tax sale Questions

[Murray]

Hi all 1! i was just looking into tax sales and found this forum . maybe you guys can answer some questions, What are the risks? how much do you bid over the asking price generally ,? is there any "extra" costs is there any way i could look info myself on the property as apposed to paying $300.00 to check into titles,? what kind of deals are out there?? i would like to look in the Bruce peninsula area , i live in London Ontario is it possible to check out the properties on goggle so I'm not driving all over the country ?

hope someone can help

Thanks
Murray 

[Dave2]

Murray:

the answers to most of your questions are found in previous posts.  I suggest you get a pot of coffee and settle in for a long read.   There is a lot of good information there that is posted by people who are smarter then me. 

Take advantage of their experience.

On another front if you are looking for an investment property that probably has a good cash flow, one of our members had one for sale in the London area.  One of the advantages of buying now is that he probably has had to do all the work renting for the year and you can sit back and collect a check. If that member has sold it and reads this post it would be appreciated if he updates it. 

[Rob]

I'll answer one of your questions:

i live in London Ontario is it possible to check out the properties on goggle?


Yes.  Use google maps.  http://maps.google.ca

[Jayz]

... ...
On another front if you are looking for an investment property that probably has a good cash flow, one of our members had one for sale in the London area.  One of the advantages of buying now is that he probably has had to do all the work renting for the year and you can sit back and collect a check. If that member has sold it and reads this post it would be appreciated if he updates it. 

Thanks Dave2. One of them is still available. Current rent $2,325 monthly through April 30, 2011.

http://taxsaleproperty.org/forum/index.php?topic=816.0

[g2020]

Hi Murray,
With respect to the title search, do not even think of trying to do it yourself. As one who has made almost every mistake possible over many years of tax sales I could write a book on all the potential problems. The $8.00 print out is worth nothing. You need a plain English language translation of what the report and all the supporting documents are telling you. You can get this from Ontario Tax Sales. I just renewed as a Gold Member which allows you to get searches and a ton of information that you are not able to do on your own. Street level photos etc are nice but the most important thing for you is to be able to buy the title search at a very reasonable price. All searches are not the same. You need one particularly geared to the tax sale process - not one that will tell you about encumbrances that will not survive a tax sale. As an example, I was letting a property in  South River go for tax sale and was approached by neighbouring crook who wanted to register a restrictive covenant on my property so that no one could build a structure more than 8 feet high on the property. This restrictive covenant would survive the tax sale and the tax sale purchaser would have to pay us to have the restrictive covenant removed. The OTS search would protect you against this and dozens of other title pitfalls peculiar to the tax sale process, and no, I am not associated with OTS. I only recently began to really appreciate the value of their service. Cheaper is not always better!

[Dave2]

Hi Murray,
As an example, I was letting a property in  South River go for tax sale and was approached by neighbouring crook who wanted to register a restrictive covenant on my property so that no one could build a structure more than 8 feet high on the property. This restrictive covenant would survive the tax sale and the tax sale purchaser would have to pay us to have the restrictive covenant removed.

With Mr McGinty's solar energy boondogle I expect to have a whole bunch more issues in this area in general.  Going to open up some interesting disputes for all properties not just tax sales.