Four properties sold for tax arrears by City of Windsor
Far below than assessment value
Four properties sold for tax arrears by City of Windsor on 23rdof July,2014.Professional real estate investors are flying in from across the Canada to buy the deals from Windsor-Ontario. Four properties get sold off after The Canadian property owners neglected to pay their municipal property taxes to the city of Windsor-Ontario.
“Canadians have a variety of reasons for neglecting to pay their taxes: death, bankruptcy, family problems, legal issues, abandonment. But if the Canadian home owner still hasn’t come forward after four years of unpaid property taxes and a lien placed on the property, the city has the right to sell the land ownership of Canadian property and recoup the taxes owed” said Japji from the Professional Real Estate Investors Group (PREIG) Canada. “Windsor has many hidden gems that are selling far below their appraised value. All the bids fell below the properties 2014 assessments value.”
There are few drawbacks when you buy tax sale properties
- You are buying property “as is, where is”
- You are not allowed to inspect the property before buying
- If property has sold under tax sale the current owner or tenant living in the house, then it becomes the buyer’s responsibility to remove them at their own expense.
- Most of the banks are unable to finance due to lack of inspection, appraisal and time of quick closing.
- You must have all cash since closing is within 2 weeks of time in the province of Ontario.
There could be hidden liabilities which include judgements, liens, easements, work orders or any judgments in favor of the crown.
To learn more about acquiring Canadian real estate tax sales, please attend LIVE training by going to WorldWealthBuilders.com/live.html
Four properties sold for tax arrears by City of Windsor are as per following details.
A property on Westcott Road – with a minimum required bid around $18,300 and in a good neighborhood on the city’s east side – scored 11 bids, with construction companies and amateur realtors hoping to try their hand at flipping the crumbling building on site. The highest bid for that address was $38,880, well below the $89,000 property assessment conducted this year.
In the province of Ontario there is a law called Municipal act 2001 which requires each home owner is required to pay property tax in time. Failing not to pay tax the consequences can the home owner can lose their property. There is a proper procedure which every municipality is required to follow as per Municipal act 2001.
The procedure required the property must be advertised on local newspaper for not less than 4 weeks for maximum exposure.The city can only take the value of the unpaid taxes and price of advertising for the sale. Any additional money is sent to the courthouse, where those with a tie to the property can apply to have it returned.
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