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Bought a Foreclosure Today

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    Bought a Foreclosure Today

    We have a couple farm properties and at the end of one of them there is an old six acre homestead that had been in foreclosure for quite sometime. Our farm happens to wrap all the way around it on three sides, so we wanted to try and get the place if the opportunity ever presented itself, so we could control what goes on there and get the mess cleaned up. After numerous cancellations and delays it finally went to sheriff sale today and we were able to purchase it for $1 over the banks minimum bid of $68,400.

    Still undecided if the house and barn are going to be salvageable or tear down, but definitely in pretty rough shape, plus a whole lot of junk and trash laying around. Being remote and rural we will be able to dig a big hole, burn and bury just about anything that will burn, but still a lot of scrap metal and general trash to get rid of, including two pickup trucks. I've got a backhoe and tractor so can do most of the clean up myself. Looks like most of my spare time this winter will be spoken for.

    What doesn't have a house on it is all wooded, so price per acre a bit high, but glad to get it under our control.

    #2
    Originally posted by Fishindude77 View Post
    We have a couple farm properties and at the end of one of them there is an old six acre homestead that had been in foreclosure for quite sometime. Our farm happens to wrap all the way around it on three sides, so we wanted to try and get the place if the opportunity ever presented itself, so we could control what goes on there and get the mess cleaned up. After numerous cancellations and delays it finally went to sheriff sale today and we were able to purchase it for $1 over the banks minimum bid of $68,400.

    Still undecided if the house and barn are going to be salvageable or tear down, but definitely in pretty rough shape, plus a whole lot of junk and trash laying around. Being remote and rural we will be able to dig a big hole, burn and bury just about anything that will burn, but still a lot of scrap metal and general trash to get rid of, including two pickup trucks. I've got a backhoe and tractor so can do most of the clean up myself. Looks like most of my spare time this winter will be spoken for.

    What doesn't have a house on it is all wooded, so price per acre a bit high, but glad to get it under our control.
    Can you post some photos?
    james.c.hendrickson@gmail.com
    202.468.6043

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      #3
      Congrats. Nice to pick that up since you own everything around it already.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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        #4
        Lesson learned from when my father decided to try buying foreclosures through the county auctions: ensure you have clean title to the house, covered by title insurance if at all possible. May not be possible if you've already closed, but it was a total pain for him, ultimately resulting in him forfeiting the property back to the bank that still held a lien on it from the previous owner.
        "Praestantia per minutus" ... "Acta non verba"

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          #5
          Originally posted by kork13 View Post
          Lesson learned from when my father decided to try buying foreclosures through the county auctions: ensure you have clean title to the house, covered by title insurance if at all possible. May not be possible if you've already closed, but it was a total pain for him, ultimately resulting in him forfeiting the property back to the bank that still held a lien on it from the previous owner.
          Spent the money on a title search weeks ago to check this stuff out.
          Always prudent to do so and only costs a couple hundred bucks, cheap insurance.

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            #6
            congrats

            We were looking to buy land from the delinquent tax lists near where our cabin is.
            There were a few nice plots that we were going to bid on, but the owners squared up with the county at the 11th hour.
            Long term goal is to find a 20 or 30 acre parcel and eventually build

            Brian

            Comment


              #7
              congrats! Sounds like a good deal to get something close to what you already own
              LivingAlmostLarge Blog

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