80 acres and house, Auction May 20th

Discussion in 'Homesteading Questions' started by Alice In TX/MO, May 15, 2005.

  1. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    Here's another auction I will be going to. From Alton, MO, take Hwy. 160 East, go 8 miles, turn left on Hwy. FF. go just over 3 miles. White house on left. Signs say Gary Hensley Auction.

    80 acres, 1/4 mile frontage; older 4 bedroom home with large living room and dining combination. Kitchen, bath with washer and dryer hookup. Well pressure system, old barn. Land has 40 acres grass, and 40 acres timber. Property has private owned property to East and West and National Forest on the North. 3 miles from the Eleven Point River. One small pond that I saw.

    I drove by there this morning. The house needs a facelift: siding, new roof (just for aesthetics, I don't think it's bad) and interior paneling, new carpet or vinyl. I could not see into the kitchen or bathroom, but most that age need upgrading.

    Apple trees, one cherry tree, other fruit trees, but I didn't walk all the way back through the orchard area. Old cistern with wood cover that needs repair. Root cellar/storm shelter.

    There is a large old barn that was used within recent memory by the BB Road Volunteer Fire Department to cure the timber that they built the Fire House and Community Center out of.

    I can tell you that land around here goes for $800 to $1000 an acre. The ad says the owner is moving due to health and no reasonable offer will be refused. Maybe they will take a slightly unreasonable low one if there are no other bids.
     
  2. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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  3. BeeFree

    BeeFree Well-Known Member Supporter

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    With 80 ac of land I would bet at least 80,000 for it. If there is marketable timber then the price will go much higher. House that is livable and in fair condition should bring another 30,000. That would be 110,000 there and that is just a rough estimate having not seen the place.

    A place near me 2 yr ago had 30 ac and nice timber. It sold for 21,500 and the people that sawed the timber said they got 55,000 out of the timber. They then split the 30 ac into 10 ac tracts and sold them for 14,000 each. I had the place bought but the real estate company reneged on the price. They told me that morning they would take 20,000 for it and when I made up my mind that evening they had changed theirs and told me they wanted 22,000. Got ticked off so didn't buy it. Made sure I found out what the prices came out to though.

    With this auction are they also selling personal belongings that day? I know a lot of auctioneers are combining the two.
     
  4. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    This one is just the real estate. All the others I have been to have been personal property, too.
     
  5. MikeD

    MikeD Well-Known Member

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    If these are foreclosure auctions that you are attending you may want to do a bit of background on the properties and find out some of the details before you decide to purchase or even attend the auctions. In some cases, if the properties on the block are indeed foreclosures, they may have quite literally been stolen from the previous owner(s) by the company that handled the servicing rights on the previous mortgage. If names like Fairbanks Capital, Select Portfolio Servicing, Litton Loan, Ocwen FSB, EMC or other servicers are attached to the properties there is a fair chance that the previous owners have fallen victims to mortgage servicing fraud. Do a search on the above company names if you want more info or simply visit www.msfraud.org. In fact, literally anyone that has a mortgage right now or that is considering getting one would do well to visit that site and educate themselves. Absolutely no one is exempt from mortgage servicing fraud if the circumstances are right for it.

    Granted, someone will always be out there to buy foreclosed properties. But after learning what I have about the mortgage/banking/real estate industry I definitely think twice and do some research on a foreclosed property before I consider putting in a bid.
     
  6. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    Haven't been to one yet that is foreclosure. All the ones I have seen have been elderly folks who have lost their partners and are moving to rest homes or in with their kids. Well, I take that back. One was an elderly lady who remarried and was moving in with new hubby. I haven't been to any that are divorce sales, but have seen some advertised.

    These are not courthouse step auctions.
     
  7. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    Went to the sale, got there about half an hour early. Walked through the house and confirmed that it was beyond reasonable repair. No value to me at all. Talked to the auctioneer and found out the woods had been lumbered very heavily about two years ago. There went any financial return potential.

    Went outside and stood around talking to potential buyers, which is really the most interesting part of the sale anyway. The neighbor to the west wanted to add it to his place to avoid having a realtor come in and buy it, parcel it up in small parcels, and sell it to dead beats.

    Unfortunately, both that kind gentleman and I didn't have the kind of money that the two realtors at the auction had. The only bids came from the realtors because the auctioneer started above what either the neighbor or I had as our reserve.

    The one who got it is notorious for parceling acreage as mentioned above.

    It sold for $81,000. Just over $1000 an acre, if you consider none of that on the house.

    It's a sad thing to see these old homesteads being broken apart and then junked up with broken down cars and trash.
     
  8. Momo

    Momo Well-Known Member

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    I have noticed that around here it is nearly impossible to get a good deal at an auction. The prices are much higher than they used to be. Also, when they have a large parcel they usually break it up into small lots and auction them off. Then they auction the plot as a whole. Whichever way brings more money is the way they go. Kind of a pain if you want(and win) a small part and some developer buys the entire acreage.
     
  9. mtman

    mtman Well-Known Member

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    after our last project i now think there is no house that cant be fixed
     
  10. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    I just can't justify putting that much time and money into a house that would be a rental or resale.

    Wish it had turned out differently. :waa: