Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: Frank on October 01, 2008, 05:01:02 PM
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Here's a perfect example of what I was referring to in an earlier post. The Municipality has already done the leg-work insofar as the Crown Lien, and they have agreed to give them the excess proceeds...removing the lien once the sale is consumated. In the event that the highest bid is under $20,000, a portion of the Crown Lien will still be there...meaning that the real minimum bid on this property should be $20,000...no matter what that is what you will pay.
"Note: The Canada Revenue Agency has a lien registered against these
lands as Instrument No. SC311738. The Agency has agreed to remove
its lien from title to the lands upon any Transfer by the Municipality to a
successful purchaser whose tender bid is in excess of $20,000.00."
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Frank, when is that fall meeting going to happen? You really deserve at least a bottle of whisky and some bottles of that beer from the commercial you and I cannot remember who were talking about at some point.
Larry
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p.s. It would appear to be a nice little half acre lot, where you could build your dream home. It is located in Washago just off Highway 11, and down the street from Casino Rama (where you could easily discard all of the money you saved by buying it on tax sale).
Enjoy
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Location wise it is decent. They're also widening rama rd to 4 lanes right now.
The 20k makes it tough though.. You can get some pretty good property for 20 grand right now.
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You can get a nice look at that lot on the municipal site gis map.
At 20 grand there's not much margin though,identical lot on mls asking 35000.
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It's only assessed at $34,500, and therefore $20k might be a good deal, but not a penny more. Who knows what barrels of oil or toxins might be buried beneath...and you have no way of finding out. I would prefer to get it for less than $15k myself. Crown lien makes that impossible.
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Also, think about it. You're going to put anywhere from $200k to $300k into a house. for the difference in price between this lot on tax sale, or one on MLS, your investment can yield substantially greater returns in a better location. You gotta look at the whole picture on this stuff.
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That's what I was about to point out Frank. The area is a convenient location for some (10 mins from hwy 11, 20 mins to Rama), somewhat private, respectable sized lot.
There's still downsides though. It's not exactly in an area of upscale homes (understatement). Not where most people would build their dream home, but if you already worked or lived in the area it could be worthwhile for someone.
It's still all about location though if anyone is looking to flip it. Still lots of property around (some that are larger) for 20k that is arguably in a better location (closer to lakes, parks, etc)