Newbie - Please be gentle

[lastwill]

Hi Everyone,

My name is William and I joined this forum to learn more about tax sales and the ins and outs of this method of obtaining property. I think this method may be the only way I can afford my first home.

Looking forward to connecting with everyone.

Cheers!

[Jack]

Good grief! Tax sales are gambling, period. To buy at tax sale you need to have cash for the tendered amount, cash for the 13% HST that most municipalities are now adding, cash for the land transfer tax and adjustments, and lots of cash for repairs and rezoning. This reminds me of a story told to me by the municipality about the young couple from Pickering who bought the home in Wasaga Beach this fall without understanding the tax sale extra costs - one of these costs was installing underground hydro to the shack because it is in an area of the town where if hydro has been disconected then it must be converted to an underground service before reconnection is allowed. Big bucks. You can buy your first house with almost no cash these days, and very easy terms due to low interest rates for many years to come. Just last month Dumpster Dave2 picked up a property when the high tenderer lost everything and walked on his Trent Hills 20% deposit. A 100% loss. Gamble what you can afford to lose and treat it as entertainment. Invest in yourself. Cheers, and Happy New Year to you all.

[Frank]

Jack

That was your first post, but it would appear you've been lurking for a while.  Welcome aboard to both of you, we will try to be gentle (more so than Jack....who has been brutally honest, and quite correct in his first post).  Next round is on Jack.