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Author Topic: Tax sale has no fun no bargain anymore!  (Read 3693 times)
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Jayz
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« on: May 27, 2021, 02:09:45 PM »

Lambton Shores - so far the highest is 10 times of the minimum / the lowest tender - $783k! Shocked
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Jayz
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« Reply #1 on: May 27, 2021, 02:21:06 PM »

$783k
$611k
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.
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$76k

unofficial
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QueenAwesomesauce
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« Reply #2 on: June 01, 2021, 10:07:45 AM »

I went there and the place is a tear down full of mold. It's unknown why they paid so much for that when there is a larger property for sale with operating business and income up the street (Not far)  for $799,000 and it's been for sale for a while.

Having said that, it's an attractive site, with a lot of building going on and gorgeous beach. Obviously seasonal.

At that price, they can have it, with my blessings just like the vacant land that went for $810,000 a few weeks ago.

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daftdaft1996
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« Reply #3 on: May 14, 2022, 02:17:51 AM »


I think it's because of the location of the property. If the place is accessible to all, that might be the reason.
« Last Edit: July 08, 2022, 02:30:50 AM by daftdaft1996 » Logged
Dave2
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« Reply #4 on: May 15, 2022, 06:17:23 AM »

It's interesting why they paid so much for that property.
pos system Phoenix
I think it's because of the location of the property. If the place is accessible to all, that might be the reason.

The market is the market.    You just have to accept and adjust to it.  Hopefully you are in a position to adjust to it  
In markets like this an old stock market saying applies. 'SELL (not buy) in May and go away.'

Now is the time to clean up and sell your mistakes especially in markets like this where you have to often do it yourself
because the real estate community gets lazy and is not interested in low commission, difficult to sell properties.  
Those who say they don't have any, are not being honest.  

Mistakes take time and a lot of effort to sell. Like the one property I sold with 55,000 hits and 1,000 responses including
the drunk ones who called me at 2.00 am in the morning.

In this business you will get surprises both good and bad.  Those who say they understand perfectly how a conservation authority
will rule are dreaming.   If you say you don't have any you are not bidding it right because you are not taking any risks.
To minimize the bad ones takes takes a lot of time and costs money.

Of course if you do it right sometimes you get another type of surprise.   Like this  tax sale for a property whose had a
former owner from  Germany.  https://www.vladi-private-islands.de/en/.   The most exotic private island seller in the world
and I can prove it.  He doesn't touch anything unless it is first class.

We also miss opportunity.   I still wonder if I should have bid the jewelry mine tax sale of a few years ago that got no bids.

In general  with tax sales the the odds of bad news are much higher then good news.   That is why a good purchase
price is so important.  As someone accurately said with tax sales you have to remember
 " There is a problem with the property or the owner".   Bidding close to market price is usually only
 justifiable if if you own an adjacent property.
« Last Edit: May 15, 2022, 09:25:32 AM by Dave2 » Logged
Frank
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« Reply #5 on: May 15, 2022, 08:27:13 AM »

https://www.cbc.ca/news/canada/british-columbia/b-c-man-s-property-sold-by-township-without-any-notice-over-6-700-in-unpaid-taxes-1.6447505
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Dave2
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« Reply #6 on: May 15, 2022, 09:51:15 AM »


This article also illustrates one of the often overlooked dangers of taking back a vendor takeback mortgage on sale of a property.
The owner does not pay their property taxes and it goes to tax sale.   The mortgage owner is supposed to be notified but if you
hold a mortgage make sure that you check the tax status if you are the mortgage holder and are facing a default.
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Jayz
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« Reply #7 on: May 16, 2022, 09:09:02 AM »


This article also illustrates one of the often overlooked dangers of taking back a vendor takeback mortgage on sale of a property.
The owner does not pay their property taxes and it goes to tax sale.   The mortgage owner is supposed to be notified but if you
hold a mortgage make sure that you check the tax status if you are the mortgage holder and are facing a default.

The recent North Kawartha 73ac has VTB of $550k and the taxsale fetched $450k. Lucky the previous owner might be able to get some back. But I assume the legal will start or continue.

BTW, for those seasoned contributors here like Dave2, what is the common rule, if any, with regard to the term "grandfathered"? - does it apply to buildings/structures on the lot only, or does it apply to (the size of) the lot created (before or after the current zoning requirements take effect)? A few players received contradicting info re the NK waterfront from the town planner.
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Dave2
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« Reply #8 on: May 17, 2022, 05:35:51 PM »


The recent North Kawartha 73ac has VTB of $550k and the taxsale fetched $450k. Lucky the previous owner might be able to get some back. But I assume the legal will start or continue.

BTW, for those seasoned contributors here like Dave2, what is the common rule, if any, with regard to the term "grandfathered"? - does it apply to buildings/structures on the lot only, or does it apply to (the size of) the lot created (before or after the current zoning requirements take effect)? A few players received contradicting info re the NK waterfront from the town planner.

When I have encountered it on zoning or structure built before the current bylaws were passed it most commonly  is classified as a permitted but as a non conforming use.  The problem comes when you want to make changes to the use or property that are not permitted under the current bylaw.  This freezes your ability to change the use or upgrade the existing structure.  

I have also encountered problems particularly with conservation authorities when am existing permitted zoning use does not conform with THEIR current assessment of what should be permitted.   This usually happens when the current zoning has not been updated in a long time or they felt  one of their predecessors made a mistake.     In general these cases are usually ones that the devil is in the details so sometimes there is is even disagreement between the municipality and the conservation authority.
« Last Edit: May 24, 2022, 05:57:19 AM by Dave2 » Logged
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