PEI Talk

PEI Tax sales
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Author:  hirev [ March 15th, 2017, 9:34 am ]
Post subject:  PEI Tax sales

Has anyone ever gone to a property tax sale. Also do you know how much property seems to go for?

IE. If its a 100,000 dollar property and is being sold for tax sale due to back taxes of say 3000, would you expect to pay 6K, 15K 45K?

I haven't been to one and if anyone knows what in general you tend to pay let me know. I know its hard to say since every property is different.

Author:  comment card [ March 16th, 2017, 9:37 am ]
Post subject:  Re: PEI Tax sales

Property tax sales have a minimum reserve (balance owing + legal fees etc). anything over and above that is determined by normal auction atmosphere (if two people want it, the price is higher)

a lot of the properties that go to these sales generally have little value but every once in a while a deal can be had

Author:  hirev [ March 16th, 2017, 2:55 pm ]
Post subject:  Re: PEI Tax sales

Went today to see how much people were paying. Way to much for a tax sale

Author:  nyrangers63 [ March 18th, 2017, 3:27 am ]
Post subject:  Re: PEI Tax sales

I bought our house through a tax sale. It was just us and one other couple that showed up. We were the highest bid, but still below the reserved bid. After we gave our max number we went in willing to pay & still didn't meet the reserve, they told us what it was. Since you have, I think it was 10 days to decide, we decided to meet the reserve. We had to give a $1000 down payment, but if we decided not to take the property we got our money back, so there was really no risk.

Going this route worked out for us. We were able to completely renovate the house (new windows, doors, floors, baseboard/crown mouldings, cupboards, bathrooms, etc) and have it completed for about what the house would of of been listed for without any updates.

Author:  hirev [ March 23rd, 2017, 2:04 pm ]
Post subject:  Re: PEI Tax sales

When I went there were only 2 plots in queens, Someone bought a piece of land in charlottetown for 28K and it was only 0.25 acres.

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