All Forum Posts by: Mariana Skonieczka

We weren't allowed on the property and the house was set back from the road. Possibly if I take it down to bare bones and prefab it, it might sell.

Thank you for the replies and taking the time to read my loooong question. I have more research to do but it's looking like I'd sell the lot.

I recently won an auction for a house. (Judicial tax sale so we couldn't go in before to check out the inside.) I paid $29,000 for a small house on a 1/3 of an acre lot in a great area. The houses on either side are adorable and fixed up very nice and this house had nice-looking vinyl siding.
We finally got into the house today to look around and it's bad! It is a ranch house and the walls are buckled. The ceiling in one bedroom has totally collapsed and there were acorns and dirt everywhere. The frame and underlayment of the roof is soaked and there was mold everywhere. I easily put my finger through the ceiling that was buckled. We made our way down the ladder-like stairs to the basement and we couldn't stand up. There was a puddle in the middle and 2 hot water tanks tipped over. In a connecting room in the basement there was a huge pile of dirt up against the wall. The foundation in the back of the house was crumbled and missing huge chunks of concrete. All the wood trim outside has rotted.
Here's my question. Our only option seems to be demolishing this dilapitated pile of XXXX. Has anyone been in this situation? Do I have the demo done and sell the land? The land in this township goes from $35,00-$75,000 for 1/3-1/2 acre. Or should I build a small house and sell? Prices in the area go from $90,000-$129,000. Any advice?

I'm hoping I get some good information out of these three days. From what I've read there are only a few that go to the bootcamp (and they're interviewed and chosen). Well, I'll see soon, it's this weekend.

Steve, the sherrif's sales are once a month and are online. They consistently update them so before you go to the sale you know which ones are cancelled and which ones are postponed. I usually like more than one house each month but the due diligence is costly meaning the title searches. Is there any way around this?
And Joe, my 3 day class was 200 bucks. I don't think I'm ready for the $4000 deal. But thanks for the information! :)

So you're saying if I'm going to these sales, have information and be ready to bid on more than one house?
Aaron, where do you have the best luck finding deals? or anyone else reading this?

All of the lawyers start with "cost and taxes". I haven't seen it go to a bidding war.

Is this the status quo or is it like this (banks asking too high of a price) in certain cities?

Thanks for the information everyone. Yes, I consider myself a novice but I have been learning for 5+ years and I have had one successful flip. I'm also taking the 3-day "FortuneBuilders" class in Nov. I'm hoping to find more ways to find good deals but right now I am focusing on these foreclosures. I've been to several and unlike what I am hearing from other cities, not many people bid on these auctions because they are intimidated by the process or they aren't sure. That's why I am trying to learn. Your answers have been extremely helpful and thanks for the link, Steve!

I just got a title search for a house I am interested in at our next sherrif's sale. The house has a second mortgage. I heard that is not a problem. What exactly am I looking for in these title searches? Novice question.