Chatham Kent AUCTION

[Pfm1011]

Shows up in todays Gazette, Dated incorrectly

Actual auction is July 10th 1 pm

Take Notice that the land(s) described below will be offered for sale by public auction at 1:00 o?clock in the afternoon on the 10th day of
July, 2008 at the Council Chambers of the Municipality of Chatham-Kent, 315 King Street West, Chatham, Ontario.

http://www.chatham-kent.ca/NR/rdonlyres/CE7BF6FB-416B-476D-A7BD-F5DE6216F2B2/6861/taxsale.pdf

[Jayz]

Any updates on this taxsale? I just realize the taxsale is on the day after tomorrow ...

Nobody's talkin' about it means:

a. nobody's interested
b. many people are interested

[Pfm1011]

Im not interested solely since its and auction and generally there are not the same deals at auction as some idiot always gets emotional and pays too much

[Jayz]

1. $73,000 sold (assessed $114,000)
2. no bid
3. $15,500 sold (assessed $64,000)
4. redeemed
5. redeemed
6. $10,800 sold (assessed $75,000)
7. $8,533.11 sold min.
8. ~ 16. no bid

I believe there are really good deals. But I wasn't prepared. The only one I checked out physically is the 1st one on Lake Erie, nice piece, decent dwelling from outside ... I couldn't get my lawyer to do the title search in half an hour, so I set my highest bid $55,000. I am still not sure if I should be sorry for not bidding $80,000 as I had a draft of this much in my pocket.

[catfeesh]

IMHO, I don't think #1 was a deal, a nice little property though.

My big question is what now happens with property #3.
The buyer essentially paid $15,000 for a property assessed at $64K,  BUT it has a big old (2004) crown lien of over $106,000 (plus 4 yrs of accumulated interest), which technically the CRA can come and collect from the new owner.
I was interested in bidding on this property, but I was unable to find out any information regarding the current status of the lien (how much, if any of it has been paid off).

Knowing about the lien is one thing, knowing how far the CRA will go to collect someone's debt from a 3rd party is another.  Would they really ask the new owner for $106,000+?!?!  It's totally legal, but seems totally unfair.

Does anyone have any recommendations for gathering crown lien information, or what the aftermath of adopting a big crown lien might involve?

[catfeesh]

My mistake, it was property #6, assessed at $75,000, sold for $10,800, crown lien $106,411.

[Pfm1011]

CRA will come and will enforce, They will show no quarter and will expect full interest.

[Frank]

In the end you will lose the property to the crow, they will take all...principle is - you can't beat the queen.

In these situations it is usual for there to be no bidders.  Then the Municipality has 1 year to decide on the property, what will usually happen is that they will contact the crown, and offer to take the property, but with the caveat that the crown settle for a portion of their lien from the proceeds.  Then the Town will sell it under surplus property provisions, and everyone is happy...except the former owner of course as he has still lost the property.  No point in another person losing money on it.

[catfeesh]

Ugh..that's what I was afraid of.
Thanks for the info.