land house auction on Saturday

Discussion in 'Homesteading Questions' started by Alice In TX/MO, May 13, 2005.

  1. Alice In TX/MO

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

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    I'm going to an auction tomorrow near Myrtle, Missori. This is east of Alton, north of Thayer. There are three parcels:

    1. Three bedroom house, built in late 70's. EXCELLENT condition, 40 acres, detached garage, shop, fruit tree orchard, two garden spots, pond, perimeter fence. 80% of acreage is pasture. I probably can't afford this one.

    2. 40 acres adjoining the other parcel, 80% wooded. Pond, perimeter fence.

    3. At the intersection of H and 142, a 2 bedroom, one bath home on 8 acres, all pasture. New septic system. One small building for storage...about 10x12...in good shape. I have looked at LOTS of houses, and this one is clean. Older home, but very well kept up and nice looking. I think this is a nice homestead opportunity.

    If I can get the #3 parcel at a reasonable price, I will be looking for a renter and/or buyer. I would have to retain ownership of the property for a year thanks to capital gains taxes, but would be willing to sell after that.

    Anybody ready to move to Missouri?
     
  2. Alice In TX/MO

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

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  3. norris

    norris Well-Known Member

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    When you bid on real estate at an auction do they first provide you with a copy of the title commitment or are you just bidding with no knowledge about easements and encumberances?

    What you see ain't always what you get.
     
  4. Hoop

    Hoop Well-Known Member

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    IMHO, I can't think of anything that will cause you to pull your hair out more than becoming an absentee landlord.
     
  5. Ozarkquilter46

    Ozarkquilter46 Well-Known Member

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    We have a 23 acre farm east on hwy 60 out of Willow Springs and we also own a home in Mountain View. I keep telling my husband we should sell both and then go to auctions to try to get a house on 40 acres so we get more for our money. Would you let us know how much those places go for. I could get my husband on here and show him what the prices are like at the auctions. I love auctions and he gets to board at them. I need to find a country friend to go to them with LOL.
     
  6. Blu3duk

    Blu3duk Well-Known Member

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    yeah, just how high do those acreages go for? here something like that on the market goes for $3-7000.00 per acre but I dont believe anyone has tried auctioning off their proprties yet... given time im sure they will start.

    and where do you find the listings for those auctions? or is it a trade secret ;--)

    William
     
  7. Alice In TX/MO

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

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    These are local auctions, advertised in the local paper out of West Plains, Missouri.

    Of the three parcels, only the 40 acres with no improvements sold. It went for $42,000.

    The high bid on the house and 40 acres was $102,000, and the owner declined to sell at that price. (The owner is allowed to set a reserve price.) The small house with 8 acres got a bid of $40,000, and I think she would have taken that, but it was the same family as the larger house, and I think they wanted both or nothing. The small house was listed with a realtor for $39,000.

    The two parcels remaining will be offered again through a local real estate agent, and I can get you that info if you want it.

    No secrets on these auctions, folks. You can make an appointment to look at properties, deeds, go to the courthouse before the sale, etc etc etc. The auctioneer even gave us an aerial photo of the properties.

    From what I have learned going to these sales, the owners think they is going to be a bidding frenzy on real estate, but it never develops. Only one or two folks are actually there to bid on the property, and bidders always want a bargain. Not enough action to actually make the sale happen.
     
  8. BeeFree

    BeeFree Well-Known Member Supporter

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    I am familiar with the Mrytle area. That was a good price for the the 40 acres for the seller.

    I can't remember what the house places look like, but that wasn't too bad for the seller. Sounds like they should have went ahead and sold the smaller place while they had the bid. Of course they have to pay commission so that was probably part of the reason.
     
  9. Alice In TX/MO

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

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    The large house and 40 acres with fruit trees was worth probably $135,000 to $150,000, so the bid of $102,000 was just not enough. Take the auctioneer's 10%, and it's TRULY not enough.

    She will do better with a realtor.
     
  10. Blu3duk

    Blu3duk Well-Known Member

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    Rose

    Thanks for posting, I wasnt trying to be mean or anyting of that nature with my comment, It is truely amzing what people believe real estate is worth these days, and with predatory lenders out there for marginal loans to purchase property for families who most likely will lose that property the price will contine to climb just to pay off those over price credit loans [usually no cash is ever involved in predatory real estate loans] One day soon there of course will be a bursting f the realestate bubble, and everyone will be left holding the bag, however no one will know until it happens when that will be and speculators will drive prices up as they have already done. Here in Central idaho, with the recent high court ruling to stop current timber sales, several mills are about to lay off another shift as they have not enough raw material in their yards, that in turn places those with mortgages in jeopardy of losing their proprty and relieing on retirees to come in a bail them out cause no one can afford a mortgage here without a decent income to pay on it and 7 dollars per hour parttime just dont cover most 150K mortgages.

    Not sure what there is in the part of the world where those places are selling, but i can visulize some agriculture, but not much else [ok its been years since i was through there as a kid with my folks].

    As manufacturing leaves this country, and then when that HUGE dam in China gets built and flood irrigation gives them more acres than the united States for growing food products, even our ag products will come from over seas in mass quantities that even agriculture ground will sell "cheaper than dirt" in my opinion, however that too may be in the future a few years yet. Eyes always open for a good deal even now, and around these parts there hasnt been a "good deal" on realestate for about 10 years maybe more with all the hopefuls moving in that t5his will boom like sothern california and what was bought for 2500 will sell for 5000 per acre in 3-5 years holding time.... and it kinda has for now, but no one can make a living on ground around here with it that high. Which was the reason behind my asking what those properties were selling for...... which from my current situation sounds like a deal somewhat..... as long as there is employment of a good nature there to sustain it. same as renting the property from a person like yourself, if the income isnt availble to make enough to buy a property, then people like myself couldnt afford to move there in the first place and rents get lower.... hope you make out on your purchases!!!


    William
     
  11. big rockpile

    big rockpile If I need a Shelter

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    Rose the place seems a long ways from nowhere,nothing around there.

    big rockpile
     
  12. Alice In TX/MO

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

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    Well, some folks are looking for a long ways from nowhere! :)

    Actually, it's about a 30 minute drive to Thayer where there is everything except a movie theater. Really good hardware stores, grocery, and even Wally World, if you are so inclined. You must, however, NOT be prone to car sickness. :no:

    Yes, the job market is a problem.

    Need some rich person looking for retirement/homestead place.

    Actually the unsuccessful bidders were a family whose breadwinner had spent years working in Alaska and had money to spend. I wonder if they will be at the next auction on Friday???
     
  13. BeeFree

    BeeFree Well-Known Member Supporter

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    I heard today that the auction for a place located near Black River in the Fairdealing area, went Sat. for $92,500. It had a house and 5 ac. The house was nice but nothing outstanding by todays means.

    Fairdealing is a lot closer to job markets than the Myrtle area. For me to travel to Myrtle, Thayer, Alton and West Plains I have to take motion sickness meds or do the driving myself.

    As for farming, about all these areas have are hay production, and cattle raising.

    The reason land is coming up in these areas is that is one product [land] that isn't being made anymore. It hasn't been many years ago you could buy land around these areas for 200.00 and ac now it is over a thousand. A place near me they are asking for 1500.00 an ac.
     
  14. Alice In TX/MO

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

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    I like Fairdealing. It's a nice little town. Always stop there at the Post Office on the way to Poplar Bluff. And, yes, the road between Fairdealing and Thayer is the worst road in Missouri.

    The land auctions around here are predominantly elderly folks moving in with kids or to a rest home. A few are divorces.