auctions Archives

Real Estate auctions in Canada happen in different ways. One of the powerful way of marketing is real estate auctions in Canada. It is another secret for Canadian professional real estate investors.

Real estate auctions in Canada are a great way to get a deep discount on real estate. There are highly motivated Canadian property owners who sell their properties at auctions due to circumstances. Here are the following Canadian real estate property owners or their representative who market their properties by auctions.

Executors
Retiring / Downsizing
Health Issue
Owners of over-improved properties
Owners of vacant properties
Owners of multiple properties
Owners who have listed with no result
Farm land
Acreage
Bankruptcies

These real estate auctions in Canada included farmland, condominiums, commercial & industrial properties, as well as private homes.

But, Real estate auctions in Canada do have a catch. The Canadian real estate property may be non-financeable by charter banks of Canada. If the property is non-financeable then the entire purchase price must be paid in cash, plus the buyer’s premium, plus closing costs.

Getting title insurance on the property can be challenge. Real estate auctions in Canada properties are sold as is, where is.

But, putting those aside, buying a Canadian real estate property in Canada in auction can help you reap huge rewards.

For example, an Alberta home worth $3.9 million was sold for $1.7 million. That’s less than half of the houses original value. The same thing happened with a house down the street, where a $2.9 million mansion was sold at a 62% discount.

A Victoria mansion was attracting 2,000 people for tours of the home and despite that only one bidder came forward. The price for the mansion was negotiated in private, but it is very likely the bidder got a very good deal.

A mansion at 40 Park Lane Circle, worth $23 million, was more than 21,000 square feet drew a lot of bids before selling for a bargain price of $13.4 million

If you haven’t notice by now, there is a trend between auctions and good deals on properties, and that’s why they’re such a good place to get deep discounted real estate.

List of upcoming Real Estate Auctions in Canada

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You may be wondering “why would anyone sell their home at an auction” but there is a good reason why?

In Real estate auctions in Canada, the Canadian property seller sets all of the sale terms, to the deposit amount and close date, all viewing dates are pre-set, and all offers are firm without any conditions. Canadian real estate auction allows a lot more control to the seller which some people value.

Canadian municipal tax sale properties are also sold at auctions, and often are very promising.

Canadian real estate investors need to learn different stratgies, techniques and know how by attending Canadian real estate investors apprenticeship as well as eye witness LIVE training in real life.

Auctions can be beneficial to Canadian real estate investors and the seller. The buyer gets a great deal on the property while the Canadian property seller gets control and has the property sold.

How to buy properties pennies on a dollar in Montreal Quebec is one of the strategy to acquire great deals.In Montreal Quebec real estate there are awesome opportunities for professional Canadian real estate investors to make money.

One of the best way to get an incredible deal is to acquire at real estate tax auction. There are several that take place each and every year where the properties are put up for bidding.

But what is a tax auction in Montreal Quebec

How to buy properties pennies on a dollar in Montreal Quebec requires expertise, strategies,and the law.The Cities and Towns Act (C-19) permits Quebec municipalities to recover property taxes owed to them by selling of properties for non-payment.

No need to obtain legal judgment to proceed with tax auction sale. There are very strict law and procedure on how the tax auctions must take place.

When a municipality in Quebec has unpaid taxes due from a property owner and the delinquent property owner has not paid off their debts after 6 months,

The municipality has the right to put up the property for sale for the taxes due at a public auction.

How to buy properties pennies on a dollar in Montreal Quebec information and time is very critical.

The list of delinquent properties is published after 30 days along with the date, time and location for the auction. The municipality must publish the notice in the local paper at least twice and the last publication must be a minimum of 15 days prior to the scheduled tax auction date.

Delinquent property owner

Delinquent property owner have until the auction date to settle up their debts including any interest and fees or their property goes on the auction block.

The municipality itself may bid on the property but they are not permitted to bid more than the total of the taxes owed, interests and fees, and any liens up to the total amount owed in taxes.

Any mortgage holders on the property are also advised of the auction and most end up paying the taxes owed for the owner to not lose their mortgage claim on the property.

The list of delinquent properties

The municipalities publish the list of delinquent properties months in advance of the eventual auction date. The interested parties may see this list and request more information but they may not formally inspect the property before the auction.

How to buy properties pennies on a dollar in Montreal Quebec are sold in a auction.In some municipalities there could be dozens or even hundreds of properties on the list to be auctioned off but by the time the auction date arrives there might only be a small handful if any at all that remain unpaid.

Most banks will pay up the taxes due if the property owner does not, to not lose their claim to the property. Professional real estate angel investors also approach them with multiple options to avoid the auction.

Property are put up for auction due to unpaid taxes

But those that don’t pay up property taxes in time are put up for auction by the municipality.

How to buy a house at tax auction in Montreal Quebec are time sensitive.The auction takes place at the date, time and location specified in the notice published by the municipality.

Canadian professional real estate angel investors must bring a legal ID – Canadian passport, or drivers license. If Canadian professional real estate angel investors have a representative in Canadian professional real estate angel investors place that person must have a legal power of attorney or mandate to act.

Payment is made by certified check, bank draft or cash at the conclusion of the auction. Verify with the municipality what payment methods are acceptable. Buyers must have certified check, bank draft or cash on hand for an amount higher than or equal to the auction price.

Sale of immovables for non-payment of taxes in Quebec

If a bidder doesn’t have enough to cover the purchase price the property is put back into the pool to be auctioned again right away. The original bidder will also be responsible to pay any difference between their bid and the bid of the new buyer if the new buyer’s bid is lower.

Anyone except for the current owner, any person responsible for managing the property, the municipality clerk or person conducting the sale.

Property are sold ” as is”, “where is”

No the property is sold ” as is”, “where is” without legal warranty.
the original property owner has one year from the date of the auction to pay back all amounts owed, including the auction price, taxes and additional fees as well as paying the current owner 10% interest on his purchase price rounded up to one year, even if paid in advance of one year.

The current property owner and the previous owner can agree to transfer the house legally to the new owner before one year as well.
All existing mortgages are cancelled at the time of the sale.

The new owner is responsible for the legal fees after one year to become the true owner of the property. If there are any legal fees prior to the one year and the old owner wants to buy back his house, the old owner is responsible for them.

As a real estate investor tax auctions can really be a great investment if Canadian professional real estate angel investors are able to obtain the property after the one year. though usually the original owner does pay back the new owner in time. It is quite rare that it ends up not being paid back.

But even if the old owner does obtain it, Canadian professional real estate angel investors are still guaranteed a good, completely safe return on Canadian professional real estate angel investors money at 10% interest, and that’s the worst case.

The best case is Canadian professional real estate angel investors obtain a home for pennies on the dollar in Quebec Canada.

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