VACANT LAND BOUGHT BY MISTAKE

[soldbybailey]

Hi all - I am the lucky purchaser of the vacant lot on Lorne in London.  In my research including mpac and geowarehouse, everything pointed to it being single family residential.  A cute little bungalow!

After I won the lot, I drove by and realized there was no longer a house on the property.

Do I have an out here?  Any advice would be appreciated - the city is saying they don't represent and warrant blah blah blah...  But don't they have a responsibility to advise MPAC about changing assessment when they leveled the house???

[Frank]

Did the Municipality in any of its literature state that there was a house on this property?   Probably not.  People sometimes demolish buildings without building permits.  If they never filed a request to have their assessment amended, or even with a permit, requested a completion inspection, then as far as the Mun and MPAC are concerned...it is still there.  It's one of those houses that has a cloaking device built in...I built that is Romulan for you Trekis.

Did you complete the deal yet,  you may want to walk from your deposit...or try and negotiate with the second high bidder to salvage some or all of your money. 

Why would you ever bid on a property that supposedly wasn't vacant, without taking a peak at it first?   This is a tax sale, it is up to you to do your homework...you got a failing grade on this one.

'Buyer Beware'

[Nattalia]

I`m curious to know where is it and how much you paid for it, and how much you`d be willing to sell it back for.  If there are no other flaws in your contract, I might be interested in buying it from you.  Please give exact details as to province and any street address if there ever was one.

[netpred]

I`m curious to know where is it and how much you paid for it, and how much you`d be willing to sell it back for.  If there are no other flaws in your contract, I might be interested in buying it from you.  Please give exact details as to province and any street address if there ever was one.

The following was posted in the London Tax Sale Results thread:

3 properties sold the lot on lorne sold for approx 44 th  the st julien and delaware had about 16 bids each and I believe went for 55,000 and 70,750 adelaide was redeemed and there was no other tenders recieved for other property

[link]

from one RE agent to another I tell my clients "looking is free" why not look? be thankful you did not buy a burnt shell and have to pay to have it removed (plus purchase a permit ) the bad news is that in the old part of the city you may need to install a new water service as the old ones were lead so becareful if selling the lot serviced

[soldbybailey]

YES I KNOW - bad move on my part.  Will try and sell for what I paid.  Might find a builder and see if we can run a JV on it.

Nattalie - I sent you a message.  Let me know if you are still interested.

At least I learned a lesson on something that wasnt over $100k.