Messages

1

Questions and Answers / Surveyor in Simcoe area

« on: December 07, 2010, 05:21:19 AM »

Recently won property with Survey done in 1989. Could not locate the survey post/pole. I have the copy of survey showing LAT/LON and all other details. I need a surveyor just to locate the post based on the existing survey. The company who did the original survey is asking for $1500. Just to locate the existing post $1500 sounds little high to me. Anyone knows a land surveyor in Simcoe county [ Barrie area] ? Thanks to all

2

Questions and Answers / Re: Real Estate Accountant

« on: October 01, 2010, 12:23:45 AM »

I have one in Brampton area but good. If you are interested I can post his contact info.

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Questions and Answers / Re: Mortgage on Tax Sale

« on: October 01, 2010, 12:22:58 AM »

Most bank does not even have a clue what is Tax sale. I talked to three most famous bank, they have no clue what is Tax sale. While I paid the winning in cash, someone actually tried to get a mortgage and even after 90 days he is still trying!! Good luck with the mortgage on Tax sale.

4

Property Information / Re: tiny results

« on: October 01, 2010, 12:12:07 AM »

Actully the 2nd highest bid was $117,685.35. The highest bid was little high, but if you look around how much they are going for, I think its not a bad deal, if the zoning can be changed in the future, the lucky winner may have a jack pot! Congrats to the winner!

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Questions and Answers / Re: New to the Game, Lots of Questions :-)

« on: September 04, 2010, 05:26:26 AM »

This forum is a rich knowledgebase. 2-4 hours of reading per week will answer most of the questions. I am also new in this, 6 month in the game, won 1 property, was 2nd in two deal. Just reading helped me quite a bit. I have actually deviced a formula for bidding value and have checked it against 4-5 property and my numbers either wins or becomes 2nd. Only issue is I don't have a lot of fund to play, so as a newbie I would suggest please keep reading.

6

Questions and Answers / Re: Need Lawyer to Close??

« on: September 04, 2010, 05:17:10 AM »

If you get it for $250 please go ahead. I had to spend $950.00 because City will not register a deed without a Lawyer and that is only because it is done electronically. I paid the balance within a week to the City but tried for two month not to pay the lawyers fee. Unfortunately most lawyer is not familiar with Tax sale. I talked to the lawyer referral service and tried few lawers and all of them had truly no clear understanding of what is Tax sale and you don't need to do the processes what is required for a regular real-estate transaction. My recent experience(6 weeks)is there is no way out without paying for the lawyer due to electronic registration.

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Questions and Answers / Re: Higest bidder deposited final payment

« on: September 04, 2010, 05:06:16 AM »

Thanks all. I received my draft back. They actually mailed the draft few days after the highest bidder deposited the balance but for some reason it took awhile to get the draft and the City empolyees had no clue that they actually mailed my draft. Every one I talked to had different info and no one new where was my draft. I am glad I got my 21k back! Worst City for Tax sale ....G...

8

Questions and Answers / Higest bidder deposited final payment

« on: August 30, 2010, 09:10:58 PM »

The highest bidder deposited his final payment within 14 days. I am the second highest bidder. It is now 29 days from the tender closing date. City is not sending my 21K draft yet! They are saying the property went for registration. They don't know when they will mail my deposit back, may be after the registration. I am surprised and shocked! No other City did something like that. Generally the City would mail it right away if the highest bidder deposited the final payment. Any advise what to do? Shall I go to bank and cancel the draft if City has not withdrawn the money or wait? How long I have to wait I do not get a clear answer from City either. Any suggestions?

9

Questions and Answers / Re: Crown's lien

« on: June 29, 2010, 03:45:54 AM »

I just did a quick math, the Crown's $60,000 liens increased to $242,733.46 after 10 years @ 1.25% monthly compound rate. Now I know why it is in Tax sale! Even if someone bids the lowest the property cost would be $50K higher than the market value after paying land transfer tax, tax arear, eviction related legal fees as someone currently is living at the house.

10

Questions and Answers / Re: Crown's lien

« on: June 29, 2010, 03:28:53 AM »

Thanks! Is there a way to know how much is the total owning by the Crown? I will try calling CRA tomorrow. I hope they will answer.

11

Questions and Answers / Crown's lien

« on: June 29, 2010, 01:23:01 AM »

Thanks to the Mod's for sharing your great knowledge. I am interested to buy a Tax sale property in Missi. It has Executions and Lien on the property by Crown(CRA) From last two hours of reading I understand if the bid is higher the excess amount goes to the court and I can try to inform CRA to collect the excess. The excess amount would be enough to pay the Liens. I know you might not have the definitive answer, but what would your experience be- Is it prudent to bid the high amount and hoping CRA will take their share or reduce the bid to cover for the Liens? I lost last few bids as my bids were loo. You advise would be much apprecaited.