Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: reed on July 09, 2009, 06:16:00 PM
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Hello All,
First post and first tax sale.
I am looking into a property and there are 3 liens registered against it. 2 by the crown and 1 by the township. The township has offered the property as a tax sale at a reasonable amount but the crown liens are way in excess of the properties actual value. Does anybody have any experience or advice for negotiating with the crown on liens involved in a tax sale, specifically the CRA? I believe the current owner has other properties that are not under liens, would transferring the liens to more relevant properties be something the crown would negotiate?
Thanks in advance.
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I really dont think the owner would agree to letting you take his land and allowing the debt transferred back to him..Of course I could be completely wrong
Maybe ask him to fix up the house and buy a new car and leave it in the garage for you ( late model Porsche , make sure the cheap prick doesnt try to getaway with a non turbo)
Get him to stock the bar too before he abandons the house..A nice bottle of Dalwhinnie and maybe some Courvoisier XO (dont let him slip in a cheap VSOP) If his wife is cute maybe he can leave her for a couple weeks and then when he comes to get her he can bring some steaks too ( again make sure its at least 30 day beef, no cheap 15 day crap)
Hell maybe he has a cute daughter or two ..toss them into the deal too.
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Thanks for the wit. But it doesn't really address the issue.
The CRA is looking to get their money, and they often negotiate settlements. The liens they have placed on this property mean it will never be sold and they won't get their money. I was hoping someone might have some experience they could share on negotiations with the CRA on tax sale properties. Ultimately, if they can get a portion of the payment out of this property and continue to lien other, more valuable properties, then they would be willing to negotiate.
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The CCRA just want their money. Maybe you can negotiate something, maybe not. Put yourself in their position. If you are owed money and you have security, you would probably not accept much less than the value of the security. Would you?
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Ultimately, if they can get a portion of the payment out of this property and continue to lien other, more valuable properties, then they would be willing to negotiate.
Although it might be a tad inconvenient to our get rich quick schemes..the property owner does have rights..They will not offload debt on him so you can make a profit. They will not negotiate debts so we can make a profit.
The only way they MIGHT negotiate is if the property doesn't sell, the TOWN ( not a private person) MAY be able to cut a revenue sharing deal with the ccra and then sell the land and split the revenue from the sale proportionately based on amount owed but unless the property is worth millions or is wanted for a park or something for the town Im guessing it will just rot.
Of course I could be completely wrong.. Your best bet would be buy the land at taxsale and try to negotiate a deal with the CCRA. Please let us know how it works out.
One more thing..better check the neighbours last name..house to the north is brother or father..I wrote the place off the second I seen that, never even checked the execution values..
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I'm pretty sure that there was a posting, here, within the last year or two, that said that one municipality had negotiated an arrangement with RevCan (God, please make them stop changing their name every 3 weeks!) in order to facilitate an orderly sale of the tax sale property.