Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: joe.l on February 22, 2007, 04:19:36 PM
-
from what i can see from reading the posts , there are alot of pitfalls to be avoided when getting started on tax sale properties. can someone list the procedure , and list the homework that is necessary, i am thinking of getting involved , but one of the things i've read is how the townships are using bidders on these properties as leverage to get the owner to pay up, crown liens are another issuse, as is enviomental surveys , i would thank anyone who has the knowledge to shead some light on the process ? thanks Joe
-
Hi Joe,
I'm no expert by any stretch of the imagination, I would definitely defer to Rob or Frank with regards to hands on info. That having been said It's been my experience that it's really hard to give advice in general terms as every property has it's own and often unique issues.
Simply put the process starts with your finding a property that is of interest to you. Then you need to determin it's value to you. Then you need to see if you can get it for some where between the min. tender and the value you put on it.
There are plenty of things that will affect your calculations, but so long as these extra expenses combined with the min. Tender don't exceed what it's worth to you then you submit your tender and hope the property isn't worth that much to anyone else.
As mentioned there are plenty of things that need to be checked Title, Writs, Environmental Concerns, Previous use and Set Backs to mention just a few.
I suggest that if you find a property your interested in contact one or two of the folks here on the site and ask them for help Frank and Rob both helped me out with the 33 acres in Trenton. At one point I had given it up as a dead end property but through digging I determined that there was the potential to make money on it after all.
Rich
-
Just a quick message to say that I've spent hours on the site since discovering it today and I'm very impressed with what I've read... I've learned a lot. It seems that a lot of people log on and post similar questions which are patiently answered over and over by Frank, Rob, Gap and others... It's been helpful to me to read previous postings and I'm looking forward to learning more... Thanks :)
-
I agree...just sit down, and start reading through back posts, and most of the information you need wil be found. If something is not clear, the guys here have been beyond helpful!
-
Hi there,
Just wanted to say hi to everyone and basically mirror the above posts. I discovered this site 2 days ago and have pretty much read the entire site! It's very very useful and best of all, people here keep it simple.
Anyway, I haven't bid on any tax sales yet but hope to do so soon, and maybe then I'll be able to actually participate in the discussions.
Start reading!