Ontario Tax Sale Property Forum
Sheriff Sales / Foreclosures => General Discussion => Topic started by: jhelstab on November 30, 2010, 03:29:31 AM
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Anyone know what this plot of land is worth?
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I saw 15 bids on this property... highest tenders were $25,500 and $23,500 respectively. Is someone getting a heck of a deal, or has they overbid?
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The assessed value of this property was $51,000. It was zoned as Rural so building is possible and you can access the property from a public road. That was a good deal in my opinion if there are no crown liens etc.
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There were not any crown liens when i had the title search done.
Can anyone with access to Terranet or the MLS give me some comparable sold values?
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I was going to bid on this but there was a large easement that the land owner has to cross to get to the property. I didnt research anymore after because That was enough to get me to back out.
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The land is a butted to a major road. What sort of easement did you find? I didn't
Find any easements on title.
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its not on the title because technically the easement isnt on the land. Look carefully at the township assessment map. you will notice the township owns the land between your land and road. I even showed on the OTS map with a private road leading to the back of the land for access. Remember there is always a reason someone lets these lands go. sometimes you luck out sometimes you dont
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Hmmm, know what the easement is for? If not I can contact the municipality directly by phone correct?
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In the spirit of being helpful, this purchase is not without minor risk and may take a bit of work to turn a profit. First if it was an easement it would normally show on the reference plan and it doesn't. The reference plan, as I recall it, showed the property abutting the road - you should verify this by pulling the plan. Nevertheless there is no escaping the fact that there is a chunk of land between the lot and the traveled roadway. It could be a reserve, although reserves are usually only one foot wide. At the minimum you should have factored into your bid the fact that you may have to pay the cost of a by-law to dedicate that piece of land as public highway, so that technically you will front on a year round maintained road. A second potential issue is that when you look at the big map on the counter in planning you will notice that other lots, including the lot to the north where the new log home has been recently constructed are shaded a different colour than this lot. You may need rezoning. This lot is very low at the road and rises a full contour line (5 meters) as you go to the back where the unassumed road borders the property. The planner mentioned that rear access may have been intended when the lot was created. If that is the case then the type of building would be severely restricted and, as it was explained to those who questioned, a year round residential dwelling would not be permitted at this time. When you buy a house at tax sale you need to set aside some money to get it into shape. Likewise when you buy a vacant lot at tax sale you often need to set some money aside to get it to a buildable state. I am not saying that you made a bad buy. You may well make a reasonable profit, but not without a bit of aggravation first. The fact cannot be disputed is that you got a good location near Huntsville with a new high end house next door. You should be pleased! I wish I could say something nice about the shack by the tracks, the lot with the old nursing home commercial leaching bed, or the corner gully overlooked by the house next door, that others on this blog seem so in love with. Tax sales are all about seeing hidden value - my eyesight must not be what it used to be. Or just maybe the good ones are all being paid - like the Fonthill redemption at 2:30 today just before the opening.
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Thank you for the excellent insight, especially G2020. I appreciate how much detail you put into your post, you have shed much light on the missing elements in my due diligence. I have not purchased much property (land) via tax sale, this is the first time I have encountered an issue such as this. Looks like I have a headache ahead, but I suspect it will be worth it in the end. I am open to any and all advice or insight into this situation... Please continue to enlighten me! :)
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From what i could see there is only one difference between your lot and the adjoining lot to the north with the fantastic new log home. Your lot is larger. After you have your tax deed registered, it is time to approach the neighbor. Find out what planner, engineer, lawyer or builder they used to get their building permit. Find out exactly what they had to do, and what it cost, to get the numerical suffix added to their zoning symbol. This is often referred to as "site specific zoning". You may need to have a site plan registered on title as part of the permitting process. You then have a plan. Armed with this plan you may even decide to just sell your lot "conditional upon obtaining a building permit". Problem solved!
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Is it possible that the city has set apart this area for vehicle stop over or to pull over safely? If so could the property be rezoned as commercial, for a gas station or small strip of convenience store(s) etc?
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Is it possible that the city has set apart this area for vehicle stop over or to pull over safely? If so could the property be rezoned as commercial, for a gas station or small strip of convenience store(s) etc?
these are great questions ... for the town office.....