Messages

1

Questions and Answers / Re: Same property up for tax sale two years in a row....??

« on: January 08, 2007, 02:06:59 PM »

Thanks Frank. I was wondering because all the blurbs on tax sales that I have read suggest that a property gets put on the block once, then get taken over by the municipality to be sold on the open market.

I will do my DD, and will be tracking this property till the next tax sale in the fall. Seems like a diamond in the rough.

Again, thanks so much for the reply. I very much appreciate yours and Rob's very knowledgeable posts here.

2

Questions and Answers / Re: Same property up for tax sale two years in a row....??

« on: January 07, 2007, 04:23:29 PM »

But what of my first question, Frank? Why does it get put back on the block a second time?

I went to the property, and it is a tear down candidate. The assessed value would be lot value, and knowing the area, it is in the ball park. It is one of a very few left on that street that hasn't been razed and low rise condos being put in its place.

I'll be going to city hall to dig deeper, on Monday. But I wanna know why a property gets put back on the block a second time.   

3

Questions and Answers / Same property up for tax sale two years in a row....??

« on: January 07, 2007, 05:45:43 AM »

Hi!

From what I understand, if there are no bids for a property, it goes back to the municipality which then puts it up for sale in the market. I am in B.C, and have noticed that the same property on the 2006 tax sale was also on the 2005 tax sale. Can someone enlighten me?

This property is assessed at about half a million, why wouldn't the owner just sell it, pay the arrears, and buy a cheaper property with the rest of the proceeds from the sale, rather than losing it all?

Thanks