Tales from the Foreclosure Auction (Grassroots Pantera Content)

So this morning, I went to the foreclosure auction for the property where the Grassroots Pantera is located.

http://grassrootsmotorsports.com/forum/grm/grassroots-pantera/18960/page1/

The legal notice stated that the property was available for inspection from ten until noon, with the auction starting promptly at noon. I had contacted the attorney in charge to ask if the vehicles there would be included in the auction or if they would be sold separately. He said that it was being sold as-is, and all the stuff went with the house. I had taken a quick look around the outside of the house, but wanted a closer, uh... more legal, look around. Plus, I wanted to see what might be hiding in the garage. I was also hoping that the property would be purchased by a bank, one that would have no interest in the vehicles abandoned there. I also wanted to snap some hi-res photos of the cars for David.

Things did not go exactly as planned. When I arrived, there were about a dozen people standing in the street. I asked if we were allowed to take a look around, but I was told by the attorney that the homeowner was on site and he was not allowing anyone to enter.

To make things more interesting, I should add that the home had been abandoned several years ago, but the owner had kept a bunch of dogs living there. When the authorities had discovered this, they found the home in deplorable condition, with a bunch of malnourished dogs inside and a few dead ones. They also found 17 firearms, covered in feces. The owner and his wife were arrested. The newspaper headline was "House of Death and Decay". I suspect that there were some serious mental health issues involved. This did not give me a warm fuzzy feeling about poking around there.

At the crack of noon, the auction began. The attorney read the legal notice and stated that the first bidder was the bank at $180,000. Immediately, one guy turned and started walking towards his truck. Another guy scratched his head for a minute and bid $181k. Once, twice, SOLD at 12:04 PM. I was shocked at how uneventful it all was.

The winning bidder was standing right next to me. I immediately handed him an envelope containing a pre-typed offer to purchase and remove all of the abandoned cars, motorcycles, parts and tools from the property (five cars and at least as many motorcycles).

He was clearly a contractor and not a bank rep, so I don't know what my chances are. It was fairly obvious that the bid was a little higher than anyone had expected. Hopefully, he will be interested in saving himself some work and recouping a little cash in the short term.

This could be fun and interesting, though I won't be terribly disappointed if things don't go my way.

That is the grassroots way! Hopefully you hear back from the guy.

The only time I was involved in a foreclosure auction was a farm being auctioned because a kid basically wrecked his family's finances with some really stupid ideas about how to operate a farming concern. He wasn't allowed into the auction area, which was held off-site at a large gymnasium of sorts since it was really cold out that weekend. Dad and I went along with a neighbor, I think most people there were just watching what was going to happen. Willie Nelson was rumored to hold a Farm Aid of sorts benefit for the family because of how things had been working out, but it never happened.

The son that screwed everything up was patrolling around in his car, watching everyone out the window, that's the part I remember. This weird yokel in an '83 Olds Toronado with a K40 whip antenna on the back with a grimace on his face, watching people roll into a parking lot to try and buy his dad's farm. Weird all the way around. I think the thing sold for a pretty decent price in the end.

Good luck, keep us informed on how it works out.

Holy crap. Did the house come with 30 acres or something?

181K, WW.

good luck

poopshovel wrote: Holy crap. Did the house come with 30 acres or something?

Nope. Just a E36 M3ty house on a horrible lot in the woods of Connecticut.

That's just one reason I'm glad I don't live in CT any longer.

I would think that the winning bidder would be happy to have someone come and haul away the junk and pay him for it....assuming he see the cars and bikes as junk. Good luck.

Woody wrote: When the authorities had discovered this, they found the home in deplorable condition, with a bunch of malnourished dogs inside and a few dead ones. They also found 17 firearms, covered in feces. The owner and his wife were arrested.

The guns were covered in Feces?

(sorry bad joke) ... Did you get a look at anything better? ... Good luck!

That wasn't a joke. The guns were covered in feces.

Woody wrote: That wasn't a joke. The guns were covered in feces.

I would like to nominate this statement for "Say What!?"

poopshovel wrote:

Woody wrote: That wasn't a joke. The guns were covered in feces.

I would like to nominate this statement for "Say What!?"

I 2nd that nomination.

Dogs are E36 M3ty shots.

I will have to say that overall this is turning out to be very interesting. I mean you just can't make this stuff up!! Here are several things I don't understand though.

1.Why is/was the owner on the property? After foreclosure isn't it illegal for him to be there keeping people out?

1. There is an auction being held on a house/property you can't even look at? Come on!!

2. And of course the last and most obvious and as previously stated........someone paid 181K for that thing!!! What??!! Somebody must know something that's not available to the general public. A hidden Dusenberg in the garage maybe?

Great story. Keep us posted.

around here.. 181K would be cheap

Feedyurhed wrote: I will have to say that overall this is turning out to be very interesting. I mean you just can't make this stuff up!! Here are several things I don't understand though. 1.Why is/was the owner on the property? After foreclosure isn't it illegal for him to be there keeping people out? 2. There is an auction being held on a house/property you can't even look at? Come on!! 3. And of course the last and most obvious and as previously stated........someone paid 181K for that thing!!! What??!! Somebody must know something that's not available to the general public. A hidden Dusenberg in the garage maybe? Great story. Keep us posted.

As far as the owner being o the property, this is a guy who doesn't seem terribly concerned with the idea of playing by the rules.

And, even considering the poor economy and E36 M3ty lot, this house will easily sell for more than double that price once it's cleaned up. This is one of the reasons why we retire to the South.

Around here that wouldn't have gone for $1800!

Here's a better look at the house:

I wonder what motorcycle that is under the cover. I'm sure being under a cover did it no favors, what with trapped moisture and all.

It's a Sportster.

petegossett wrote: Around here that wouldn't have gone for $1800!

But a few hours north and it would have gone for the selling price.

Good luck with this, if you get I can't wait to see pics of all of the bikes and cars.

dibs on the camaro if you get to clean out all the cars

Stuff is just more expensive up north. Looks like a pretty decent sized house. Hope you get some awesome swag from this!

Here in Southern NJ, a 3 bedroom rancher can run you from 180K to over half a million.. depending on location.

Right before the bottom dropped out of the economy, I was looking to buy a rancher in a less than perfect neighborhood that needed some work.. 220K... my parents old rancher in Ocean City NJ, which they sold in 1994 for 125K.. was just resold for 400K

Talked to a guy that viewed the Pantera (list member) and said the car wasn't worth dragging home. Pity.