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 Post subject: PEI Tax sales
PostPosted: March 15th, 2017, 9:34 am 
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Almost an Islander

Joined: April 20th, 2014, 10:42 pm
Posts: 189
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.


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 Post subject: Re: PEI Tax sales
PostPosted: March 16th, 2017, 9:37 am 
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New Member

Joined: July 12th, 2013, 7:36 am
Posts: 13
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


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 Post subject: Re: PEI Tax sales
PostPosted: March 16th, 2017, 2:55 pm 
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Almost an Islander

Joined: April 20th, 2014, 10:42 pm
Posts: 189
Went today to see how much people were paying. Way to much for a tax sale


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 Post subject: Re: PEI Tax sales
PostPosted: March 18th, 2017, 3:27 am 
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Member

Joined: April 12th, 2007, 3:25 pm
Posts: 1136
Location: pei
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.


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 Post subject: Re: PEI Tax sales
PostPosted: March 23rd, 2017, 2:04 pm 
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Almost an Islander

Joined: April 20th, 2014, 10:42 pm
Posts: 189
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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