Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: lipton on February 11, 2008, 12:19:31 AM
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Is there any benefit in paying for tax sale listings on some of the websites I see, or does this site issue as comprehensve a list? What other sources should I be using? Any help would be appreciated.
lipton
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The advantage to paying for some sites is not the amount of listings (the listings on this site are all of the properties available) but some of the premium services offered. For example, cheaper title searches or access to the paperwork electronically.
How many people are currently using a pay service for tax sale properties?
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Thanks...you saved me some money
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I use Ontariotaxsales.ca
They have two functions. they provide packages on certain sales for ten bucks which includes summaries , maps and pictures. Saves driving 3 hours to find out the house is a knockdown. Its 10 for each municipality's sale, Not ten per property. These are only available for the sales they manage (they are , or are related to a company which manages sales for the cities.)
Secondly their title searches are cheap. For around 90 to 120 you get full title search, execution search on owner , survey ( if available) and a summary report which advises you if anything will survive the sale. This package will cost 3 hundred min anywhere else.
I believe they are insured also so if they make a mistake you are covered if you win a bid and they missed a claim against the property. Note : This does not protect you from zoning problems, toxic sites etc etc ..Just title problems so diligence is still required.
Also note: You cannot call them as they want all communications in writing. Which is fair because if someone buys a toxic site they will claim that " I was told it was clean"
I'm on teranet which allows me to do a title for 29 but it is a summary only. If I find a piece I am interested in , I do a teranet search for 29 and If I don't find any "deal killers" I buy the package from Ontariotaxsales prior to making a bid.
They also offer a 29 dollar supplemental "day of sale " search which they do a title search again on the day of sale and advise you if anything has changed. This allows you time to cancel your bid if there is a problem. ( No you cant just buy the 29 dollar one ) If the sale is cancelled prior to sale day they refund the 29
By the time I put in a bid I have about 150 to 200 into it but at least I'm not going to get a surprise that will cost me thousands and thousands.
I know I sound like a paid commercial , But this is self serving..As I hate bidding against uninformed bidders who over paid because they don't have the facts.. ( Mind you if they win a bid and get screwed by a title problem..they get out of the game, less competition..Hmmmmm Disregard my above post , just bid without a title search )