These West Side Houses are on the City Auction Block. (Quick Glance!)

Hi!
I wanted to highlight a few west side houses in my neighborhood that are on the City of Buffalo In Rem Foreclosure Auction List. The auction is set for the end of October – it is about 3 weeks away!
 
There are literally thousands to choose from and many of them are true gems. For me, it is all about location and historic features. Location will determine your rehab budget, rent ability and return on investment – all things you should be thinking about before you buy.  Historic features such as clap board, unique doors, porches – those are important too!
Note – I would probably not by a vinyl victorian because of my dislike for vinyl siding – even if it was in a good location! (Unless clapboard was hiding underneath – that would be amazing!!) 
 
These three were found at just first glance by using google maps. They are in a great location – the fivepoints/mass ave area of the West Side – and easily walkable to Richmond and Elmwood. I bet these guys could be rehabbed quickly and would provide a great return on investment for whoever invests in them. Take a look!
 
 
You can read about Jason and I rehabbing our 2012 In Rem houses here. http://www.buffalovedevelopment.com
 
455 W Ferry – Green & Yellow house, one block from Richmond.
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​394 West Ferry – Who doesn’t want a neat historic storefront?
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​346 Breckenridge – Simple, charming and in a pretty safe neighborhood!
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And so it begins… Buffalove Development is Born!

On October 29th, Jason and I attended the In Rem foreclosure Auction with hopes to leave with a few historic gems that are in need for some serious TLC. We left the auction with four purchase papers in hand for ownership of four properties on the West Side of Buffalo – one vacant lot, one double and three singles. Whoa, right?

Our goal is quite simple. To invest in the neighborhood that we love and to provide an affordable, sustainable and overall solid product that raises the bar in Buffalo. Jason and I have a lot of long-term goals which you can imagine are wacky/dreamy/awesome but this is really the start of the bigger picture for us. (more on that discussion later!)

I don’t want to get too much into the process right now because everything could flip upside down tomorrow but I wanted to blog about it since everyone is asking. As of today,  we are still running on excitement and trying to figure out the next steps. Unfortunately there is no guide-book towards buying properties at foreclosure auctions and we have come to realize that each situation is different.

We already have questions coming to mind. Keep in mind, foreclosure auction houses don’t come with keys.. so how do we get in if it’s occupied? What if we think it’s vacant but we think someone is squatting in there? How do we get the city water authority to shut off the water when we don’t have the deed yet?

A bigger question in my mind – why aren’t these auctions held in the early Spring or Summer when people have the ability to work on them during warmer months? Unfortunately, we will be lucky if we get title before January. It would be more ideal if we had time before winter hits to weatherize, take care of roof leaks and get the rehab ball rolling. Instead, we have to hope the previous owner is paying utilities, that a pipe doesn’t burst, squatters aren’t sleeping in them..  etc… there are a lot of unknowns and fingers crossed kind of moments.

Well, I am sure we will have a million questions. Perhaps I should start a journal? Maybe I will use this blog instead. More to come. Stay tuned!

Buffalove Development is Born!

With Buffalove,

Bernice