All Forum Posts by: Todd Lastname

Thanks Colin for the reply. I went to the auction with my best bid and it was me an another guy (broker for an investor). I got to my max and lost. We're disappointed. It's been a terrible 6 months of house hunting for us. 

@Jonathan Greene, my last house that I bought as a primary residence was a wreck. It was a bank-owned foreclosure. It had broken windows, stolen doors, light fixtures destroyed, and missing appliances. It was a good deal since I picked it up for 72% off the price it sold for a few years before, so I purchased it and fixed it up nicely. It was an extremely nice place for us to live and the price was much better than purchasing a turn-key home. I was hoping to do the same with this property. I'm just trying to figure out the numbers that make sense for my max bid.   

@Kevin Ivey Through a series of connections I've found the house was completely empty and clean of trash and debris about 10 months ago when there was an estate auction. The front gate is still locked with no signs of entry. Roof and siding look great. Thank you for your insight on abandoned houses. 

@Jonathan Greene Thank you for your comment. I don't have a ton of experience in the investment side, but we are most likely going to buy the property as a primary home. My wife has spoken to the neighbors and they were really nice and said they haven't seen anyone at the property since the estate sale and the former owner took care of the house and lived alone. Even if the insides were trashed and full gut was required I still think it could make sense financially at the right price. The auction is cash only and full payment is required at the close of the auction so I hope this might deter some bidders.  

Thanks for the reply Scott. This house auction is not available for being and sold as is. I'm not afraid of bugs and spiders. I just hope there isn't much mold or frozen pipes that cracked since the home has been sitting vacant for about two years. I noticed there was inside condensation on the shaded side of the windows. I figured the inside would be a bit humid since we're in the midwest.  

I always get a home inspection. Even though I'm very knowledgeable, handy, and I work in the construction field, I like to have a second set of eyes on the project. 

My last purchase was filled with black widows. I remember opening the shop vac after cleaning and seeing a few still alive. I try to squash them first now.  

I found a property that I like (purchased to rent or possibly live in). It is being foreclosed on and will be auctioned at the local courthouse. I purchased a title report and have been combing through the county records when I found the owner died two years ago and stopped making payments. There is one mortgage. No liens. No judgements. Taxes have been paid through 2020. 

I haven't been able to see inside to evaluate the conditions. It was last sold about 8 years ago and looked nice. I am trying to determine what kind of surprises there might be to evaluate what my max bid will be. Assuming all the utilities have been turned off for a while I assume the insides are full of spiders, mold, and other issues. The outside looks decent from a visual inspection. 

What would you plan on replacing/repairing when considering an abandoned home like this? Is there anything else I might not be thinking about? 

If you have any experience with fixing up a house that hasn't been occupied please share your experience.

Cheers!