Has anybody on thei website tried buying a house that is being sold by tax authorities for non-payment of taxes? I see some ads that such houses are very reasonably priced and can be below market sometimes.
While studying for my CPA course, I met a person very young, probably in his mid 20s, who bought properties, fixed it and sold it. He told us that he made 200 K in the previous yr. This was few yrs ago. I am not sure if he bought the houses from Tax authorities or not.
However, when Wanda Lyczik case was being heard (City of Toronto Computer Leasing Scandal) this issue was discussed in the paper. One of the citizens of Toronto lodged a complaint against Wanda Lyczik to Institute of Chartered Accountants of Canada against her after she was found guilty. The reason this person complained was that he lost his million dollar mansion for peanuts due to non-payment of taxes. Wanda Lyczik refused to take his tax money and give back his mansion to him.
A tax sale occurs when a property is auctioned off by municipal government tax authorities because the property owner has not paid the local property taxes. The sale can be held by public auction, by tender or by sealed bids,with the proceeds of the sale used to pay the unpaid tax. Usually, the purchaser acquires immediate title and possession of the property offered for sale.
This is a niche market and when buying something like this one should seek professional help-Municipal authorities, Market Value Appraisers, Lawyers, Soil Testing/ environmental authorities etc. to name a few.
Many websites also provide listings like the above and can be found on the Internet.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Can you really get properties at a low value as promised?
I doubt that people like us will get any profit out of it.
Ram
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Desi Lion
Location: God's own country
Posted on: 16-04-06 19:08:13
I am not sure how an real estate agent/ Buyer can identify these kind of houses but in CP24, they encouraged people to go in for an environmental study (just like a house inspector) of the house before buying it. This will cost 5K or 10 K (I am not sure which of the 2 are correct). In fact they recommended every buyer to do this so this means that there is no way we can find that it was a former drug coop house.
So buyers beware. Check for this aspect too.
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I am a Gents and not a Ladies.
Thnx for your suggestion.
