Showing posts with label tax-sale-properties. Show all posts
Showing posts with label tax-sale-properties. Show all posts

Thursday, November 05, 2015

Ontario Property Taxes - Estimations - Real Estate Humour

Everyone talks about Location, Location, Location when it comes to Real Estate

There is no doubt that the location of your house will determine it's market value for TAX ESTIMATION, the only EXCEPTION is that it also depends upon who is looking at the value of your home!


Your House As Seen By:





Yourself...



and this is how your house looks from the perspective of



Your Buyer...





and this is how your house looks from the perspective of

Your Lender...







and this is how your house looks from the perspective of

Your Appraiser...







and this is how your house looks from the perspective of

Your Ontario Tax Assessor...



Read more about:Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com8 Website : Mississauga4Sale.com


Homes for Sale






Thursday, April 08, 2010

Power of Sales, Foreclosures and Quit Claim Deeds in this section - New Section

Power of Sale and ForeclosureI've recently added a New Power of Sale section to my website that will show you the pitfalls to avoid and the clauses to put into your offer when you buy a Power of Sale property in Ontario. This new section will also explain Power of Sale and Foreclosure in detail. Read more here.


You will become educated about Power of Sales, Foreclosures and Quit Claim Deeds in this section.

You will learn the pitfalls to avoid, the clauses you could expect to see in an offer and read about the special clauses you can insert into your offer when you buy a Power of Sale Property. I will also explain the remedies open to sellers of these types of properties and how this affects you.

Power of Sales, Foreclosures and Quit Claim Deeds in this section.

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, February 23, 2010

Where can you find TAX Sale Properties?

This is another question that I received about Tax Sale Properties, and of course my answer!
Hi Mark, I have a question, we are interested in Tax Sale Homes for our business could you send me listings for those? Thanks and have a great day Sam
Hi Sam,
We don't see too many Tax Sale Properties on the MLS. Some realtors may do this for a fee, but I don't know of any. Buying a tax sale property is a very involved process, plus you have to submit sealed bids or be at the actual auction, so it takes up much time and effort. I think this is partly why they end up being reasonable purchases.
With that said, almost every single tax property I've looked at has a major deficiency of some kind. For example, it may be landlocked, it may be a very long thin slice of property of not much use, it may be just barren rock or very swampy lowlands, or a slice of land adjacent to major highway or railway that is not of much use, or 50 acres in the middle of nowhere with only a logging road to it (something of nice use, but not too much value) I think you get the idea. I am not trying to be negative, just giving you my experience. With that said, there was a tax sale property of a detached home on Britannia about a year ago, I don't know if it sold or if the owner paid up the taxes, I will try and hunt it down for my information and if I find it, I will email you again.
If you are in Mississauga (or any municipality for that matter), I would go to the tax office at city hall to obtain the next sale of properties to see what it's all about and the process and then you can decide if this is something you want to pursue.
I wish you all the best with your Tax Sale Search.
read more here:
Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you again for contacting me and I will do my best to help you with your real estate needs,
Mark
A. Mark Argentino

P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL
416-520-1577
E-MAIL
: mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

Thursday, February 04, 2010

How to find Tax Sale Properties in your Municipality

In order to find tax sale properties in your area, you have to contact each municipality, this is not an easy task!
Read more about the process here:
Please let me know if you have any other questions or if there is anything else I can help you with regarding tax sale properties.

Thank you,

Mark

Thursday, June 04, 2009

Municipal Tax Sale Properties in GTA, Mississauga and Ontario

I received a question from a reader and thought I would share my answer with you.

Subject: Question/Your article on taxes

Hello Mark;

I found your web page
http://www.mississauga4sale.com/Power-Sales-TAX-Sales.htm and found your article fairly interesting. I am wondering if you could let me know how I can get a list of properties in default of taxes in Ontario/Canada before they appear on MLS? Is there a web site/Government web site that maintains such records? Or do I have to visit each municipality web site or directly call the municipality?

Sincerely
A.


Hi A.,
Thanks for your comments. Yes, you have to do the work.
I do not know of such a list, it's mostly hard work to seek out tax sales, each municipality publishes their own lists, so you have to scour local newspapers to find them.
No government site that I know of, again, it's a municipal sale, so it tends to be very local.
Thank you
Mark

Monday, November 10, 2008

Power of Sales and Tax Sales Listings Now available

Toronto Real Estate Board (TREB) Average Prices and Graph automatically receive MLS Listings of Power of Sales, Foreclosures and Bank Sales Alert, POS Properties for Mississauga, Toronto, Etobicoke, Oakville, Brampton and other areas north and west of the GTA

use this link to sign up:
sign up to my POS newsletter.

