I am new and loving all the info here. Here are my details.

[SandraC]

Hello ~ We are a middle aged couple who work hard, are debt free, modest savings and look forward to retiring in about 15 years.  We would like to purchase land for family recreation, conservation and investment so we can have a comfy retirement.  I've been reading loads of posts and am getting educating about buying sales tax property.

What should I do next?  Should I subscibe to any websites?  What about MPAC?  Thanks!  Sandra

[speedfreeksteve]

I wouldn't rule out checking the MLS for properties as well. Don't assume that because its a tax sale that you're always getting a better deal. Sometimes yes, sometimes no.

Also you can check out bytheowner.com which is the equivalent of auto trader for properties, and similarly most people are asking for a higher price than they would likely be willing to accept in the end.

If you can buy a property now.. then that's probably the best way to save money. Property values are significantly down.

[Pfm1011]

"you can check out bytheowner.com which is the equivalent of auto trader for properties, and similarly most people are asking for a higher price than they would likely be willing to accept in the end"


Unfortunately, Although there is an occasional deal , most private sales are asking way over value ( sometimes by multiples) Private owners always think their property is worth way more then it is really worth.. At least when an agent is involved they can slowly stroke the person back to reality by providing the "market has dropped story" ( same one they use to get the listing by telling you your house is worth more then it is..then blaming the market when it comes in way below what they told you..of course by then you have committed to another piece at a huge up tick because you were told you would get X for your present house. You now have a gun to your head and sell your house way below ask)

Also in private deals the owner doesn't understand alot of normal conditions..IE septic and environmental clauses... and takes them as insults or you are trying to "steal the land" .  Private owners also dont see that the house is completely outdated as it still suits their taste..IE the 30 year old country kitchen has to be gutted as does the pink  toilet and bathtub or better yet..the ikea laminate flooring isnt a "complete renovation".

Private owners also use the unsold on the MLS as their market value , not the sold pieces.

Private sellers also add way too much for emotion..The buyer should pay 100K more then its worth since the sellers grandkids learned to ride a bike in the backyard..It was a fun day...

Also expect alot of hassles in private deals..I'm in one now where a month after cashing the deposit check the owner comes back and asks 100K more for the property because "he has 4 kids that have to inherit and he would like to leave them more"...( I'm already abit above market as I am the adjacent owner so I'm paying a premium ) He didn't think the contract and the cashing of a deposit  "meant we had a deal"( yes I sent him to his lawyer prior to cashing the check so there could be no misunderstanding of the offer, yet he still tried to raise the price)

I prefer MLS listed properties, After it has sat on there for 6 months and received low or no offers the reality kicks in and the owner will blame the market, not the evil land stealing buyer  or best of all  POS where the owner has been chucked onto the street and you are dealing with the bank whos only concern is cash recovery.

[SandraC]

Thanks.  I've been looking up mls properties for a while now.  I've seen three in the last month.  It's a good education.  I'm now looking at one north of Belleville.  I hope to visit it soon.  I'd like to see it in the spring, but it might sell before then.  Thanks all!  Sandra

[speedfreeksteve]

Unfortunately, Although there is an occasional deal , most private sales are asking way over value ( sometimes by multiples) Private owners always think their property is worth way more then it is really worth.. At least when an agent is involved they can slowly stroke the person back to reality by providing the "market has dropped story" ( same one they use to get the listing by telling you your house is worth more then it is..then blaming the market when it comes in way below what they told you..of course by then you have committed to another piece at a huge up tick because you were told you would get X for your present house. You now have a gun to your head and sell your house way below ask)

I agree on that point. Private sales are a pain... sometimes too much of a pain. They also do overvalue their properties 90% of the time.. just check out the Simcoe Shopper or Buy and Sell for properties and you'll see. The only advantage is that sometimes you'll run into a very motivated seller that will still bite at the first lowball offer after they get no offers for 3-6 months and they start to panic (seen that happen twice). 

[farrouk]

I agree most MLS listings are over priced but there are motivated sellers out there. Bid on 10 properties and one might bite.
I have had some success low balling on MLS listings. Mid winter is the best time. Of course waterfront listings reasonably priced usually never see the light of market as sleazy agents scoop them up first.

[ErnestBidder]

Sandra, just be aware that real estate sellers seem to operate differently in the Quinte region than elsewhere. When looking for property to build a new home, we made about 7 or 8 offers, one of which our agent said was "too high!". It was signed back at full (exorbitant) list price, and is still for sale, as are most of the others. Just be aware that reasonable, full price offers may even be signed back with your reasonable conditions deleted.

[ErnestBidder]

Sandra:
  Forgot to mention that Quinte RE board has their own website:

http://quinte-mls.com/Public/PublicSearch/tabid/71/Default.aspx

  it's much more helpful than mls.ca.