My friend and I were able to purchase the property for less than $50,000, which included ten acres of land
Last week, my business partner and I attended an auction. Everything had to go, including the house, because it was an old farmhouse. They required prospective homebuyers to bring bank paperwork stating the amount of the preapproval loan toward the purchase of the house. The owners wanted to ensure that potential buyers could afford to buy the house. MY PARTNER and I did a walk-through of the house, and it was beautiful. I had no idea why one of the family members refused the house. The only item listed on the sales sheet was that the property lacked a heating and cooling system. The elderly couple had apparently relied solely on the fireplace for heat, as they lacked an air conditioner. It was a farmhouse, and they had no desire to modernize it. They weren’t there long enough to appreciate the air conditioner. My friend and I were seriously considering buying the house, but everything hinged on how much it would sell for. My friend and I knew how much it would cost to install ductless heating and cooling, but we didn’t want to install traditional heating and cooling. The cost of an air duct would be prohibitively expensive for us. After spending the entire day at the property and making numerous important purchases, the property was put up for auction. My friend and I were able to purchase the property for less than $50,000, which included ten acres of land. The rest of the property was left to the owners’ family with the condition that it not be sold or improved upon. It had to be only family homes and farming.