Messages

1

Questions and Answers / Re: conflicting info??

« on: July 05, 2008, 06:29:15 AM »

You really have to wonder sometimes.  Allenbrook was vacant for at least 10 years and in need of TLC.  There was a hole in so no doubt racoons had found their way in. Plumbing, electrical,etc.. lots of work to do...

The story surprised me.

I could not find out the whole story, but did find a good contact and was told vacant for last 15 years. You can see from the title search that the property was inherited, apparently one daughter. I am told that some neighbours had contacted the family trying to purchase but to no avail. Wonder what the state of mind. Its a sorry situation to just let a property  go for 49K in taxes when assessed at 342k

I was really interested in the story as well after finding many years of taxes owing, no mortgages or liens.  I thought it was a couple that probably went back to Italy years ago.  I mean who simply gives a 100% owned house to the city?

Turns out the daughter found out she was adopted, went a little crazy and decided she was no longer family.  In essence, she walked away from the house.

I didn't talk to the neighbours, but I do know that nobody could buy from the family -family didn't own the house.  This house must have become an urban legend to the whole family...  Imagine random people calling you every year inquiring if they can buy a house that you don't own.

 

2

Questions and Answers / Re: conflicting info??

« on: July 04, 2008, 07:14:23 PM »

"Maybe I can save someone the headaches of tying up your money, and the fees associated.....a "flipper" developer I know has already submitted a bid with the first two starting digits of "37" on Allanbrooke, so unless you start with "38" it's not worth tying your cash up. However a search didn't turn up any extra liens, although if the city cuts the grass, there will be that one added.

There is a perfect example of why you take everything you read on here with a grain of salt,   Never Forget  ....we are all competitors.

Always make your own decisions.   Of course that was one of the lamer attempts at scamming I have seen ...slimebag moron

Unbelievably lame..I hope it was from nobodyIKnow

I would say his interest was solely to convince others not to bid.  His only problem was that the bid he told us about (37) was ridiculous to begin with which showed he obviously didn't know the value of the property enough to realize it himself... 

I assume he's probably the guy who bid 52k hoping nobody else would show.

Alternatively he could be the guy that bid 56k, had it rejected for only submitting 10% down and spent the next minute or two in front of council discussing why his bid had been invalidated while knowing full well that he had already been outbid by at lease 50 other people anyway!

3

Questions and Answers / Re: conflicting info??

« on: July 04, 2008, 02:23:31 AM »

I'd say your bid was in the right area as well.  I was around the same.  
Winning bid was 310 followed by 302! about 14 bids in the 200-220 range and a couple stragglers above that.. Whoever bid the 310 is in for a nasty surprise when they realize the extent of the renos required..

Pfm's pretty much on target with the value .  Property is among the smaller ones in the area so I figgured the value at 380-390k as well.  MPAC was in the 340's..  

Minimum of 60k required in renovations, $310k, +time and other costs... Crazy.  There was a "whoa" in the room when the council read the bid! hehe

So did anyone know the story behind the property? (aside that it being vacant for the last 10+ years?)  

4

General / Tax sale question

« on: July 01, 2008, 07:28:50 AM »

Hi everyone, I have an odd question.

What are the risks of buying a tax-sale property given you know the following circumstance:

1) A person dies leaving the estate to someone named in a will
2) The executor is...incapable... and does not complete the process. property remains in the estate
3) Property vacant for 10+ years
4) Next-of-kin apply to have a new estate trustee
6) Property Taxes are not paid eventually triggering tax-sale
7) meanwhile a tax-sale is still scheduled...
The title appears free and clear... can't find any leins etc

Is it likely the tax-sale will simply be cancelled and more importantly, are there really any added risks to purchasing the property at auction as a result of the above?
I don't know too much about liens but I wonder the implications of the tax authorities selling the property of a deceased in which the property should be disbursed by the trustee...

Alex