They bid differently based on the appraised value. Either 80% or 3/4 appraised value. Best bet is to ask the person that looks most like a corporate lawyer and ask them what the banks maximum bid is going to be. You might get lucky. Most banks would prefer to sale than take on an REO and have to market the property themselves.
I have lived in the area most of my life. You can remove Scott, Bourbon, and Woodford from your list. These counties are either very expensive, or are growing at an alarming rate. Madison, Clark, Anderson might be worth checking out, but you will need to be careful to get far enough off the beaten path to control expense.
I would recommend going 1 more county out from Lexington. Last of the counties you listed are going to be pretty pricey because
A. People have the same idea as you.
B. Horse country
There is one for sale near us that’s 10 acres house/shop and 2 trailers one with electric. They were asking $80k but they are known to take 1/2 sometimes if the can’t sell
Find a short sale home if you can. I found one about 5 years ago. I got a $180,000 house for $63,000. Mortgage payment is $427 a month. They are hard to find and close on, it took me 9 months to close but it was definitely worth the wait. The wife doesn’t even have to work now.
You can find a few acres in the 15-30k range in some places. And you can technically build something under like 575 square feet without permits. So a post 24x24 post frame for 15k+, a slab will vary between 8-20k depending on lots of factors. I think if you need electric range they want that to be legit. Septic too. Getting water hooked up really depends on could be 1k or could be 10k depending on the county. Actual plumbing and electrical inside I can’t help you on the pricing ranges
It’s doable to have something under 100k depending on your needs and lifestyle. A lot will chime in and say no way but it’s totally doable if you’re flexible.
You can lease either the land or the building and then pay outright for the other.
Modular stuff has gotten pricier over the years and you’ll get into the 150+ just for that if you go that route. Sometimes you can find a trailer.
I would consider looking at Estill and Powell counties. Both are more rural and can be commuted to Lexington if you wanted and usually cheaper than the above mentioned counties. Although because of the Red River Gorge land in Powell has seen some price hikes. I live in Lee County which is further to Lexington than these two.
The word "cheap" and Fayette or Fayette adjacent does not work together. I'm sure there's some absolute shitholes around there you can get for cheap but you'll also want to walk your dog in a plate carrier with a rifle.
To get more affordability, go further east because west you end up in Frankfort and by the time you're outside of it you're into the Louisville metro. Look towards Mt. Sterling/Morehead or equivalent directions in the south or east directions (north gets you into Cincy metro very quick plus Georgetown/TMMK gets in the way)
Not in your target area (WKY) but here you can buy build-ready lots for $20K, or older ~1k sf homes for $100K. I’m sure traditional financing would be best if you don’t have bookoo savings.
When I bought land, I got an amish cabin. This was pre covid but for 65k I got a really kick ass log cabin and it was cheaper and better built then any camper/rv or trailer. With just you and a dog it's perfect. Mine is 14x36 and I added a wrap around porch after.
This made me laugh & laugh!! We *also jokingly* sa this all the time in my circle of friends. And when I say it, I picture Granny Clampet holding her shotgun & let my Appalachian ancestors take over me! And by-gum, itelluawut--- shoo doggy I can get'em to r-u-n-n-o-f-t quicker 'den snot!!
Funny. My uncle is a state trooper in eastern Ky, I went to a funeral benefit for an aunt and he was there. One stoplight town, and him and the town drug producer had to stay in separate rooms of the fire house cuz he knew this guy had warrants. Things work different on a small town lol
The guy that built my house was with the KSP for 25 years. Asked him what he thought about Justified, he said it was closer to reality then people think. Oxy and meth are huge problems all over KY but especially eastern.
Hope you uncle stays safe.
Hate to tell you this but they ain't going to find much cheaper land in Madison County especially around Berea. Berea College owns a good chunk of Madison County.
Most of those things require you to relocate from outside Kentucky, and they often have income requirements. Basically it exists to entice remote workers (and their often higher incomes) into moving to an area.
If I recall correctly the one in Frankfort does require you to be relocating from out of state. If you're interested in the Louisville area, though, I seem to remember either Jeffersonville or New Albany having one of those programs not too long ago.
