For context: That is a real home for sale at 60k in Utah. It is 300 sq ft and is located in a place that Google Maps doesn't work on.
this post was submitted on 16 Oct 2023
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mfw my 360 sqft studio is almost 4x more expensive
The middle of nowhere calls to you friend! The urge to get one of these places as long as they have internet... it is strong. It calls to me like a siren. But I have friends and girlfriend and who knows if there are any good stores near some of these place. Ugh.
40k not 60k. It's clearly being sold for just the land or as a fixer upper for someone who doesn't need all this fancy new trash that people buy these days.
I'd gladly love there but I have my own home so no need to downsize.
Oh yeah weird typo on my part, sorry 40k.
Honestly I just wish it wasn't in the middle of nowhere. But basically anything under (or close to) 100k is nowhere near where jobs are or even stores. So people who enjoy being away from it all or off the grid are being financially encouraged to do so.
That's fucking ideal.
The middle of nowhere calls to you friend! Big lots of land, old tiny houses, and no neighbors.
Not for everyone, but if it's something you can deal with/enjoy, it's there for you.
It's a bit far north for my thin southern blood. I'll take one just like it in Georgia though.
One Georgia murder house, coming up!
Slightly better one.
I appreciate your efforts but .5 acre lot just doesn't get it for me.
What about 5 acres?? It's not just a murder shack, but a full on murder house with space for chases through the woods!
I have no idea where this is, but man that part of google maps seems WET.
Almost a 3 hour commute to work. Getting warmer though. What search criteria are you using? I'd like to take a go at it myself. Are you actually looking for murder houses? I haven't tried that yet. Hoping for at least 10 acres and no neighbors for a mile or better.
Haha that's funny.
I'm just doing houses, minus price of 1000 to avoid people listing by $1, then sort by price.
Fair. I'll give it a shot. Thanks.
How much do you think land costs?
I mean... a lot depending on location? The land out in the region this is at is like 10-20k. But some lots in the middle of nowhere with no services are like 1-5k since Utah is 90% middle of nowhere.
Where I live in Utah Valley, you will not find an empty lot under 200k.
Stop! I can only get so hard!
"I'm tired of this, grandpa!"
"That's too damn bad! You keep living in this shithole of a world we created because we could only see short-term gain"
Line go up! Line go up!
No house price go down, only up!
Something tells me it's not just pet smells...
But at the same time, if the garage doesn't have too much mold/mildew, could totally live in there!
It has to have some kind of structural problems or water damage to be that low. The next cheapest house has entire chunks missing out of the exterior walls and that one is 30k.
Oh yeah, that "smell" is probably the entire thing rotted to the core tbh.
For $1000 just tear it down and build a new one. Developers would have snapped that up in 2 seconds flat here and had the lot parceled up by noon.
For those who don't want to click links:
I would kill for that house
Honestly man... I see it. No rent? No "owning" a house that is 80% owned by a bank? Like sure it's small, out of the middle nowhere, and it'd take a lot of elbow grease. But after like a week or two of cleaning it'll be completely livable and have SOOO much space on the land.
https://www.realtor.com/realestateandhomes-detail/Fruitland_UT_84027_M90979-92104?from=srp-list-card
No “owning” a house that is 80% owned by a bank?
That's not how mortgages work. Your name is on the title/deed? You own it, for realsies.
If you have not paid in cash, the property may also be used as collateral for the loan acquired to purchase it. When this is the case, the title/deed has a lien placed on it, so that when the property is sold, the lienholder is repaid first from the proceeds of the sale - again, because the property is being used as collateral.
If you fail to meet the terms of the loan, the mortgage holder (probably not a proper bank) can take possession of the property, for the purposes of selling it to recover the unpaid portion of the loan. If the sale of the property recovers more money than the outstanding balance of the loan, the original owner gets the difference. This is foreclosure, and mortgage holders do not want to do this, for a number of reasons.
- When the mortgage holder forecloses, they now bear the expense of selling the property. This means making it ready for sale, paying a realtor fee, being responsible for property taxes, HOA dues, lawn maintenance, any necessary repairs. (If they don't pay for these things outright, there will be concessions given to the buyer to cover them.)
- Foreclosed properties often sit empty for a good period of time. Maybe the original owner moved out before the foreclosure was completed, and the property will often sit before going to market, then after as well. Until the property is sold, it is a pile of potential money, which nobody is repaying a loan for.
- In order to reduce the amount of time this asset is on the books, the mortgage company is likely to sell the property for less than it would get if it was being sold by a homeowner.
- Foreclosure is far more likely to happen when a mortgagee (homeowner) has bought the property when the market is high, and is unable to repay the loan at a time when the market is low. If things were the other way around, they would simply sell the property, pay the balance of the loan, and take the difference in cash. A mortgage holder does not want to take possession of a home that is worth less than what is owed on it (also taking into account all of the foreclosure costs above); they would much prefer to continue to receive mortgage payments.
That would still be a half million dollar house around here, actually it's probably 3x that considering the size of the lot.
Oh yeah in utah County where I live, the smallest buildable lots are selling for 250k.
So half an acre lots are 500k+.
Seems like only way to afford to live is to live 50 miles from anyone else.
Move to Saskatchewan, I was recently looking at houses for fun, and while there aren't a lot, there are houses for under 100k (and that's CAD).