Last week one of my clients emailed me about a property he saw several months ago... It was a Power of Sale and had been on the market since last July. I looked up the property & when I was checking out the information, I noticed that the property taxes appeared to be assessed at an unusually high amount. (first little red flag) 
The property was listed for $ 1,300,000, but still, were out of line. When I informed my client, he said the high taxes were a deal breaker, and he did not wish to proceed. BUMMER.
My instincts told me to delve into this a bit further ....
I called the town who verified the assessment (second bigger red flag). Something still didn't sound right... so I checked the sales history on this property... and it was very interesting. There were a number of transactions, one of which occurred in 2006 at an unusually high selling price. This also peaked my interest, as I saw another transaction on the same exact day, for 50% of the previous selling price (third little red flag).
I put a call in to the listing agent and received all the answers to my questions. Apparently there was a fraudulent sales transaction a few years ago, and the property was assessed based on that information and has not yet been changed. The property has been vacant for quite some time and is currently under Power of Sale by the Bank. The agent did tell me that when the property changes hands the new owner can apply to the town to have the assessment amended to reflect the proper value. I called the Municipal Property Assessment Office who essentially told me the same thing.
While all this was going on, I kept my client informed and we went to visit the property again... He decided he wanted to submit an offer, and I was told by the listing agent that there was an offer registered and the bank had until the following evening for the irrevocable time to accept it.
When I called the next day (Thursday morning) to inform the agent my client wanted to submit an offer, he told me the bank had accepted the other offer, BUT the deposit cheque had not yet been received. It still had not been received by the end of the next business day. (technically ... no deposit cheque... no deal). Its now Monday morning, and still no cheque..
I informed my client and we are now in the process of contemplating submitting an offer... the agent said he would inform the lawyers for the bank and if the cheque from the other deal has not been received, and they have another offer in front of them, they may accept my client's if acceptable to them and negate the first one.
It pays to go that extra mile.. when your instincts are telling you something. you need to listen..& follow them.. instincts are usually always right!
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