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, November 05, 2008

Power of Sales and Bank Foreclosure - what's the difference?

These are a couple of questions with answers that someone recently asked me regarding POS and foreclosure properties.

Hi Mark,
What are your requirements for the down payment for the purchase of any property listed in the Power of Sale? what is the minimum downpayment the you require?
What is the difference between the properties listed in the Power of Sale and foreclosed properties?
Thanks and regards,
L.
My answers to the questions are:



Hello Liezla,

Downpayment for POS is same as for regular properties, 5% is now the minimum with CMHC

POS means the bank is selling under the privilege contained in the mortgage, owner still has deed to property, foreclosure means the bank has taken over the property and owns the property and is selling the property.

Please let me know if you have any more questions.

Thank you,
Mark

Monday, October 27, 2008

fourth set of blogger labels

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, August 13, 2008

RBC reports that Fears of U.S. recession fading; Canada’s terms of trade boost continues

Fears of U.S. recession fading; Canada's terms of trade boost continues

The economy continued to expand in the first quarter, but posted the weakest six-month growth rate since 2003. The economy is

expected to remain weak, but market forecasters see reduced odds of a recession despite higher-than-expected energy prices.

Risks of a second-quarter contraction are lessening as the early wave of fiscal stimulus cheques may give consumer spending a

boost and keep the economic growth numbers positive.

The elevated inflation rate as a result of high energy and food prices threatens to boost inflation expectations.

Oil prices are expected to trend lower through the forecast period.

The Fed is likely the hold the policy rate steady for the remainder of this year.

Canada's economy contracted in first quarter as special factors and inventories dragged the growth rate down, but domestic demand

is holding up and will more than offset the significant drag from net exports this year.

Import growth will remain robust, but flagging U.S. demand will weigh on export volumes.

High commodity prices and the attendant rise in terms of trade will support real income growth and jobs.

Consumer spending has slowed from its robust 2007 fourth-quarter pace but will still remain a key support for the economy in

2008.

Business investment will continue to be a strong support to the economy as the high Canadian dollar lowers prices of imported

machinery and equipment, and high commodity prices will warrant an increase in capacity.

Canada's housing market is losing steam but is not headed for U.S.-style crash.

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

Monday, February 11, 2008

Power of Sale Maintenance Fees shown on the MLS listing information

Another question I get asked quite often about Power of Sale properties is if the maintenance fee of $0 per month is correct as shown on the MLS listing. Same with the property taxes, often the amount shown for the property taxes on the listing for a POS property is often $0

My answer to this common question is as follows:

It's not a misprint, it's done on purpose by the listing agent and/or the bank who is selling the property. Many banks want the agents to put zero for maintenance fees and taxes on the listings.

The reason is so the bank is not responsible for any amount that may have been stated on the mls listing. If the bank showed $400 per month and it ended up being $450 per month, normally a purchaser could go after the bank/seller for the difference. If it's shwon as zero dollars and in the fine print of the offer, it states that the purchaser must investigate and satisfy themselves of the monthly maintenance and taxes, so the bank is off the hook in showing the correct amount.

In Mississauga, all of the 'normal' condo maintenance items, such as heat, hydro, water, common element maintenance, building insurance and common element parking is usually included in a condo maintenance fee. Usually the property taxes and cable TV are not included in the maintenance fees. In some of the newer condos hydro is NOT included, so you have to be careful when assuming that the listing agent has entered the correct information or not. Always best to confirm through me.

I hope this helps. Please let me know if you have other questions.

Thank you,
Mark

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Saturday, July 14, 2007

New Section about Power of Sales, Foreclosures and Quit Claim Deeds in this section

Power of Sale and ForeclosureI've recently added a New Power of Sale section to my website that will show you the pitfalls to avoid and the clauses to put into your offer when you buy a Power of Sale property in Ontario. This new section will also explain Power of Sale and Foreclosure in detail. Read more here.


You will become educated about Power of Sales, Foreclosures and Quit Claim Deeds in this section.

You will learn the pitfalls to avoid, the clauses you could expect to see in an offer and read about the special clauses you can insert into your offer when you buy a Power of Sale Property. I will also explain the remedies open to sellers of these types of properties and how this affects you.

Power of Sales, Foreclosures and Quit Claim Deeds in this section.

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, June 22, 2007

How does an "Offer to Purchase" (a high rise Condo) under "Power of Sale" differ from a regular offer?


I had another client email me with a Power of Sale Question and have posted my answer below.

Question: How does an "Offer to Purchase" (a high rise Condo) under "Power of Sale" differ from a regular offer?

