Ontario Tax Sale Property

Tax Sale Guide Home

Fears

Chapter: OTHER TAX SALE PROPERTY SALES

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candi839

This is my biggest concern of purchasing a property at a tax sale. What do most people do in regards to the former owners. Do they throw them out on the street, or try to rent the house to that person? If I was to throw them out, do they normally trash the place before they leave (as I would have to estimate a repair cost before I bid on the property). A lot of the properties I have been interested in bidding on, appear to be occupied.



Speedfreeksteve

In my humble opinion there isn't some magic equation to go by. First of all though I would completely ignore the assessed value in any valuation of a property. As for "appraised value" that can help give you a ballpark figure of what value to bid would be too much.



Your best bet is to do your research, look at what similar properties sell for in the same area. Also look at previous tax sales in the same area to see what people have bid. Keep in mind as well though that at least a handful of properties in certain areas (cottage country and GTA) have been bid up close to or well above what many would value them at. Your goal if you find a property you want should be to figure out the lowest amount possible that you can successfully bid to get the property.