Condo tax sales

[jordo1982]

Hi im new to the tax sale bidding process. I have read these forums and I also purchased that new book through kindle which has tons of useful information. My question to all the veterans on here is what are your opinions on buying condos. There are some tax sales that are coming up in my community and there are 7 condos up for tax sale in the same building. Could there be any liens on a condo, I understand if you are the successful bidder you will have to pay the monthly condo fees. I was talking to a friend and he said his father lived in one of these condos and he sold it for 190000 these condos are up for a minimum bid of much much lower than this price. Any information is greatly appreciated thank you.

[ChrisCentral]

Only advice I have (as a newby with no credible experience) is be sure you investigate the financial status of the condo corp. and pull the prop. title.

[jordo1982]

ya something seems a little skeptical to me as all the condos that are listed are on level 2 and they are units 7, 8, 9, 10, 11, 12 and 13 there are four floors in this condo unit.

[ChrisCentral]

Have you been able to find anything on the history of the property in the local news? All on the same floor could be trouble.

[jordo1982]

all of the second floor was a family support program. thats all I can dig up it is called wesway respite service.

[Pfm1011]

One thing to watch for is "virtual condos"  Many developers  create  multiple false units which allows them flexibility . IE if your floor can hold 20    3 bedroom units or 30  2 bedroom units , you register 30  units on the floor but when finally built you only build 25 units total. There is five units left over  on the tax roll but not in the real world.  Mississauga has many of these going for sale over the last few years.

If you are scratching your head and cant find anything on the units, this may be the explanation.   Cant find them as they dont exist

[jordo1982]

thanks for the info guys I really appreciate it, I still have some time to research the properties the bids are on jun 7th.

[ChrisCentral]

PFM makes a very interesting point - I would reccomend that you personally go down to the local building department and pull the plans for the building, specifically that floor. Sometimes the building department (BD) is helpful - sometimes not.

Markham, Vaughn and Hamilton are nutoriously terrible; Markham requires a letter from the building owner allowing you to review the drawings they have on file.

Bring a good camera as you will not be allowed to leave with documents that you view; but you should be allowed to take pictures.  Be careful because unless the drawing on file are marked 'AS BUILT' they could just be a revision of a plan and not what 'IS BUILT' on the site. At any rate the drawing will get you contact information for the Architect and engineering firms who were involved in the work and the drawings template will contain information of the project name and dates... all very good leads for you to find out if your condo is real.

The age of the building will be another tripping hazzard - usually BDs only keep files for 10 years but not always.  Some BDs keep files older then 2 years at inaccessible locations - only to be accessed in case of a formal investigation... getting these files is like pulling teeth.

Hopefully this helps... keep us posted on the results of your search.

[netpred]

Why not conduct a full title search to see if the unit exists? You can reference the unit number to the registered plan.

[Dave2]

Why not conduct a full title search to see if the unit exists? You can reference the unit number to the registered plan.  

Netpred/PFM:

Question for seniors at a more basic level is this a legal or a fraudulent transaction?  I mean I can live with some of the garbage we have to face sometimes on individual taxsale properties;
e.g. former dumpsites etc. but at least they exist.  

But selling something that the municipality knows to be non existant is getting a bit much.  
If someone tried it in a regular real estate sale they would get their ass sued off plus likely go to jail.
On the other hand sounds like a great opportunity for Netpred to make a bet with me  
A great opportunity for an expose in the newspaper.  I mean how can you levy property taxes on something that does not exist.

[Pfm1011]

I'm am guessing that the town would not actually accept the money if someone was to bid . I think this is just part of the process of clearing the books of  non existant tax revenue  so the town doesn't need to pay county and school board shares .  Just an official "bullet in the property"

I believe frank would be best at explaining why they exist and why they are being "sold off" as all my babbling is  "best guess only"



And whoever is the pathetic loser who hits me with bad karma on every one of my posts ..get a life

[Dave2]

I'm am guessing that the town would not actually accept the money if someone was to bid . I think this is just part of the process of clearing the books of  non existant tax revenue  so the town doesn't need to pay county and school board shares .  Just an official "bullet in the property"

I believe frank would be best at explaining why they exist and why they are being "sold off" as all my babbling is  "best guess only"  

With my luck they will even charge me Oakville prices for a bid package on a non existant property and then of course there's the cost of the legal search.  $250 down the drain for a non existant property.  

Personally I think we should put a stop to this foolishness.  Anyone got any good suggestions?

We need an actual instance preferrably of a major municipality where this actually occurred as a starting point. 
Maybe  I have to stay out in the country. At least I get some swamp including cattails with my bad buys.

[jordo1982]

City of Thunder Bay, District of Thunder Bay
Roll No. 04.159.06114.0000
THUNDER BAY CONDO PLAN 13
LEVEL 2 UNIT 12
62713-0026 (LT)
213-1703 VICTORIA AVE E
$20,056.32

City of Thunder Bay, District of Thunder Bay
Roll No. 04.159.06109.0000
THUNDER BAY CONDO PLAN 13
LEVEL 2 UNIT 7
62713-0021 (LT)
208-1703 VICTORIA AVE E
$24,270.84

City of Thunder Bay, District of Thunder Bay
Roll No. 04.159.06110.0000
THUNDER BAY CONDO PLAN 13
LEVEL 2 UNIT 8
62713-0022 (LT)
209-1703 VICTORIA AVE E
$20,814.08

City of Thunder Bay, District of Thunder Bay
Roll No. 04.159.06111.0000
THUNDER BAY CONDO PLAN 13
LEVEL 2 UNIT 9
62713-0023 (LT)
210-1703 VICTORIA AVE E
$19,299.12

City of Thunder Bay, District of Thunder Bay
Roll No. 04.159.06112.0000
THUNDER BAY CONDO PLAN 13
LEVEL 2 UNIT 10
62713-0024 (LT)
211-1703 VICTORIA AVE E
$17,783.32

City of Thunder Bay, District of Thunder Bay
Roll No. 04.159.06113.0000
THUNDER BAY CONDO PLAN 13
LEVEL 2 UNIT 11
62713-0025 (LT)
212-1703 VICTORIA AVE E
$20,814.08

City of Thunder Bay, District of Thunder Bay
Roll No. 04.159.06115.0000
THUNDER BAY CONDO PLAN 13
LEVEL 2 UNIT 13
62713-0027 (LT)
214-1703 VICTORIA AVE E
$28,848.65

Hey guys here is a list of the condos that are up for tax sales. I still really haven't found out much info on these yet. I drove by the condo the other day the building is really nice from the outside. Its still odd to me that all these condos are on the second floor.

[netpred]

And whoever is the pathetic loser who hits me with bad karma on every one of my posts ..get a life

I guess that people are no longer interested in hearing from you, or Dave, or me or some others that I may have missed.