Vacant Lot bought for $101
I want to share this deal with the BP community. This was a vacant lot that was advertised online with a no reserve auction for $101. The market value I found on it was in the mid $50,000 range. It was being sold subject to all liens, taxes, ect. I managed to win the auction, for some reason there was no competition. But previously I noticed that someone bid upwards of $30,000 for this but for some reason the deal did not go through. After sending my $101 deposit the auction site told me the seller refused to sell this. After reading about auction laws, specifically, absolute auctions I was armed with the right info in order to demand from the seller to sell me the property. After speaking with the seller's attorney we negotiated a deal and they agreed to sell it to me. Without delay I had this listed with an agent and we got multiple offers. Within 3 weeks we had a full price offer of $75,000 which was accepted. With about $2,000 tax liens, $4,500 agent fees and some other fees this was bought and sold in about 60 days. There were definitely some risks involved like. I did not survey the property. There could have been problems building. There may have been serious issues with the liens/ownership because I bought it via Quitclaim Deed. I did due diligence through unconventional methods and for the amount of money I was willing to take the risk. The end buyer was able to get marketable title on their purchase. The agent did a tremendous job selling it and getting offers. We probably could of gotten higher offers if we listed it for more but I was eager to sell it right away. Grand Slam