Options
It looks like I am buying an 1860 *updated with pictures*
ambro51
Posts: 14,471 ✭✭✭✭✭
Farm.
I told you guys my wife done strange things with money...things a normal numismatist would not dream of.
so, heres this 1860 south jersey farmhouse on 1.5 acres with outbuildings, a 10 car garage/workshop, guest house....just brimming with old patina. In coin terms we would call the house VF 25 with great eye appeal and original surfaces. ...and I can farm, an honest good parcel of old cleared land that has probably supported many a generation...just waiting to be reawakened. and location, location, location...in the quaint little village of Port Republic...one of the FEW genuine holdover communities from centuries past.
The money I save on shop rent will pay the taxes two times over...and we wont have a mortgage either.
....pictures to come!~ now we wait three months to see if our short sale contract is 'approved'...but it looks pretty good.
........green acres
(PS I cannot WAIT to see what my metal detector will turn up)
I told you guys my wife done strange things with money...things a normal numismatist would not dream of.
so, heres this 1860 south jersey farmhouse on 1.5 acres with outbuildings, a 10 car garage/workshop, guest house....just brimming with old patina. In coin terms we would call the house VF 25 with great eye appeal and original surfaces. ...and I can farm, an honest good parcel of old cleared land that has probably supported many a generation...just waiting to be reawakened. and location, location, location...in the quaint little village of Port Republic...one of the FEW genuine holdover communities from centuries past.
The money I save on shop rent will pay the taxes two times over...and we wont have a mortgage either.
....pictures to come!~ now we wait three months to see if our short sale contract is 'approved'...but it looks pretty good.
........green acres
(PS I cannot WAIT to see what my metal detector will turn up)
0
Comments
And buy yourself a metal detector for those coppers......
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
hmmmmmmmmmmmmmmmmmmmm
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907/publishedset/15628
March of Time - 27 Centuries in Gold
https://coins.www.collectors-society.com/WCM/CoinCustomSetView.aspx?s=36590
I knew it would happen.
Instagram - numismatistkenny
My Numismatics with Kenny Blog Page Best viewed on a laptop or monitor.
ANA Life Member & Volunteer District Representative
2019 ANA Young Numismatist of the Year
Doing my best to introduce Young Numismatists and Young Adults into the hobby.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
siliconvalleycoins.com
Not really looking for much these days but if I were, it might be a toner.
Can't wait to see the video on YouTube of you md'ing the walls.
"Inspiration exists, but it has to find you working" Pablo Picasso
Born and raised in SJ, had two small farms there, one in Landisville and one outside Hammonton. Always loved the area south and east of Hammonton, best of luck with your new purchase!
- Jim
I bet your adventures on that parcel would make for a very interesting stand-alone blog. Part history detective, part adventure.
Anyway, a few pictures, Now, she is a diamond in the rough, a real Farmhouse, and a real Farm. We are up for the challenge.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
World Collection
British Collection
German States Collection
Not really looking for much these days but if I were, it might be a toner.
AB
That field does look like a lot of work.
Brother, you made me wish I was young again.
<< <i>(PS I cannot WAIT to see what my metal detector will turn up) >>
When you get done swingin' the coil to your heart's content, me and guitarwes wanna come up on a road trip to leave Jawjuh and the Deep South behind, and maybe see how many craters we can leave in your yard! Surely there'll be some "sloppy seconds" left in an acre and a half?
Collector since 1976. On the CU forums here since 2001.
Empty Nest Collection
Empty Nest Collection
That big building damm thats my workshop for my woodshop. no more paying mr. landlord!! yippee
Hope there aren't any buckets out in the workshop that you end up accidentally kickin'!
Collector since 1976. On the CU forums here since 2001.
