Every year City of Vancouver holds an auction each November called the “tax sale”. At the tax sale, properties with three years of unpaid property taxes are offered for sale by auction. I'be been following this for 3 years and with no success to find a 'deal' . However, more people are looking into this option to acquire real-estate and here is what need to know;
a. Each municipality has one one 'tax sale' per year at different months so, check their websites.
b. Properties that are up for sale only posted one week before the auction begins.
c. Most bidders require cash offers although one could potentially get a mortgage at the later date.
e. Most properties are as is where is so know before you buy.
f. Once you won the bid, a deposit is due HOWEVER current owner has one year to pay the amount owing to the City therefore, a bidder purchased nothing and their deposit + interest is returned.
Last year for example, there were 40 properties in rears and the day before auction date al but 2 did not pay their taxes.
