This rancher at the south end of Seminole Drive was auctioned off today.
We just had a public auction down the street about 1/2 mile south of our house. A brick ranch home sold for $79000. The home looks about 40 years old - and it looks like no improvements were made since. It had 3BRs and a 2 car garage. The roof looked okay.
Some people in the neighborhood are shocked that it went so low. Of course it concerns them with the value of their own home. It concerns me because I am considering building a $400k home just 1/2 mile up the same street.
The above picture was taken from Seminole Drive - on the right side of the home is the very busy Magnolia Drive. Across the highway is "the other side of the tracks."
They started the bidding off at $150k - no one responded at that - so they dropped it to $100k. Finally someone yelled out $50k - and the bidding began. About 5 people bid on it each raising the offer $1000. At $75,000 - it got down to just 2 bidders. Finally - at $79k - one man walked away.
The winning bidder also had to pay a 10% fee to the auction company. They also had to put $20000 cash down now. The rest of the cash must be ready July 1st. The new buyer is buying the home as is - where is. That means they must search the court records for any money owed to get a clear title.
The bathroom looks like it is the original.
The living room had one big window and door. The carpet was old but there was hardwood floors underneath it.
The kitchen looked original too.
Bids started at $50000 and went to $79000.
Our house is about 1/2 mile beyond on this picture.