, + servicing = a good profit. Lots would go for $50K min. in that neighbourhood. Does the individual property owner contact the developer and pay them? Any help with these questions is greatly appreciated.
Thanks.
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Hi, I am not 100% sure, but this is what I’ve heard from people.
1.How much for property taxes the way it sits now? – Assessment value multiplies by 0.9-1.2% depending on municipality. Your property has a roll number. You can call MPAC http://www.mpac.ca/ and ask . Sometimes assessment value can be higher or lower the market value. This happened on the waterfront lot in Parry Sound, the one which was sold for around 90 000. Assessment value was 275 000, way too high. When I asked municipality why they said that nobody fought back. If you think that assessment value is too high , you can appeal ( details on http://www.mpac.ca/)
2.How does the property get serviced? Does the developer, or the Town, put the roads in? Or do they work together? -It depens on the situation. Unless the municipality have had a plan already to service the properties, you have to approach them with the initiative. Sometimes municipality can pay some portion of the cost. You have to negotiate. The best option for you to find out who bough remaining lots, contact the person and work together. Another option is to wait. If a developer bought these properties with intention to develop them in the nearest future, he will take care of all paper work, permits, and contactors. He will approach the municipality with proposal for services. He may even apply for zoning change (in case he wants to build semi-detached houses or condos instead of detached homes). Then servicing will be different. If municipality decides to proceed with servicing, they will send you a letter, explaining when they plan to put services, and the approximate cost of servicing. If municipality are not going to put any money in it, they will ask you to confirm that you agree to pay you portion of servicing cost.
3. Does the individual property owner contact the developer and pay them? – Don’t think so. First of all it is not an easy task, especially if your lot is somewhere in between. Second, I don’t think that municipality will agree for this. Even if you pay all serving cost, it has to be done through their process, approvals, tenders, permits, etc, unless the developer will take care of entire subdivision.
I would like to hear what other think about this situation.
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Hello,
Thanks for the detailed response to my questions. That should answer the email that I got from the person that got one of the Tillsonburg lots. No matter how the subdivision process is done, it seems to be quite a hefty task. I am curious to see how this one makes out. There has already been some comments in the paper about too much development going on in Town.
Later...
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The costs of developing land for a subdivision are dependent on a number of factors. My understanding on this one is that there was a subdivision agreement with the Town put in place some time back, and these properties actually form part of the last stage of the development. It is not unusual for a developer to come in and take the gravy from an area, and then if sales don't go as well as expected they will walk from the balance - which appears to be the case in this situation.
Anyways, the existing subdivision agreement spells out all of the things that must happen before any lots are released for construction. In this case however, the costs that are contemplated are significantly out of date.
You will need to hire someone that knows what they are doing. The owner of one lot could not afford to do this - it has to be a joint effort with the balance of the lots which would benefit. It is highly unlikely that the Town will get involved in financing any of this.
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hi to all:
i contacted the town of tillsonburg about the lot i purchased and they told me it will be a joint task with everyone who bought lots in that subdivision .
but i just got a call from a builder that offers me 25% extra to sell it to home is this a good idea to do so.
thanks for any ideas bez. this is my ever first buy i am not too sure what to do.
thanks for your help
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I'd sell it to hime, sign his offer back at 40% and see what happens. Sounds like a quick buck for you. Getting out of it at a profit with a short investment time is key, then use that money to leverage other deals.
good luck
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hi frank :
thanks for the advise i I'll do that c what happens i guess there r more things to buy thanks again
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Worse that can happen is he comes back at 25%, but likely he comes back at 35%, he obviously wants it to round out the development, and it would be easier for him to eliminate otherwise unwanted partners (he'll never offer you his bottom line to start) - you owe me 10%. 8)
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do you know if there is a section on Tillsonburg.ca website to look at upcoming tax sales?
thanks