Peachland: $335,000 in tax arrears

[matai]

Wow, no wonder this didn't make the news.

The little town of 5,200 has for approx. $335,000 in tax arrears. Your opportunity to buy a home for cheap on Monday Sept 29th:
http://www.peachland.ca/cms/wpattachmen ... ID1591.pdf

-The lowest amount for which a property may be sold at tax sales it the upset price.
-The highest bidder above the upset price must be declared the purchaser.

http://www.peachland.ca/cms.asp?wpID=389

[Bsuds]

Rarely will you get a house this way. Look it up it's not that easy. I think if I remember correctly the owner has a year to come up with the amount owing while your money is held with no interest accruing.

[matai]

Rarely will you get a house this way. Look it up it's not that easy. I think if I remember correctly the owner has a year to come up with the amount owing while your money is held with no interest accruing.

Yup, you're right but if you get a refund, it's with interest. From PDF:

The registered property owner
may redeem the property within one (1) year and if so, the purchase price will be refunded with interest
thereon.

[Captain Awesome]

6239 Renfrew is Peachland Castle.

Hey, you can own it for only $40,000 LOL

[Glacier]

For some odd reason, my tax order sale thread went *poof* a few years back, but just to repeat from that thread, I attended a tax order sale, and "purchased" 4 properties. You will never get the properties because the bank will never let them go for that amount. I was wishfully thinking I was going to get some of the properties until I was paid out with 3 months left in the 1 year waiting period. I did make 6% interest though.

[matai]

6239 Renfrew is Peachland Castle.

Hey, you can own it for only $40,000 LOL

If I buy it I want the original statue that used to point to the Island with it lol

[Captain Awesome]

I did make 6% interest though.

Six percent secured by real estate with much higher value isn't that bad. Better than savings account at least.

[Rjamer]

6239 Renfrew is Peachland Castle.

Hey, you can own it for only $40,000 LOL

Can a person get a mortgage on the Peachland Castle ?? I was told that it was a former grow op..

[matai]

To add to my initial post: My understanding is that a tax sale is going on if a property is delinquent for 2 or more years, which means Peachland is probably owed more than $335,000 in late taxes (if we would include all late properties, 2 years and less).

[ehlersroadecho]

Someone needs to buy Peachland Castle and demolish it - it's just an eye sore on the side of the highway....We need something - it's just a place for transients.

[Glacier]

To add to my initial post: My understanding is that a tax sale is going on if a property is delinquent for 2 or more years, which means Peachland is probably owed more than $335,000 in late taxes (if we would include all late properties, 2 years and less).

It is three years. The upset price is three years worth of taxes. In the extremely unlikely situation where the person doesn't pay the upset price (plus interest) within a year of you "buying" the property at the tax order sale, you will have to immediately pay the taxes for the property (the fourth year at that point). Then the property is yours.