Answer: Thank you for your real estate inquiry. The short answer is 'tremendously' and the medium answer is:
The clauses in the offer for a power of sale protect the bank and the previous owner, just in case the owner comes up with the money prior to closing. As well, the bank will NOT warrant any items in the condo, the condo maintenance fees, taxes, utilities, status certificate or anything related to the condo, the building or the sale. This is how power of sales are carried out in Ontario.


The long answer to how a power of sale differs from a 'normal' sale is shown in a section of my website that I just wrote last night. It's an incredibly detailed set of pages and I am not quite done yet, as soon as I am, I will post/email you the link. You can also let me know what you think of the new section on my site.

To read about what I have already written about power of sales browse to my POS FAQ's

Please let me know if you have any other questions or if there is anything else I can help you with.



Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, June 07, 2007

Power of Sales, Tax Sales, Foreclosure & Distress Sales in Ontario Canada

This is a separate blog dedicated to Power of Sales, Tax Sales, Foreclosure & Distress Sales in Ontario Canada

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, June 01, 2007

Foreclosure Courses - are they worth the price of attendance?

Foreclosure and Power of Sale Courses - are they worth the price of admission?

I had another question about taking expensive educational courses to become educated on foreclosure properties.

The question and my answer are below.

Hi Mark, I attended a Markus Group seminar tonite held by Dan Frederick. He offers a course on how to do foreclosures, sandwich options, assignments etc. etc. His information is all Canadian (unlike so much of the Trump Wealth Expo ) which was very American. He said he also shows a lot of R.E. people how they can use their skills to make themselves wealthy. The 2 day weekend course is $1295. He will be speaking again May 30th at Holiday Inn, Dixon Rd. Would you be interested in hearing him? I am looking to partner with someone so cost is reduced to $650. each. Also thank you for the continued listings!
Regards,
SZ


Hello SZ,

I will be very honest and direct. Keep your $650 or $1295 for your downpayment or for your renovations once you buy the investment property.

Foreclosures and bank sales in Ontario are nowhere near the 'great deals' that they are in the states or even in other provinces. Our laws are different. Read more at my blog:
http://www.mississauga4sale.com/blog/2007/04/power-of-sale-properties-are-they-great.html

Time of year you purchase and finding a motivated or anxious seller can go much further than a power of sale property.

This is the truth.

This is not an advertisement for my services, just my advice from 20 years in the real estate business.

If you want to invest in real estate, find a knowledgeable, honest, dependable and experienced agent such as myself or my partner who will teach you everything there is to know about investing and then go buy an investment property and make money.

Also, there are few real estate salespeople that are wealthy. I would guess that less than 1 in 20 owns an investment property, maybe a little more than non-real estate sales people, but still bleak considering we are in the market and often see good deals throughout the year.

My experience is that you have to make a concerted effort to research the areas you want to purchase the investment property and be ready, able and willing to buy it when you see the good deal.

The key to anything in life is action. Many take courses, research and spend hours and days and years researching an investment property purchase, but just never do it for one reason or another. If you have the resources for the downpayment and become pre-qualified and work with a good agent, then you can proceed and make money.

I am just speaking from the heart and my personal experience, I don't like to see people part with their money unnecessarily.

I hope this helps!

Thank you,
Mark

See Foreclosure and Power of Sales Properties.





Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL:
mark@mississauga4sale.com
Website:
Mississauga4Sale.com


Monday, May 07, 2007

Real Estate Trends in Foreclosure Properties and Bank Sales - consumer sentiment


Real Estate Trends in Foreclosure Properties and Bank Sales - consumer sentiment


According to a Yahoo Real Estate survey conducted by Harris Interactive, one in five homeowners is concerned about the possibility of foreclosure.

Twenty-six percent who expressed concern said it was because the rate on their adjustable-rate mortgage increased, according to the survey.
Fifty-nine percent said they were concerned about their ability to make their mortgage payments due to unexpected expenses.
But 39% expressed concern about having too much debt to repay and 28% said they feared a disability would put them out of work, thus limiting their ability to pay on their mortgage. Freddie Mac also this week reported that unemployment and income losses were linked to fewer delinquencies on Freddie Mac-owned loans in 2006 than in previous years. Delinquencies caused by excessive borrower financial obligations, however, rose.

"The drop in job- and income-related delinquencies reflect the growth we've seen in payroll jobs, excluding the manufacturing sector, but the uptick in late payments due to excessive debt is potentially troubling because it is independent of economic trends and suggests some borrowers are having a harder time handling their financial obligations than in past years," Freddie Mac chief economist Frank Nothaft said in a news release.

It's grim news for those who find themselves in over their heads with mortgage debt. But homeowners not in danger of foreclosure should be OK, right?

