Oh My Gosh! What have I done?!?! If I win the bid, 10.58 acres with electric, water, septic and phone already wired is MINE (to make payments on)!!!
It is a special land auction program offered by the Texas Veteran's Land Board. To be eligible to bid, you must be an honorably discharged Veteran and owe nothing to the government (i.e. back taxes) or be delinquent on child support, fines, etc. THAT'S IT! NO CREDIT CHECK, no bank qualification! They finance the land at 6.67% for 30 years for you if you offer the highest bid.
The land is "forfeited" land; not just any piece you want; forfeited by another Veteran back to the Texas VLB.... they just keep re-auctioning the parcels until they find SOMEONE who will pay in full (or satisfy the 30 year note).
It just so happens that most of the land that is forfeited is in pretty rough shape; not cared for, not improved, neglected with no fences, etc, etc. But for alot of Veterans, a 30-year note on land with no minimum credit score requirement is a golden opportunity.
So, I was shocked to find out a parcel was forfeited just 12 miles from me! Not only that, when I went to walk the land, I discovered it had been "improved" with utilities for a mobile home; the guy forfeited his land, and jerked the mobile off, but the electric pole and septic hook-ups, etc, are still intact! The minimum opening bid was just what the VLB needed to satisfy the remainder of the original note from 1993; NOT the market value for a 10-acre improved parcel........
Sooooooo....... I averaged the per-acre amount that they were
asking with the
market value of such a piece and then bid ONE DOLLER MORE...
I find out on Tuesday!!!!!!!!!!!!!! Cross your fingers!!!!!!!! This is an investment for me! My first real "big" attempt! We will do a tidy job with a dozer on the front 3 acres, leaving the biggest, most beautiful maples and oaks. We will mark and do maintainance (if necessary) on the water lines and septic, re-gravel the over-grown driveway, and then put it up for sale at market value to the public. It is only 3.5 miles from the Lake Holbrook Public Boat Launch, so we'll market it to the lake-community retirees....
Think positive thoughts for us!!
-Jill
