# Bought a Foreclosure Today



## Fishindude (May 19, 2015)

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 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.


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## po boy (Jul 12, 2010)

Seems like it would fit right in with your property.


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## TripleD (Feb 12, 2011)

I don't blame you! Piece of mind plus control of it is a good thing...


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## altair (Jul 23, 2011)

While I'm not a fan of burning trash that lingers for years to come, I realize it was/is common, and congrats on your purchase!


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## CKelly78z (Jul 16, 2017)

We were able to buy a full acre lot (in a small village, so actually 4 city lots) down our county road from our homestead. We had the house pushed down, and burnt into a hole that was dug in the ground which is a standard rural practice. We then cleaned up the yard/trees, and brought in a 16'x80' house trailer for my daughter to live in. It looks really nice now, and has a new septic & well...the entire project, and purchase price together was around $40,000.


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## Seth (Dec 3, 2012)

Fishindude said:


> 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 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.



Well done and congrats! Will you be able to put it on one deed with your existing property or will the lines have to stay on paper at the courthouse?


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## MichaelZ (May 21, 2013)

Our neighbor was able to (legally) have the town fire dept burn down an old falling down barn. That was quite a bonfire! 🔥


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## Alice In TX/MO (May 10, 2002)

If you offer the structure for training, they might come out. 

We have discovered that if you simply start a large fire, they may come out, anyway.


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## Fishindude (May 19, 2015)

Seth said:


> Well done and congrats! Will you be able to put it on one deed with your existing property or will the lines have to stay on paper at the courthouse?


Imagine it will still show up as a separate parcel. This has been the case with other properties we've purchased adjoining our home place.

I'm not simply going to set the house on fire, far too dangerous.
It will be dismantled gradually and all of the wood burned in a big hole and a manageable size fire. Will do it this winter when fire danger is not an issue.


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## robertbentley (Oct 15, 2020)

hello,
Thanks for your helpful discussion.


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