Bought a Foreclosure Today

[Fishindude77]

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.

[james.hendrickson]

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?

[disneysteve]

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

[kork13]

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.

[Fishindude77]

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.

[bjl584]

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

[LivingAlmostLarge]

congrats! Sounds like a good deal to get something close to what you already own

[amarowsky]

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.

I have been wanting to up my research on foreclosures around me. Is it worth recommending a “title search” company or service? Or is this fairly controlled, (like through the city/county) so not much difference between companies? <—— ALso TY for bringing this up. Good thing to keep in mind while prospecting for my next property.

[amarowsky]

Also, congrats on the new acquisition! Sticks and bricks ebb and flow. But all land has some value, and often it grows in value! I’m a bit jelly, as I want to grab some more acreage. I have a mere 1000 sq ft garden on a .45 acre. The idea of 1-5 acres for a local residence sounds wonderful.

Enjoy your new property! And do share pictures if you can! I hope the renovation goes well!

[Fishindude77]

I have been wanting to up my research on foreclosures around me. Is it worth recommending a “title search” company or service? Or is this fairly controlled, (like through the city/county) so not much difference between companies? <—— ALso TY for bringing this up. Good thing to keep in mind while prospecting for my next property.

In most small to mid sized communities there is typically only one or two title companies that do all of the work.

Here's a good one.
Was up there on the farm hunting this morning and hear noise over at the foreclosure. Went over there when I finished and some dude was mowing the yard.
Said he mows foreclosures for banks all over the state and the bank had not yet told him this one changed hands.
These big banks that buy mortgages on the secondary market often have very little clue about what's going on.

[amarowsky]

In most small to mid sized communities there is typically only one or two title companies that do all of the work.

Here's a good one.
Was up there on the farm hunting this morning and hear noise over at the foreclosure. Went over there when I finished and some dude was mowing the yard.
Said he mows foreclosures for banks all over the state and the bank had not yet told him this one changed hands.
These big banks that buy mortgages on the secondary market often have very little clue about what's going on.

Interesting.... I'll have to get more keen on how/where/when to find these foreclosures before the typical keyboard jockey does. This could be a valuable "honey hole" (<--- Fishing pun! ) to prospect for new properties. Sadly.... i can only see the amount of foreclosures increasing with this housing price melt up.