Question on bidding.

[Pmc]

hi guys, this is a great site. 
I have just one question.  I have not bid on a property yet and I'm a little concerned about hidden problems, ie environmental issues, etc..  Now, I know about doing my homework, title search & execution search.  Even driving by the property will not hurt, but after reading about HorseCrazy in Need Advice, I kind of got the impression that you should be incorporated before bidding on a property, to protect yourself from any surprises.  Do you guys usually bid as yourself or do you bid as an Inc. ?

After all, I'd hate to owe someone a bottle of good scotch.

[Pfm1011]

Well  you certainly are greedy..you should love to buy me a bottle

There is no need to incorporate prior to bidding as the deed can be registered under any name you want after you win. So don't waste your money on the incorporation until you win.  At that time its up to you to decide. If you are sure there is no problems, there is no need to incorporate.If you even get the slightest bad feeling..better safe then sorry.

In regards to the horse crazy situation, although they missed the problem initially, ( which can happen as I myself have bid semi  blind before and been prepared to lose my deposit )  she did do more research prior to finalizing the deal.     No matter how much research you do prior to bidding always triple check afterwards and re-walk the land etc prior to final payment. 

You can gain substantially more info after winning the bid as now the city will actually talk to you about zoning amendments etc as you are no longer just a time waster.

What surprises (disappoints ) me is that of the thousands of users of this site, No one posted on here that the land was an ex chemical factory. Obviously several of the people who suck up the free info without posting must have known but couldn't be bothered. 

If you are going to make use of the info on this site, you have to contribute too.  You don't need to tell us about the gold mine but sure as hell tell us about the chemical factories.  Anyone who knew about this and didn't post prior to the bid closure , I hope you get absolutely  screwed on a deal in the future and lose your shirt and your house...

It is very important for people to share the "bad news"  to prevent any of us getting caught up in a similar situation.  Mike A , ( The first bidder) if you are a user here you should have piped up immediately and told her why you walked.  !!!!!!

 

[Pmc]

Thanks Pfm, that WAS worth a bottle of something.  Keep this up and you'll have an entire bar.

I'm heading up to North Bruce sometime this week to check out the 2 lots.  Have not heard much discussed about those properties.  Anyone familiar with the area?  Possible gold mine?  I'll need it to help pay for the gas.

Once again, this is a good site to help all. And a good read.

[Larry]

Hi, PMC

How was your visit to Northern Bruce?
Larry

[sonic]

Hi, PMC

How was your visit to Northern Bruce?
Larry

properties of NorBruce are along Maple Drive off of hwy 6 although not sure if they are waterfront - they are close to Miller Lake but don't think they are waterfront - can someone confirm???

[Pfm1011]

They are not waterfront

[Pmc]

Have been too busy this week, going up this weekend for sure.  It will be a long drive from Burlington .   Looks like these properties are almost across the street from each other.  Unfortunately Pfm is right and they're not on water.

[sonic]

they are zoned as recreational residential - buildable lots - would think some of the adjoining resorts and B&B's already on Miller Lake would want them, but the land might be a km from the lake - so i guess they are forest land right now.

[Larry]

The lots are "Inland lakes development" allowing to build. I was curious how they look like.
Larry

[sonic]

carpool for the 4-5 hour drive from T.O?

[sonic]

if it's zoned resort recreational or if the land is slated for inland lake development does that mean that the owner then has to build recreational facilities on the land rather than a personal cottage to satisfy the zoning?

[Larry]

From by-law you can build a cottage dwelling and have to have minimum frontage of 114 feet if there is no municipal water or sewer.  If there is water or sewer the frontage can be 98 feet.
Larry

[Pmc]

There are no municipal water and sewer services on Maple Dr.  I also read the by-law, properties are zoned R2 and will require 114 feet frontage.

[Sasha]

A little good advice that I got from a municipality where I bid on a property and the sale was subsequently cancelled (the one with the mining rights).  When I went to the town to ask about the property, I was told that the township also had lots for sale (surplus land).  The tax sale property had a home on it and I was advised that if I was looking for lots, I should also look at the prices of the surplus land that the town is selling, a few of the lots are waterfront.  Apparently, it is common for townships to have surplus land in remote communities (you won't see this in the Toronto area, no surplus land).  If bidding on a lot in a community away from a large urban centre, check with the township to see prices of surplus land (if any) and decide your bidding on the tax sale property accordingly (don't pay more for a tax sale property than what you could get from township).  As for crown land, until a few years ago the MNR advertised crown land for sale, many waterfront, they have stopped and now lease the land to persons.  Their accountants realized that there is much more money to be made leasing the land out rather than selling it at bargain basement prices.  Now the MNR advertises revenues received from leased land on their website.  A few of the townships will tell you if the property is waterfront, others will tell you to figure it out yourself and will just give the parcel, lot info.
Anyone mind telling how to use 'google earth' or other website to figure out if property is waterfront and other info?

Sasha

[Pmc]

Thanks for the advise.  Just this week I noticed the town of Ingersoll was going to sell a lot that was surplus.  It's on the towns website.  Doubt it's on water.
 
If you know the property address, why not try google maps.  Just type in the address and it will take you there, usually.  I'm not sure about google earth.