YOU may have a great chance of getting a unique deal on a new home.
But the clock is ticking and you’ll need to act fast if you want to get your hands on this real estate bargain.
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A three-bedroom, one-bathroom home built in 1925 is being auctioned online starting at just $1, presenting a unique opportunity for homebuyers.
The problem is that the auction will only take place from July 28th to 30th.
The home, situated on a large lot next to a picturesque creek, offers an intriguing mix of history and potential for the right buyer, according to Realtor.com.
THE MORE YOU KNOW
The home is 1,152 square feet and features a formal living room, full basement, and a charming porch, providing ample space for a family or property-hunting investor.
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However, potential bidders should be aware that the home is currently occupied and will be sold “as is,” with no access granted for inspections, according to Realtor.com.
The home is located in Herkimer County, new Yorkin the historic Mohawk Vally region between the Catskill and Adirondack Mountains, and is about a four-hour drive from New York City.
The lot measures 150 by 200 feet, totaling 30,000 square feet, or almost 0.7 acres surrounded by trees and greenery.
The house has gas heat and water available, but is not currently connected. It also works in a septic tank.
The neighborhood is family-friendly and does not charge residents’ association fees.
Additionally, the local amenities, schools and historic charm of Herkimer’s Main Street add to the appeal of this auctioned home.
This auction represents an exceptional opportunity for investors or first-time home buyers looking for a project.
Bidders should note that the condition of the home is classified as “resale” and no repairs or updates will be made prior to sale.
With a starting bid of just $1, anyone interested should do their own research on the property and its renovation needs. You must also be prepared to navigate the auction process.
Visit Auction.com for more information and to participate in the auction.
How to use excrow to buy a house
What is a deposit? Why did my mortgage payment go up?
Escrow accounts are created to help homeowners cover insurance, property taxes, or other home-related expenses.
If you have a deposit, part of your monthly mortgage payment goes into the account.
The escrow management company then uses the money in the escrow account to pay taxes and insurance when those payments are due.
Essentially, escrow bundles these other charges with your monthly principal payments, making them easier to manage. The goal is to make homeowners less likely to default on payments.
If the government’s annual assessment of your home determines that property taxes will increase, escrow payments may also increase, meaning even those with fixed mortgage payments could end up shelling out more money every month.
BEFORE BIDDING
Before bidding on any property, it is essential to carry out due diligence to ensure you make an informed decision.
Here are the key steps to consider, according to Auction.com:
- Educate yourself: Understanding the due diligence process is the first step. Familiarize yourself with the procedures involved in property auctions.
- Review property information: Gather all relevant data, including third-party reports on property condition, market value, and neighborhood information. You can access the Property Information Report and Additional Property Information to guide your assessment.
- Examine the title and warranties: A preliminary title report is available for reference, but it is advisable to see a professional for a comprehensive evaluation. Key details include that the property is sold with a Special Warranty Deed and the seller will cover title insurance.
- Review the purchase contract: Carefully read the seller’s terms and conditions, as well as your rights as a buyer. Essential documents include the Purchase Agreement and the Property Condition Addendum and Release.
- Prepare your finances: Cash is the preferred payment method, although some cases may allow hard money loans or lines of credit. Please be aware that conventional financing cannot be used for this property. Proof of funds must be provided within 48 hours of winning the auction.
By following these steps, you can ensure a safer and more informed bidding experience.
Always remember that thorough preparation can make all the difference in real estate transactions.
And if you’re trying to move to high-demand cities, there are still ways to reduce costs and maximize your investment.
But even if you’re still renting and not quite ready to buy, there are also options for saving money and negotiating for a home.
A recent study found the three cities that saw the biggest drops in rent prices last year.
This story originally appeared on The-sun.com read the full story
