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How home auctions work in Manitoba
What is a mortgage sale?
When a borrower falls far behind on a mortgage, the lender can sell the property by public auction to recover what's owed. Before the sale, the lender's lawyer publishes a notice, usually in a newspaper, with the address, auction date and terms. This site gathers those notices in one place.
What is a tax sale?
When property taxes go unpaid for long enough, a municipality can auction the property to recover the arrears. The opening amount is often close to the taxes owed, but bidding can go much higher.
How do I bid?
Contact the lawyer or office named in the notice, usually well before the auction, to register and confirm the terms. Many mortgage sale auctions now run by video or phone. Expect to need a deposit at the auction and the rest within a short time, so have your financing ready first.
What does the reserve bid mean?
It's the lowest price the seller will accept. Some notices publish it; others announce it at the auction, and lender costs are often added. The reserve is a starting point, not the price: properties with a big gap to their assessed value often attract several bidders.
What is the assessed value?
It's the City of Winnipeg's or a municipality's estimate of a property's value for property tax. It's useful for comparison, but it isn't an appraisal and may be out of date.
What are the risks?
Properties are usually sold as is, often without an inspection or a chance to go inside, and may still be occupied. The buyer may also take on unpaid taxes, utility bills or charges that stay on the title. Read the full notice and have a real estate lawyer review the title before you bid.