Muskoka

[netpred]

It's sold for 136K (It was me acctually) and the second bid was $81K (about+-) , total 41 bidders.

Just quick question. Any idea why town charging HST on it, it's not new lot. How to avoid it, any idea?

Thanks

Congratulations!

[Frank]

I don't believe that this one would have fetched even $80G on MLS, it's quite obvious that the assessment didn't reflect the condition of the building and no one bothered to appeal, since they weren't paying their taxes anyways.  Good luck with that...prove me wrong, please.

If you were buying from the previous owner, they would swear that they used it for residential purposes and there would be no HST.  Since there is a deemed disposition to the Municipality in a forfeiture sale, then you are buying it from the corporation and they obviously don't live there.  You may be successful in an appeal to the CRA when you argue that the municipality only owned it for a fraction of a second and therefore could not possibly have put it to commercial use - don't know if you can prove what the old owner used it for, and please let us know how that goes as well.  

[new_1]

Thanks All. I will keep you posted.

[baller50]

Anyone know results from the other properties ?

[landbaronofthenorth]

http://www.muskokalakes.ca/files/%7BDCED169D-46F9-428B-9232-167252C4C765%7DOct%2020-10FinalDraftForm6Ad.pdf

[baller50]

some look like a good deal... Thanks for the link

[MikeS]

most do, except for one of course

[Bruce289]

If the successful bidder for property 09-10 (Part Lot 31 Concession B Watt, being Part 2) is on this forum and purchased it with the intention of flipping, please PM me.

Thanks... Bruce

[speedfreeksteve]

it redeemed

Extract Partial Quote from an experienced Pro who is a lurker on this board with whom I have exchanged some Private Messages:

"I will no longer bid on a property unless I have owned and sold something in that area - no exceptions. I now prefer to see a property, search the title, visit engineering and planning, submit the tender, and attend the opening all on the same day. You cannot do that in an unfamiliar area at my age. Each year I get more focused."

Sounds like not bad advice.  As I have said before knowing your territory isn't all bad Only way a youngster like me can compete against the more experienced and smart pro's who hang out here.

Personally I believe the people on this board buy the majority of smart tax sale buys in at least southern Ontario.  Not sure of the north.  More of the Pro's hang out here then people realize.  One of the benefits of posting is you get access to some interesting people and if you share advice you get rewarded in return.  I am also starting to learn the home territories of various bidders.  (not all of what I do is in the public domain).  

Based on the tax sales I've been a part of I think that the ones in cottage country are the "hot properties" of the past few years.

The Hamilton-Niagara homes that go tax sale are usually dumps or ex-meth labs with problems. Same goes for anything just east of Toronto.

In cottage country it's usually land. It makes things more affordable and just about everyone has this dream to own land in the north. The downside is that it usually won't ever sell fast and most get overbid (but not all of them). I own 2 tax sale properties in cottage country and if I had to sell them within a month or so I'd be concerned no matter what time of the year it was. The upside is I risked much less considering I put out less money and that I don't have to worry about a home that becomes a money pit.

I do agree that knowing the territory is a huge advantage. There was 2 in the past year that I had ia pretty good knowledge about the previous owner and that gave me a big advantage. Unfortunately, the information that I knew was not positive, so I didn't go after either property.

[new_1]

None of the tax sales properties has positive information.  If you are looking for positive history of the property I suggest switching to hunt on MLS .  It?s all so sad, that people are losing their land in many different ways.
Sorry man....