Posted by Josh in Pa on February 17, 2012 at 07:14:23 from (12.10.198.130):
About 10 years ago I farmed a small farm up the road, and then it sold to an investor for 300k. It had a livable house, decent barn, and a nice little equipment shed. Now, it has been sold several times, the shed has fallen down, there are small trees and heavy brush around the barn and house, and the windows are broken out, the doors have been kicked in. I saw yesterday it is listed to be sold at sherriffs sale by order of the bank holding the mortgage. The amount owed is 675K, it last sold for over a million! I am thinking the property would sell for maybe $200k? if it was listed by a realtor. There are several bigger nicer farms within a few miles for less than 675k, I think that number is totally unrealistic. I would like to buy this farm, and might pay the $200k for it. Will the bank take 30% of what they have in it if I am the high bidder at the sale? I have a call into my lawyer, because I have never done this before. Just curious if anyone has. I realize it is likely the taxes have not been paid, and may be other leins on the property, but if the price was right, I think it could be fixed up into a nice little farm, and it is close by. Josh
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