Upcoming Tax Sale Brighton - Warning

[Dave2]

Just a quick warning to the board there is an upcoming tax sale in Brighton that has not hit the Ontario gazatte yet.  (I get a local paper)  At least 2 of the properties for are badly contaminated and only the one with any potential I expect to be redeemed.

Caution is advised

Dave 2

[Pfm1011]

Tire dumps??? Im guessing the one with the 900k min had a bit of a cleanup, Which is the other dirty one??


I see the one looks like a gas station...run away run away

Do you know the story with the 900k one? what was buried , spilled etc 

[Dave2]

Ones a former gas station.  No idea what contaminants were on other but I believe a lot more serious then tires.  I don't want to waste my time on contaminated properties so as soon as I see a problem I
go on to the next one. 

Just trying to help the rest of the board maximize their time on something worthwhile.

Dave2

[Pfm1011]

Did anyone bid on Anything and what was the results, There was one or two worth looking at but not sure if they redeemed

[Dave2]

Results of bids:

2 contaminated properties - no bids

other small properties bought by adjacent property owners - 1 for 12,000; other for 18,000; 3 bids on 1; 1 bid on other with 1 rejected.

1 property on Smith Street with structure and occupied by owner was not redeemed to my astonishment.  Mortgage company will take a bath of $72,000 and was big loser (keep it quiet until title transfers).

Winning bid was $57,000 and found out was same bidder whom I lost to in Limerick previous week.

Find out this guy is a pro and he lives very close to me.  Question for PFM,Frank, et al "How do you handle an 800 pound gorilla?"

Who would have dreamed out in in the sticks I would have run in heavy duty local competition.?

Next bid was $43,000 and then 3 in the $30,000 to $35,000 range including my own which was 3rd.
I played it safe and went for land value as I had no real way of valuing the structure as it was occupied.
and figured legals and potential bad publicity (I can see local paper headlines now "Tax Sale Vultures expell Grandmother from Home") required a good resale value. 

About half a dozen bids below that. 

Tough to call this one if winning bidder overpaid or not.  From a land perspective they paid full price (I can buy equivalent on MLS for same price.)  Structure is the bonus and could be worth $100,000 in total if in good shape but no way to check without an inspection.  Its an older wood house.  I allowed for $20,000 in repairs at least but who knows.

Still puzzled about several aspects of this one because of lack of redemption but thats what makes this game interesting.   

[Pfm1011]

There is not much you can do about competition, Just keep bidding what you feel it is worth to you, Don't start trying to beat this guy "at any price". Just be aware he is around so don't be ridiculously low if you do really want a piece.  Also be aware that he will probably buy a few, then dissappear for awhile as he sells them  and then pop back up.   

As per 57K  seems like a good (not mind blowing great but still good) deal except for the hassle of eviction.  It is definately at the high end of the scale for bids but not at all insane.  I'm guessing you have 110 K  or so worth of house if the interior isn't trashed as its a nice size lot . Could probably fire sell it as is  for 90 to 100 in a very worse case.  Figure 3k to evict and you still almost doubled your money for a few days work.  At 57 there is no way to lose unless Cameco has been moving stuff from Port Hope and hiding it in the basement


72k mortgage..when did the house last sell and for how much??

It may be annoying but even with the 3 or 4 bids you missed, you still have lost less then 1K with the title searches etc and will make that back easily when you do hit. Keep making bids like you did on this one and you are wasting your time. 35% of assessed  ( which is generally 20% below real value )  I think you agree that your bid in the low thirties was dreaming in technicolour.  Mid 40's one seems right on the money.

Did you do any of Belleville's? There was a strange little lot on station st but probably went to the adjacent ( he would have been a moron if he didnt bid high as he had a tiny back yard that this piece would have quadruppled)

If the gorilla is on here, say hello  ( and nana na na nana  to Dave2)

I presume you will be doing some of Sarnias, Good weekend to head out there as Grand bend has the IHRA  running this weeked. If you have never been, very sexy to see if you are into cars at all.
5000 horsepower of Nitro pounding your on your chest...just too damn sexy