Help with Sheriff's Sale

[rufjat]

Hi everyone,

I have a few questions... There is a sheriff's sale coming up this week and I was planning on putting in a bid for a house that was going up for auction... I just want to make sure i know what im getting into though first.

the story is this - the house is a nice sized home on a good lot - in 2002 it was built.  In October of 02, there are two transactions on the title search...
1) TRANSFER for about $100k from "Jane Doe and John Doe" to Jane Doe (the same one that was the transferor)... I'm guessing this means that it was a divorce possibly... I looked up the PR # on the microfiche... and it came up with this... Under the "total consideration for this transaction"... $100,000 is listed as the Mortgage Assumed, but it doesnt show any principal / interest for this 100k...
2) On the same day, there is a transaction of "CHARGE" to Bank of Montreal for $210,000 which shows up as the mortgage... So I'm not sure if the $100,000 is money I'd be liable for if I won the property, or if it was perhaps money she paid to her possible ex-husband for the house in a settlement...??  any ideas?

The house is being sold at the suit of a pool company who, in 2003, charged her $68,000 for a pool... They have put a lien dated from 2003 against the property for $47,000.. I assume, if I won this property, I'd be liable for this $47,000 plus the principal remaining on the $210,000 mortgage...
I have not yet done an execution search against the lady - I'm gonna do that tomorrow, as well as a search for tax arrears.

For the area, I am guessing the house should go for about $500,000+ in pristine condition - 2 years ago, it was listed on the MLS for $560,000 but didnt sell.
What would be the process of acquiring this house, if I won?? How would I evict the tenants, how long would that take, etc.

Anyone help a newbie out a little?

Thanks!!

[Rob]

Let me speak to the process of evictions.  First you need to inform the people that you are the new owner of the property.  Then you need to give them notice (30 days I believe maybe 60 days).  If they fail to leave within 2 weeks of the posted notice removal date.  You then go to court to get a removal notice.  At which  point you would bring the police to the property to enforce the notice.  Then they would generally have 24/48 hours to leave the property.  Things change if the person has signed a lease to rent out the place for a period of time.  You would need to honour the lease but this is the best situation because you will be receiving rent.

I'm not going to comment on the price if it is worth it because there is an element of risk that is personal to everyone.  Some people if they do not sell the property in a month would get sick worrying about the property while others can let the property sit for 6 months and not worry because they are that type of people or have enough money to let the property sit.

Do that search against the lady because you might be on the hook for the additional $100,000 as well as the other costs.