Tax List Property Listings Forum
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Both of these were cancelled. Lyndhurst was cancelled last minute. After spending a lot of time doing due diligence on this one, I don't think it would have been much of a deal but it certainly an interesting set of facts and a good example of why you really need to understand how sheriff sales work (i.e., what you are actually buying) before bidding.It seems that the buyer bought the house for about 500k in 1991 and decided to undertake an extensive reno around 2009. Sometime around the reno it looks like the owner took out a 3rd mortgage for 660k at 10.5% interest (yikes). All-in the mortgages would be more than 1 million to discharge.The owner seemingly paid an initial contractor 475k. There was a falling out and it looks like the renos were only partly completed. The contractor sued the owner since there was still a balance owing under the contract. The court sided with the contractor and awarded 94k + legal fees (65k). The owner didn't pay this and a writ was filed. The owner's lawyer also filed a writ, presumably for unpaid legal fees, for about 55k. Meanwhile, the owner hired another contractor to finish the work. The new contractor quoted 660k+HST. The contractor claims to have sent accounts for about 400k but was only paid about 275. The new contractor then had a construction lien of 132k added to the property. So, assuming the lien is valid, the existing owner was on the hook for mortgages of ~1.05 mill, a lien for 132k + interest, legal fees of about 115k AND the house still isn't finished. Based on the contractor #2's quote, there is still probably 300k of work to be done. The owner seems to have dumped almost 1 million into this project, excluding legals, and the house is still not done. Did I mention the owner is a lawyer...Based on my due diligence, I had already given up on this but if this one went all the way to the sale, I expect a buyer would have showed up and bid something like a million on this place not understanding what they were buying (i.e., that the mortgages and the construction lien do not magically disappear from title after the sale). When it comes to sheriff sales, it seems that 18 times out of 20 they are cancelled and 1 time out of 20 someone who doesn't understand what they are buying "wins". Starting to wonder why I bother with these. Doing proper due diligence on these takes a lot of time and expense.
Quote from: jt on July 20, 2017, 03:33:46 PMBoth of these were cancelled. Lyndhurst was cancelled last minute. After spending a lot of time doing due diligence on this one, I don't think it would have been much of a deal but it certainly an interesting set of facts and a good example of why you really need to understand how sheriff sales work (i.e., what you are actually buying) before bidding.It seems that the buyer bought the house for about 500k in 1991 and decided to undertake an extensive reno around 2009. Sometime around the reno it looks like the owner took out a 3rd mortgage for 660k at 10.5% interest (yikes). All-in the mortgages would be more than 1 million to discharge.The owner seemingly paid an initial contractor 475k. There was a falling out and it looks like the renos were only partly completed. The contractor sued the owner since there was still a balance owing under the contract. The court sided with the contractor and awarded 94k + legal fees (65k). The owner didn't pay this and a writ was filed. The owner's lawyer also filed a writ, presumably for unpaid legal fees, for about 55k. Meanwhile, the owner hired another contractor to finish the work. The new contractor quoted 660k+HST. The contractor claims to have sent accounts for about 400k but was only paid about 275. The new contractor then had a construction lien of 132k added to the property. So, assuming the lien is valid, the existing owner was on the hook for mortgages of ~1.05 mill, a lien for 132k + interest, legal fees of about 115k AND the house still isn't finished. Based on the contractor #2's quote, there is still probably 300k of work to be done. The owner seems to have dumped almost 1 million into this project, excluding legals, and the house is still not done. Did I mention the owner is a lawyer...Based on my due diligence, I had already given up on this but if this one went all the way to the sale, I expect a buyer would have showed up and bid something like a million on this place not understanding what they were buying (i.e., that the mortgages and the construction lien do not magically disappear from title after the sale). When it comes to sheriff sales, it seems that 18 times out of 20 they are cancelled and 1 time out of 20 someone who doesn't understand what they are buying "wins". Starting to wonder why I bother with these. Doing proper due diligence on these takes a lot of time and expense. It all seems to make sense except that I am not sure about the mortgage part. I think unless you have a mortgagee insider there's no way to have up-to-date mortgage outstanding specifics. Nonetheless, assume it's all true - 1.05 mil outstanding mortgage amount, plus 132k+ lien, plus 115k+ legal fee, plus 300k outstanding work to complete, why the hell did he redeem? and how?
Get out your guns.... SHERIFF'S SALE OF LANDS UNDER AND BY VIRTUE OF a Writ of Execution filed with the Sheriff of the DISTRICT MUNICIPALITY OF MUSKOKA, dated April 22, 2016, under writ file number 130 -16 , the real and personal property of JAMES PETER DOYLE, Debtor, at the request of CASSANDRA LEIGH DOYLE, Creditor(s), I have seized and taken in execution all of the right, title, interest and equity of redemption of JAMES PETER DOYLE, Debtor(s) in and to: ALL AND SINGULAR that certain parcel or tract of land and premises situated, being: Lot 7, Plan 35M-61 9, Gravenhurst, District of Muskoka Property Identifier No. 48039-0007 (LT) Municipally known as: 1020 Balfour Woods Road, GRAVENHURST, ON All of which said right, title, interest and equity of redemption of the JAMES PETER DOYLE, Debtor(s), in the said lands and tenements described above, I shall offer for sale by Public Auction subject to the conditions set out below at, 3 Dominion Street, Bracebridge ON P1L 1E4, on 26th July, 2017 at 2:00 p.m. CONDITIONS: The purchaser to assume responsibility for all mortgages, charges, liens, outstanding taxes, and other encumbrances. No representation is made regarding the title of the land or any other matter relating to the interest to be sold. Vacant possession is not included in the sale of this property. Responsibility for ascertaining these matters rests with the potential purchaser(s). TERMS: Deposit of 10% of bid price or $1,000.00, whichever is greater. Payable at time of sale by successful bidder; To be applied to purchase price Non-refundable. Ten business days from date of sale to arrange financing and pay balance in full at 3 Dominion Street, Bracebridge, ON P1L 1E4. All payments to be provided in cash or by bank draft, certified cheque or money order made payable to the Minister of Finance. A Deed Poll provided by the Sheriff only upon satisfactory payment in full of purchase price. Other conditions as announced. THIS SALE IS SUBJECT TO CANCELLATION BY THE SHERIFF WITHOUT FURTHER NOTICE UP TO THE TIME OF SALE. Note: No employee of the Ministry of the Attorney General may purchase any goods or chattels, lands or tenements exposed for sale by a Sheriff under legal process, directly or indirectly. Date: June 15th 2017 Sheriff, District Municipality of Muskoka 3 Dominion St., BRACEBRIDGE ON P1L 1E4
Interesting, the owner was the president of the lake association.www.morrisonlake.ca/MorrisonLakeSpringNewsletter2016.pdf
Interesting...ex doesn't show on title, nor do any encumbrances, however she filed a notice of matrimonial home....does this mean she has a half interest and is kicking him out persuant to a divorce judgement ....ie. she is forcing him to sell or move out. Expect to see this one on the MLS shortly, don't expect anyone to bid, if he couldn't live with her, then probably no one else could either.
This is obviously why this is a sherriff sale not a tax sale. You can use the sheriff for protection. I am out because I have trouble handling one lady which I do not do very well.
I know what you mean, I have the same trouble with your lady as well.
