![]() How to find out who owns a house that is abandoned.What to know before buying abandoned properties.This article looks into a few different aspects of investing in abandoned houses: It is not that straightforward which is why we have put together the ultimate guide to help you learn how to buy this type of investment property. No matter which strategy you follow, we recommend investing in abandoned houses.īut how to buy an abandoned house? Are these properties listed for sale with a real estate agent? Well, no. They are perfect for house flipping or for implementing a rental property investment strategy. Even experienced real estate investors are always on the lookout for abandoned properties. People looking to make money in real estate can start off small with one abandoned house as an income property. "Are these companies interested in buying the entire site, maybe some of them are just interested in some of the equipment that's still on the site," Rifkind said.Buying abandoned properties can be a great real estate investing strategy. "We are providing feedback with the aim of finding a suitable buyer," Thompson said.īut which corporations are interested and what the final transaction might look like remain unknown. Thompson says PwC has been consulting both the Selkirk First Nation and the Yukon government throughout the sale process. "The Receiver acknowledges that the timeline were compressed however, in light of the significant ongoing costs of maintaining the Minto Mine, and the need to capitalize on the current interest in the Minto Mine, the Receiver is of the view that a compressed process was appropriate and reasonable in the circumstances," the report reads.Īccording to the report, out of 51 potential buyers, only eight signed non-disclosure agreements to receive access to exclusive information about the mine's design, finances and operations. 26, 2024. The report states the sale will now continue with hopes of closing a deal by the end of March 31, 2024. 31 and to have it approved by a judge within 60 days, anticipated to be Jan. The firm had also hoped to select a successful bid before Dec. The deadline, however, was extended to Nov. Potential buyers could initially place bids for either the entire Minto property or pieces of it until Oct. PwC's reasons for wanting more money vary.Įquipment sits in the underground portion of the Minto mine during site tour in July 2023.Įquipment sits in the underground portion of the Minto mine during site tour in July. Thompson says the government has spent $13.3 million to date on contracts at Minto Mine since the site was abandoned. Meanwhile, the government continues to pay for water treatment and other environmental protection activities at the site. "The receiver will be paid with funds from the proceeds of the mine sale." "The Yukon government is not providing money to PwC," Thompson said. Yukon Department of Energy, Mines and Resources spokesperson John Thompson wrote in an email to CBC News that the receiver's request to borrow more money doesn't affect the Yukon government, which took control of the mine site after Minto Metals Corp. The report states the borrowed money will be repaid once the mine is sold or through the liquidation of assets. "Without an increase in the Receiver's Borrowings Charge, the Receiver will be unable to carry out its duties under the Receivership Order," the report reads. ![]() PwC is asking the court to sign off on an additional $500,000 from Maynbridge Capital, a company that provides loans, to fund Minto's receivership. The receiver's first report to the Yukon court reveals that it needs more money to carry out the sale. abandoned the site in May. The receiver had initially borrowed half a million dollars to manage the property, which is located on Selkirk First Nation's land, approximately 240 kilometres north of Whitehorse. The Yukon Supreme Court appointed the firm to manage the mine's affairs, including selling the property, after the now-defunct Minto Metals Corp. That's according to court documents recently filed this month by PricewaterhouseCooper (PwC). ![]() The firm that's managing the sale of the abandoned Minto Mine in the Yukon wants more money to finish the job as dozens of potential buyers have expressed interest. The Yukon government then took over managing the site which is now for sale. The mine's previous owner, Minto Metals Corp., suddenly pulled up stakes in May. An aerial view of the Minto mine site in the Yukon in July 2023.
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