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Discussion Starter · #1 ·
So as you all know we have been looking for the right farm. . . The last one fell through at closing and I now found the perfect barn and land. . . .but. . . one small problem. . . :shades: the house has been empty for a good 4 or 5 years and the place finally dropped it's price. . . I go to look at it and find out why? Someone broke into it last week and damaged the place a little and took the heating and air unit! I wish I could talk my hubby into it as it has a wonderful 15 stall barn with office, two crosstie areas and wash racks, covered trailer parking, covered tractor parking, nice riding ring (just needs some paint and mowing/dragging (has #10 packed gravel with geotec bedding), round pen and pastures fenced. Would have been a dream home but now needs some tlc. I don't think the hubby will go for it though, but they are now only asking $65,000 and it has 14.50 acres. Would be a great place to go off grid.

House is still livable but needs a good cleaning and a heating and air unit (still has the gas fireplace). They even stole some of the kitchen cabinet doors!
 

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Wow, that is a good price! Our property cost three times that, and we had no fencing and the house was just barely livable.

If you can afford to put time and money into I can't see what sounds bad about it. Although the break in part would bother me so I would get a security system or at least put out signs. I would, of course, get the entire house inspected first too before making any final decision.

It sounds like a nice property though!
 

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WOW! that's a great price, and the barn sounds amazing. you guys can always live in the barn while the house is getting reno'ed. and yes, inspection is a must!

good luck farm hunting!
 

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Offer 20% less than they are asking and negotiate up from there. With the money you save install heat and air and have it cleaned and updated.
 

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Discussion Starter · #10 ·
Thanks guys. We are checking with our lender guy to see how much of a down payment they would need since it has to go conventional since the barn is valued at more then 50%. It will probably take $10,000 to get the house ready with heating and air unit and some minor fix-ups. The barn needs some cleaning up and the ring does as well. I may try to post some pictures but understand it has been empty for 4 to 5 years so it does not show what it could be again but what it has become. There is an empty trailer next to it that no one lives in any more, but there is junk all on the fence line from who ever moved out of it. So it is not the prettiest sight to see there on that side. It really is a diamond in the rough. Believe it or not back in it's hay day my uncle knew one of the prior owners. He was a big horse trainer for saddlebreds and learned a lot from my uncle. I even rode horses there back when I was just getting into training saddlebreds (so it had been a long time ago).
 

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Discussion Starter · #11 ·
I actually think my hubby is in the middle of putting an offer in on this place as I type. . . We heard there are now 4 bids in on it so fingers crossed that this works out for us this time.

humm if we did end up with this place I would finally have a nice place to work the horses again! Plus enough stalls for all of the animals!
 

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Be fast I learned this the hard way and if I had the money I and the bank would have gone to court but......make your offer if they come back with a counter and it is something that you would be willing to pay tell them you except. Since there are bids on the table you need to be first on excepting their offer. I tried to buy a house a few years back and we and the bank were in the middle of agreeing on a offer they put their counter offer in ....law.say you have 3 days to counter or except but on day 2 someone put a offer in and they excepted. We told them we except and they basically said tough s***. Hope it works out for you. Sounds like a lot of work but if your not too picky you can take your time fixing it up....good luck!!!!
 

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Discussion Starter · #14 ·
Fingers and toes crossed for you !!!
Sounds beautiful too , especially the barn :drool:
Praying you get it :pray:
Thanks! We can use all the help we can get :wink: No matter what the highest bid is, if a cash offer goes in that will automatically be selected since it is in foreclosure. The place was originally listed at $169,000 before going into foreclosure. Then the price was reduced to 79,000. The day they dropped it to 65,000 is when everyone on the earth decided they needed it :slapfloor:

Jessica84: Things can be tricky and risky with certain places. We first tried going Rural home on one place and got within a few days of closing and the lender decided they did not like how it was on two deeds. etc long story. We have been working for 3 years now with a great Realtor. This one is a special case since most loans require heating and air sources for the home before approving a loan and this one is now missing it's unit. Knowing that there are other bids in actually helps with knowing to place higher then other ones. If it doesn't work out then it wasn't meant to be.

If they drop the price on the last place we put in on enough then we can go back and just do a different loan on it and put in again.
 
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