Author Topic: Bought a Foreclosure Yesterday  (Read 376 times)

Fishindude

  • Magnum Stache
  • ******
  • Posts: 2574
Bought a Foreclosure Yesterday
« on: October 15, 2020, 09:03:30 AM »
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 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.

uniwelder

  • 5 O'Clock Shadow
  • *
  • Posts: 93
  • Age: 40
  • Location: Virginia
Re: Bought a Foreclosure Yesterday
« Reply #1 on: October 15, 2020, 09:40:42 AM »
Even if its a high price per acre, perhaps you can make use of the existing foundation, well, and septic.  I'm making assumptions here, so maybe none of the infrastructure is worth anything.

theoverlook

  • Bristles
  • ***
  • Posts: 312
Re: Bought a Foreclosure Yesterday
« Reply #2 on: October 15, 2020, 10:55:46 AM »
That's awesome. If I had the opportunity to purchase any adjacent land to mine for a price like that I'd also jump on it. Good job keeping track of it and not losing out to the bank!

Dicey

  • Senior Mustachian
  • ********
  • Posts: 14082
  • Age: 62
  • Location: NorCal
Re: Bought a Foreclosure Yesterday
« Reply #3 on: October 15, 2020, 10:59:12 AM »
That's got to be a relief!

Mr. Green

  • Magnum Stache
  • ******
  • Posts: 2540
  • Age: 37
  • Location: Wilmington, NC
Re: Bought a Foreclosure Yesterday
« Reply #4 on: October 15, 2020, 11:11:43 AM »
Sounds like a fantastic buy for peace of mind!

Maybe this isn't really an issue if you're in a very rural area, but if you bury a bunch of garbage will you have to disclose that when you sell it? All the areas I've ever paid attention to require a disclosure for any kind of underground anything. Tanks, garbage pits, etc. I think the reasoning is that the disturbed earth can no longer be built on, because the material underneath do not make a stable foundation.

Fishindude

  • Magnum Stache
  • ******
  • Posts: 2574
Re: Bought a Foreclosure Yesterday
« Reply #5 on: October 15, 2020, 12:38:33 PM »
Maybe this isn't really an issue if you're in a very rural area, but if you bury a bunch of garbage will you have to disclose that when you sell it? All the areas I've ever paid attention to require a disclosure for any kind of underground anything. Tanks, garbage pits, etc. I think the reasoning is that the disturbed earth can no longer be built on, because the material underneath do not make a stable foundation.

This is an addition to a current farm with no intention of reselling it, it will revert back to woodland.
Further, it will be in far better shape when we get it cleaned up than the mess it is in presently.

It's pretty hard to find a farm that doesn't have an old dump on it somewhere.   Way back when, they didn't have access to garbage disposal, so the junk usually went back in a ravine in the woods out of sight.