Tax Sale Season

[farrouk]

Tax sales seem to be few and far between. Is there a tax sale season?

[ErnestBidder]

  In a year or two, there will be so many tax sale properties, we won't which way to turn, providing we still have the wherewithall.

[Pfm1011]

"In a year or two, there will be so many tax sale properties, we won't which way to turn, providing we still have the wherewithall."

As much as I wish it was true , I cant see much of an increase in taxsales, If people are losing houses its due to mortgages..not taxes.... but we can always hope

[Frank]

Tax sales seem to be few and far between. Is there a tax sale season?

short answer...............no

[Dave2]

have patience. our time is coming like the change of seasons.

see what is happening in the US.

http://www.nytimes.com/2009/03/30/us/30walkaway.html?_r=1&ref=patrick.net

When banks are walking away from properties you know times are tough.

Dave2

[Pfm1011]

Not pretty..Of course the Toronto realtors have assured us that the recession is over and real estate will go up so now the time to buy 
(beats the "bidding war " stories they usually come out with every April)

I did see a show last week where they were talking about how to stop a foreclosure...Simply ask for the loan papers you signed . Tell them to  "produce the paper"

Apparently there has been so much paper flipping over the years that noone can locate the actual mortgage papers. No paper , no foreclosure

Apparently it can take a year to find the loan..if they can find it at all. If they dont come up with the original signed contract ( which apparently is the case in a large number ) ..owner gets a "get out of jail free card" and can keep the house mortgage free.

Apparently not much of the actual paper went to Iron Mountain and the all the little banks and mortgage companys just trashed the paper after they sold the mortgages.

Of course the US taxpayer will foot the bill at the end of the day..heaven forbid we let a bank  or insurance company go down the toilet.
Of course these are the same US banks trying to convince Canada to allow 0% mortgages again and for the Canadian government to insure it in order to "stimulate our economy".


On a side note , If you havent seen it yet , PBS Frontline  "Ten trillion and Counting" 
On PBS or Download here  http://www.pbs.org/wgbh/pages/frontline/tentrillion/view/

Really give a good idea how bad a shape they are in... (and subsequently us) They sneeze....

Of course almost every country has played the same games

[Frank]

have patience. our time is coming like the change of seasons.

see what is happening in the US.

http://www.nytimes.com/2009/03/30/us/30walkaway.html?_r=1&ref=patrick.net

When banks are walking away from properties you know times are tough.

Dave2

Dave, as the article clearly indicates....these are at the bottom of the housing market, and the houses have been taken over by looters and vandals.  Is this an area you really want to be in , regardless of the price.  Nobody wants these dogs, they are toxic properties.

Speaking of which, I am reminded of the episode of the Simpson's, in which Bart happens to be at an auction of a toxic industrial property...which he purchases for a dollar, that's right $1.  He proceeds to take ownership and even sets up a huge skate board track, through the bowels of the plant.  A green gooey creatures happens to live there, and in the end the whole place explodes in a ball of fire.   Don't ask, I thought it was hilarious.

[Dave2]

Maybe we should take our theme from nature.  sometimes it is better to wait (I don't know if this picture will post right or not.

[Dave2]

Obviously I need to get more finese in posting to be as skillful as Frank and the rest of the pros here
but maybe my problem is that I am preoccupied with blondes.  Anyways seeing as the photo
doesn't work try the link.  Scroll to the bottom to see the picture I tried to post.

http://www.nakedcapitalism.com/2009/04/links-april-fools-day.html


Dave2

[farrouk]

PFM - I watched the Frontline program on the US deficit and it was truely frighening. At some point this is all going to come to a head and it is sure to get ugly.
How things will look in 5, 10 or 20 years will be vastly different. Perhaps I will bid on that 100 acres in Cochrane after all. Can you eat pine cones?

[Pfm1011]

How things will look in 5, 10 or 20 years

Unless we start sending these scum to jail for life it never change   ..Steal a purse get two years..Steal their life savings..no charges

This bailout is turning into the biggest rape of the taxpayers ever..

 All bad debt is transferred to Federal deposit insurance.. taxpayer assumes all the losses.. bank exec get a raise, no one gets fired or goes to jail...5 years from now..they repeat the scam and go for the 10 trillion bailout

[Larry]

So, what should a person do to relocate right now? Sell and rent for a while? Buy now? I am in that situation right now. I need to move from Kitchener-Waterloo region to Guelph or Milton area. Any advice?

[Dave2]

Farrouk:

Obviously you have better control over your significant other then I do.  When I mentioned
Cochrane got much more negative comments then I normally do.  Something about permafrost and polar bears.  Come to think of it maybe you know something I don't.  Does a polar bear skin come with the property?  Maybe I should pop the question again in front of a roaring fire on a polar bear skin after a bottle of Chianti. 

On a more serious vein has anyone looked at the topo's for these properties.  Are we talking marsh, second growth bush or former farmland.  One sold recently and the guy walked away from it within three years so that says something but i suspect it is not good. 

Dave2

[speedfreeksteve]

So, what should a person do to relocate right now? Sell and rent for a while? Buy now? I am in that situation right now. I need to move from Kitchener-Waterloo region to Guelph or Milton area. Any advice?

I don't think you could go wrong with selling and buying right now. Back when home prices were "cheap" in 1996 I had some friends that decided to wait for an even lower bottom.. which never happened and they got priced out of the market and are now either renting or had to buy a place way out in the boonies.

If you can afford something that you like in Guelph or Milton now, then go for it. You don't want to be stuck paying 100k more for a house because you waited hoping for the prices to drop another 30k.

Just beware that home inventory levels are still abit low, so the amount of selection is limited in certain areas.

[Pfm1011]

I don't think you could go wrong with selling and buying right now. Back when home prices were "cheap" in 1996 I had some friends that decided to wait for an even lower bottom.. which never happened and they got priced out of the market and are now either renting or had to buy a place way out in the boonies.

If you can afford something that you like in Guelph or Milton now, then go for it. You don't want to be stuck paying 100k more for a house because you waited hoping for the prices to drop another 30k.

I don't agree from a point of investing , I still think we have a lower bottom to come ...HOWEVER ..if I am wrong I simply lose out on an investment opportunity so its no big deal

From a point of view of a renter looking for a first home .. Steve is absolutely right .. Grab now , even if it drops another 10 or 20 % ..who cares ....as its a live in and anything is better then renting.. . 

There are real deals on New homes as many builders have substantially discounted ( some as much as 25%)  ..If you are looking to lowball  ...nail the builders sitting on inventory..  many are seeing walkaways on the deals or have build some on spec...

They cant afford to ride it out.. they have to move the product..   If a house doesn't sell by may/early June  for a July August possession... a builder knows its stuck on the market.

Its now April , wait for the BS to start flowing from the agents over the next couple weeks