Hope I am not breaking any rules of this forum by starting this thread Travis. If I am I apologize and feel free to move or delete it as you see fit.
I read a book on alternative property purchasing a few years ago. One chapter is about property tax sales. Where a municipality or county or the province auctions off properties that are delinquent on their property taxes.
The examples in the book were for Ontario, where they have a blind bid type mail in auction. Here in Calgary it's different, you have to go down and bid on the properties which have reserved bids. The owners have, if I remember correctly, up until the day of the sale to pay the taxes and save their house. Calgary and Edmonton sales only happen once a year.
The reserve bids came out today
Property Tax Sale List and the auction is on the 16th.
I am just wondering if any CPers, or if you Travis, have any experience with this auction? Is it a, for lack of a better word, good way to buy property? Some of the pros and cons and pitfalls of purchasing this way? Can a "pre-approved" mortgage be obtained on one of these houses?
I know you can't see inside the property, you can only see it from the street, so you have no idea the condition of the interior...as a con.
Any insight and comments are appreciated.