NSBound
Platinum Member
Here in Nova Scotia, when people don't pay their property taxes for 2 or 3 years, the County warns them a few times, then threatens to sell the property for taxes owing. They have an auction sale, and high bidder wins, and has to pay the amount of the bid into a trust account. The property owner still has 6 more months to pay their taxes owing in full, and if they don't, the county processes a new deed to the buyer. If there are still people living in the house, the new owner has to use the Sheriff's office to get vacant possession.
Now the current situation! There are several properties for sale near where I will be retiring. One of them is 4 acres of oceanfront with a house that has sat vacant for 3-4 years. Taxes owing add up to $1800, and local residents say the owner and the wife both passed away and they had no kids. So the likelihood is the property will go to the successful bidder.
As the house has sat vacant for so long, what could be wrong with it? The obvious things that occur to me are mould formation (a bad thing that could get expensive), frozen pipes, corroded up well and pump, deteriorated septic system (this is a very rural property). The house actually doesn't LOOK too bad. Roof looks good, newish gutters. It would need to be scraped and painted, if the major mechanicals are salvageable. What else could there be that would be a problem? I am approaching the auction with a land-value-only price in mind, based on what other waterfront lots have recently sold for. Locals say if the house was in good livable condition, it would sell for about $90-100,000. I MAY end up buying it and having to demolish the house (yet another expense?). Anybody have any suggestions/caveats, thoughts? The house is in a rural area, with fishing and farming making up most of the employment. The property COULD be marketed to the large cities in eastern Canada/USA as vacation oceanfront property. My intent is to flip the property asap, one way or the other, either as land only, or house and land, or reno'd house and land. In any event, the minimum wait will be 6 months.
Now the current situation! There are several properties for sale near where I will be retiring. One of them is 4 acres of oceanfront with a house that has sat vacant for 3-4 years. Taxes owing add up to $1800, and local residents say the owner and the wife both passed away and they had no kids. So the likelihood is the property will go to the successful bidder.
As the house has sat vacant for so long, what could be wrong with it? The obvious things that occur to me are mould formation (a bad thing that could get expensive), frozen pipes, corroded up well and pump, deteriorated septic system (this is a very rural property). The house actually doesn't LOOK too bad. Roof looks good, newish gutters. It would need to be scraped and painted, if the major mechanicals are salvageable. What else could there be that would be a problem? I am approaching the auction with a land-value-only price in mind, based on what other waterfront lots have recently sold for. Locals say if the house was in good livable condition, it would sell for about $90-100,000. I MAY end up buying it and having to demolish the house (yet another expense?). Anybody have any suggestions/caveats, thoughts? The house is in a rural area, with fishing and farming making up most of the employment. The property COULD be marketed to the large cities in eastern Canada/USA as vacation oceanfront property. My intent is to flip the property asap, one way or the other, either as land only, or house and land, or reno'd house and land. In any event, the minimum wait will be 6 months.
