Damariscotta, ME · Member since 2013 · 57 posts · 3 votes
I have only 4 days to decide whether to attend a foreclosure auction of a single property I looked at today, and bid.
The good news: the house, though small, is relatively new and needs minimal rehabbing beyond some cleanup and cosmetics, and it is a LAKEFRONT PROPERTY!
The bad news: In Maine, most neighborhoods are mixed as to home values. In this case, the neighbors on each side have tidy, modest homes, but two doors down is a trashy looking trailer and almost equally trashy yard!
Question: Does the attractiveness of the house and the lake view with space for a dock outweigh the undesirable property you must drive past to get to it? Does this matter as much for rentals as for selling outright? I could always hope to make enough while renting to eventually buy out the trailer owners.
Homeowner · Knoxville, TN · Member since 2011 · 207 posts · 73 votes
13y
I believe there to be a difference in a warzone atmosphere (which definitely discourages tennants) and honest people who are messy and don't appreciate what they have. It doesn't sound like a warzone to me and shouldn't discourage buyers, or renters, too much.
Ask yourself if it was you that was buying the property to live in, would you be able to look past the neighbors you're describing and see the value in the property? If not, then you may have reason to be concerned.
Homeowner · Knoxville, TN · Member since 2011 · 207 posts · 73 votes
13y
I believe there to be a difference in a warzone atmosphere (which definitely discourages tennants) and honest people who are messy and don't appreciate what they have. It doesn't sound like a warzone to me and shouldn't discourage buyers, or renters, too much.
Ask yourself if it was you that was buying the property to live in, would you be able to look past the neighbors you're describing and see the value in the property? If not, then you may have reason to be concerned.
Jamaica, NY · Member since 2013 · 8 posts · 0 votes
13y
Given the location and it being only one home, I think it would be worth it. There will always be a person in the neighborhood that just doesn't care. If the financials work, I say do it.
Abingdon, MD · Member since 2013 · 193 posts · 60 votes
13y
It definitely won't hurt to attend the auction, and bid a nice safe low number.
When I was 18 I delivered a piece of carpet to this Bay-front condo here in Maryland. I went out with another kid my age and we commented on how nice the new condos were to a neighbor, He mentioned the price, which seemed insanely high to use for a condo, and he looked at us and said "Boys, you can't manufacture the water." For some reason that has always stuck with me. Plus I would really like a lake house.
Investor · Canton-Akron, OH · Member since 2012 · 917 posts · 477 votes
13y
My experience in selling homes, it makes a significant difference if the trashy home is right next to your, much less or almost no difference if the trashy home is a couple doors away, if the rest of the neighborhood is well maintained.