conflicting info??

[Sasha]

Wow, you did all the research and smart not to listen to 'stories' of what happened. 

[Frank]

Wow, you did all the research and smart not to listen to 'stories' of what happened. 

I've said it time and again...do your homework.  That is exactly the kind of info. you need before you make any bid.  Find out what it is worth on the market, then determine what it might be worth given all of the unknowns...and how equipped you are to remedy problems that might be exposed once you open the doors.

You wouldn't buy a car...or much of anything for that matter...without an opportunity to do a thorough inspection and obtain guarantees as to it's condition.  Unfortunately, in this game that is not possible, and you must expect that the reason it is in tax sale is that there are serious problems.  There is no way, that these properties should be going for anything more than 60 to 70 percent of market value if they were clean.  Yet time and again we are seing properties go for more...go figure.   Of course there may be other factors that come into play with these high bids, but I believe that one of them is shear stupidity (I can be pretty blunt at times).

[Dave2]

Come to think of it Frank maybe you are on to something. If I am ever lucky in this game to buy something  maybe when it comes time to sell I should call the resale "Tax sale property sale" ( after I have tripled the price)

Of course It may help to get the assistance of the MPAC to raise the assessed value.  Anyone ever heard of a case where the MPAC was requested to RAISE the assessed value.

Dave2

[Sasha]

Dave,

Call them and tell them you finished your basement and pay more taxes, and all the reno's you did to make sure the structure value doesn't depreciate.  Not telling them and trying to get away with paying lower taxes?  Kidding!  I'm sure you pay all the necessary taxes and wish to pay other people's taxes.
According to their brochure, you may call them and request a reassessment, but be careful and have good answers if they wish to know why you didn't obtain necessary building permits (your addition) or didn't tell them in the past, and do this just before you're planning to sell.  When you sell it for much more than what its assessed since its in a high demand area with very few new homes being built and not many for sale and all comparables selling for more, the new owner will automatically pay much more in taxes.
According to MPAC, their assessment is rarely used when selling or purchasing a home in large urban centres.  In small towns, they are fairly accurate, although they are a generally a few years behind, not many accurate comparables in terms of past sales in small towns.  There is a 'cabin' on a lake near my home (10 min. away) with an assessment value of $1, honest, looked it up.  It was vacant, uncleared without a road leading to it that someone had kept for several years, until a year ago, now there is a gravel road, the land is cleared and someone built a nice cedar cabin and there is a gentle slope to the water and 200ft. lake frontage, no deck yet, owner wants 129K, but there's no bathroom in it and I'm not into going to an outdoor 'privy'. I'm sure its worth more than a dollar though.  They'll know when it sells and they find out there is a solid structure cabin on it, its cleared and there is now a gravel road to the property, got the roll# from the real estate agent and looked it up, according to MPAC its vacant land.  What the new owner pays for it will determine the value and being cedar in an area with plenty of lakes and vacant land (though much of it is crown land) it could actually depreciate unless land values increase in area since cedar will require exterior work eventually and on going interior reno's to prevent depreciation.  The area is not a 'hot real estate market', people moving out of area instead of in.  I've seen the opposite too, a home not well taken care of selling for much less than MPAC assessment, no one seems to know what market value is in this area, no two homes are the same and maybe one or two homes sell in a year.
In the past with real estate agents I've used MPAC and MLS, I've requested the real estate agent to provide me with info. on past sales in area.  Where would I get that info without a real estate agent?

Sasha

[Pfm1011]

" I've requested the real estate agent to provide me with info. on past sales in area.  Where would I get that info without a real estate agent?"

Unfortunately it costs 2.5 K a year for the teranet software , so you are stuck with the realtors , who I can assure you will NOT give you real numbers. Im not sure if your area is covered as the whole province isnt in the database yet

Standard bs from realtors is " they were asking around 3 hundred, I think it went for around asking"   Meanwhile they are fully aware it  was asking 275 and went for 230  or less  ...Well I guess 220 is AROUND 300   ( Very large around)

Realtors have very selective memory and are very effective at the use of " Im not sure but I think" or " If I recall correctly"     and very good at the use of "around"  They also are very very  good at ignoring requests for neighbourhood sales reports. If you look at a house ask for the neighbourhood sales report, If they dont get it for you, get another agent. 

 I personally only deal with the listing agent as on several deals I have had them cut their commission to make a deal go.   One agent in the deal and the house can sell for half and they end up with the same coin in their pocket.  These scum are shocked when you tell them to cut the commission in half when they bring you a sign back.

 Never did understand people who find a house on MLS and then call their own agent to show it to them. You find it and they want 2.5% of the deal for simply calling the listing agent for you.? Never sign a exclusive with an agent.

If you want real entertainment , Read the Toronto Real Estate board and Lepage  press releases, worst mutilation of/selective  statistics I have ever seen.  Someone should sue those clowns

90% of the realtors I have met are absolute scum who will say and do anything to get "their money out of your pocket". Its too bad because there is a few who actually are honest but they are few and far between. 

I never let them know I have teranet and ask standard questions . I just watch these scum BS like crazy. 

(morning rant)

[justlooking]

PFM : Just curious. How did you get Teranet?

[Pfm1011]

Anyone can get it, Its just paying the piper to a tune of 2800 a year, I got it a few years ago for some commercial work and It is the best money I ever spent, Mind you not alot of people are going to spent that much or use it enough to justify the cost

[3]

Hi, there,

Thanks for posting the high bids.  I was there too.  There was this grown man kept talking on the phone while the bids were being announced.  It distracted other's attention.  I wish the city staff would said something to him.  Anyways, I agree that the bids in Toronto are too high.

Take care!

[Sasha]

PFM1011,

Are you a residential and/or commercial real estate agent.  I know you're a retired pilot, but you don't seem like the type of person that would be satisfied with a pension and just diddling around the house during your retirement.  Is real estate your retirement career?

[Pfm1011]

Real estate agent!!!! Hey there is no reason to start insulting me

.. .Actually  I run a business that is totally non related to this or the airlines , actually do this for "fun"  as I get to play land speculator without the big dollar stress and risk of commercial real estate. (which is a suicide investment route  right now as it has nowhere to go but down )   Also enjoy the detective work involved in this.

[Pfm1011]

Last June this house sold for 310 in the auctions and we said they were insane ( which I still think they absolutely  were)
Sold in march this year for 450,   I have no Idea how much they stuck into but it looks like they got out alive and probably with some   beer money

If John and Dorothy are on here , please let us know the real numbers of what it cost to do this up