You mentioned a "short sale". That tells me that the property is owned by a seller who can not pay the mortgage on the place and the value of the property is less than the amount of the mortgage debt. In a short sale the lender agrees to allow a sale to close at a price less than the unpaid mortgage on the property. The gross sales proceeds are reduced by sales commissions and other costs; with the net proceeds being paid to the mortgage holder. The seller gets no cash out of the deal and may even have to pay some additional money out of pocket to close the deal. In return the seller gets out from under the property and the monthly expense of same; and the mortgage debt is deemed satisfied in full even though the lender does not get paid the full amount of the debt. Pretty good deal for the lender (who gets paid now and does not have to foreclose on the loan and possibly become the owner of the property through foreclosure, thereafter paying taxes, insurance and maintenance on same until it is resold); and for the seller (who gets an albatross off of their neck).
Not always a great deal for the buyer (who pays close to retail market value).
What I have seen happen in California (and it probably happens in other states) is that buyers who have the ability to pay cash for a property (or who can borrow large amounts of cash with a phone call and signature on a piece of paper) can often pick up their "dream home" for far less than retail by simply tracking the property as it goes through foreclosure and bidding on the property at a foreclosure sale.
Foreclosure buyers who buy with the intent of moving in to the property and living there are at an advantage over the foreclosure buyers who buy to rehab and resell to make a quick profit. Foreclosure buyers who buy to move in can afford to bid more agressively on a property that a buyer who rehabs and resells.
For example. In Calif. a property has a $500k loan on it that is not being paid. The property is worth $250k as is. A short sale would take place at maybe $240k. Absent a short sale the lender will foreclose. At the auction the lender will not open the bidding at $250k since no one will buy at retail and the lender will become the owner of yet another foreclosure home. Instead the lender may open the bidding at $150k in the hopes that a foreclosure investor will appear and bid for the property. The opening bid of $150k convinces bidders to appear and bid. They may bid up from $150k (60% of market value) to $175k (70% of market value) or maybe even $200k (80% of market value). However, bidders who rehab and resell do not go above a certain percentage of market value since they do have holding, fix up and resale costs that must be absorbed by the difference between bid price and market value before they get a profit.
A bidder who wants to move into the home may aggressively bid above $175k, and maybe even above $200k. If they win at a bid of $201k, they pick up the property at almost 20% below fair market value and $39k below the $240k short sale price. The lender is happy with this result since it gets paid cash immediately (and does not have to pay taxes, insurance, maintenance and resale costs). The foreclosure buyer is happy since they get a property that they move into at a wholesale price. The defaulting homeowner may not be real happy (because a foreclosure sale instead of a short sale goes onto their credit record) but they will move and never be heard from again.
I had clients of mine do just this over the past few years. One client had contracted to buy a foreclosure home from the bank that took ownership through foreclosure at a price of $640k. However, at the closing the bank yanked the deal because the prior foreclosure was defective and had to be rescinded and done over again. My clients were angry at the loss of the sale (the house was completely rehabbed by the bank and was in move in condition and gorgeous with views of SF Bay and a yard that backed up to the Bay waters). However I told them to continue living in the rental they occupied and to monitor the property and the new foreclosure. I told them to consider raising the money to bid on the property at the foreclosure sale. They were able to do so. With my help they tracked the property and when it went to foreclosure sale again, my clients bid on the property and picked it up for $470k, $170k less than what they were going to pay for it. After they bought the property and obtained the foreclosure deed, they moved into the property and then took out a refinance loan against same to take some of their purchase price out of the property.
Another set of clients did the same and bid $1.8 million for a high end home in foreclosure when a first priority loan of about $2.3 million was foreclosed upon (there were also a number of junior liens that put about $3 million in debt on the property). The value of the property was about $3 million. The foreclosing lender under the first loan opened the bidding at $1.3 million and my client bid against other rehab and resell bidders up to $1.8 million. My client's high bid of $1.8 million won the property since the other bidders dropped out. My client now occupies the property.
So if things back east are similar to things in Calif. it is possible that you could pick up your dream home via foreclosure purchase for substantially less than the short sale price. Of course, if the price differential is not that big in straight dollars (i.e. $30k), it makes more sense to just close the short sale purchase and avoid all the uncertainties and nonsense that goes with a foreclosure purchase. However, if the price differential is substantial, it makes sense to at least investigate what your options are.
Either way, hope you find buried treasure on the property once you move in and break out the metal detector.