Not so fast. Foreclosures have the ability to spell trouble for the neighborhoods in which they're located. They can drag down housing values for surrounding homes, and if left vacant, they can become targets for vandals. Read more about how to protect your home as foreclosures are on the rise and learn how to prevent mortgage trouble on this week's Real Estate page.
Of course, as Michael Yang, general manager of Yahoo Real Estate pointed out in a news release, "there are two sides to the foreclosure picture." The survey also found that 37% of all U.S. adults would be at least somewhat interested in buying a house in foreclosure.

Read more about real estate foreclosures

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, April 12, 2007

Power of Sale Properties - Are they the 'great deal' that you think?



Power of Sale Properties - Are they the 'great deal' that you think?

I received an email with some questions about Power of Sale Properties and thought I would post the questions and answers here.

Hi Mark,

... you sent an email to me with all the power of sale properties. When these homes are sold during times of distress, I understood that they would be considerably cheaper than market price. Is that so?

I also want to know if the price that is listed is the “distress” sale price or the market asking price under normal circumstances. Thanks.

Best regards,
D. VD.


Mark's answers and comments:

Good questions.

The short answer on the 'considerably cheaper than market price' is usually not. In fact power of sale properties are infrequently "the great deal" that people read about or expect.

In Ontario these Power of Sale (POS) properties must be marketed at or near fair market value for similar properties in the area for at least the first month. The reason is that the previous owner can go after the bank if they feel the bank undersold the property. Thus the banks are very careful to try and sell the properties at fair market value, at least in the first 30-60 days it's on the market.

Incidentally, I've read that Ontario is the only province that puts POS properties on the MLS listing system. This may be why POS properties are superior opportunities in other provinces. Power of sales in other areas of Canada or the US 'sound' like much better opportunities, but I am not positive on this fact.

One of the difficulties of obtaining any type of a 'great deal' in our trading area (Toronto, GTA, Mississauga Niagara Falls to Barrie to Oshawa) is that so many people have instant access to mls data that it's rare these days to see a property sell for a large amount under market value. There are just too many buyers for every possible area of the GTA that seldom does a 'cheap' property go un-noticed.

I hope this helps you understand one side of the POS equation.

All the best!
Mark

Read more questions and answers regarding Power of Sale and Bank Sales


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, February 22, 2007

Tax Sale Properties in Ontario - How can you find them?

Power of Sales, Foreclosures and Bank Sales Alert for Mississauga, Oakville and Brampton

Example of the procedure of selling a tax sale property


Before there is a sale of property for tax arrears the property owner is given every opportunity to pay the taxes in full in order to keep possession of their property. This right has been supported by the Ontario Court of Appeal.


As the City or Municipality is only interested in recovering the debt outstanding, they typically adhere to the principal that the owner is given all chances to bring the taxes up to date and where an arrangement to pay has been made between the owner and the city, the tax sale of an advertised property will be cancelled.


Sometimes a tax sale does not occur, nobody bids on a property and the property becomes vested with the city or Municipality. Reasons for this can be where there are no bids during the tax sale and the property becomes vested with the city. Some of the reasons for this include but are not limited to:



  • there is an easement on the land and building on it is restricted,

  • the property is so small that building on it would not be allowed,

  • the property is land locked and not accessible,

  • the zoning of the land limits its use,

  • the property is in such disrepair that it is not worth the taxes owed, etc.


In these situations with the exception of the last example the city or municipality may try and identify any restrictions so that bidders are fully aware before they bid and commit their 20% deposit which will be forfeited should the bidder not close the sale.


Where the tax sale has no bids, the City has one year from a failed tax sale to decide whether the City wants to vest the property to itself. If there are any concerns as to contamination or the safety of a building structure then the city will analyze the available data to decide if the city should assume any risk in putting the property in the City's name.


Where it is determined that the City will not vest the property they may issue a Request for Offers and attempt to spur development by accepting much less than the taxes owed while limiting our risk of ownership to a very short period. Examples of these types of properties are where the taxes owed are much more than the assessed value. The City can also choose to do nothing with the property and then start the whole tax process again on that property.


Where a property did get sold at the tax sale the price bid for that property must be at least the taxes owing (minimum bid). Where the bid was for more than the taxes owing the balance is paid into Provincial Court and any other creditors that were registered on title can then make a claim for the excess funds.


On properties for which there is no bid and it is indicated that the property is vested to the City, usually the Real Estate Department becomes responsible for the property. They will work with Power of Sales Propertiestransferring title to any adjoining owners, transferring title to another government agency (i.e. conservation, authority), the city may potentially require the property for its own use, or the Real Estate Department may market the property and attempt to then get the best price available for the property. Often the city or municipality will market the property on the MLS. These properties are then available to the general public through agents like myself.

I can send you a list of foreclosure properties if you use my online form.


As you can see, the process can become quite complicated and may take many months or years to conclude.


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com