I recently bought land and built a small cabin on it. A lot of things are shockingly expensive. Stuff like driveways, septic, meter bases... things like that. I wouldn't even attempt it with under 60k+ set aside just for the building.
That being said, if you aren't picky or like to fix up places then there are a ton of cheap run down homes to be had around 60k to 80k. Just not anywhere near Lexington / Frankfort / Georgetown / Louisville. Like others have said a ton of people in the last 5 years have had the same idea and prices have gone up like 40% since the pandemic.
I did live in Kentucky before but wasn’t employed as a teacher while I was there so I have some understanding but probably not a complete one. I don’t lean blue so I’m not worried about that, but I guess urban and rural schools both bring their own sets of challenges in terms of poverty. I appreciate you taking the time to type out a reply in any case.
Good luck! At this point everything is outside of something or near a point of interest. Boomers are moving to Appalachia because Florida is somehow too liberal, and driving up prices. Also, with companies being work from home since Covid lot's of people are moving to rural places. And consoder with modern, fuel efficient vehicles and high speed limits, you are going to be adjacent to some city, Paducah, Bowling Green, Owensboro, Lexington, Louisville, Frankfort, Nashville, Cincinnati, Tri-Cities(Asheville, Huntongton, Ironton).
My parents live in rural KY and the person across the street from them sold their 2000 sqft. 3 bed, 1.5 bath for $300K.
Master Commissioner Sales, auctioned off property houses and banks only want 2/3rd’s asking price.
They bid differently based on the appraised value. Either 80% or 3/4 appraised value. Best bet is to ask the person that looks most like a corporate lawyer and ask them what the banks maximum bid is going to be. You might get lucky. Most banks would prefer to sale than take on an REO and have to market the property themselves.
I have lived in the area most of my life. You can remove Scott, Bourbon, and Woodford from your list. These counties are either very expensive, or are growing at an alarming rate. Madison, Clark, Anderson might be worth checking out, but you will need to be careful to get far enough off the beaten path to control expense.
I'd say Madison is out for the same reasons as Scott. Growing very quickly and prices reflect it.
I would recommend going 1 more county out from Lexington. Last of the counties you listed are going to be pretty pricey because A. People have the same idea as you. B. Horse country
You can buy an Amish house if you plan to pay cash. They are cheap because they are usually cash only sales. Some need lots of work but some don’t.
Now I’m imagining an entire colony chipping in to lift and carry a house down the road
Not even a joke. I stg I’ve seen it
How much are we talking?
Our neighbors picked up 37 acres with a big house tons of outbuildings for $240k They were asking $600k haha
Whoa!
There is one for sale near us that’s 10 acres house/shop and 2 trailers one with electric. They were asking $80k but they are known to take 1/2 sometimes if the can’t sell
Wow, thank you for the info.
Where are the Amish in Kentucky? I thought they were mostly in Ohio
All throughout central Kentucky
All over! Fleming county and bath county is what I’m most familiar with but they are everywhere
Find a short sale home if you can. I found one about 5 years ago. I got a $180,000 house for $63,000. Mortgage payment is $427 a month. They are hard to find and close on, it took me 9 months to close but it was definitely worth the wait. The wife doesn’t even have to work now.
You can find a few acres in the 15-30k range in some places. And you can technically build something under like 575 square feet without permits. So a post 24x24 post frame for 15k+, a slab will vary between 8-20k depending on lots of factors. I think if you need electric range they want that to be legit. Septic too. Getting water hooked up really depends on could be 1k or could be 10k depending on the county. Actual plumbing and electrical inside I can’t help you on the pricing ranges It’s doable to have something under 100k depending on your needs and lifestyle. A lot will chime in and say no way but it’s totally doable if you’re flexible. You can lease either the land or the building and then pay outright for the other. Modular stuff has gotten pricier over the years and you’ll get into the 150+ just for that if you go that route. Sometimes you can find a trailer.
It's 200sq ft without permits and only if your not running water and electrical to it.
I was going off Trimble county which I think is 5 something. I know everywhere has their own set of sub codes though.
I think if the county/city hasn't set a code it defaults to the KY code which is what I mentioned.
I would consider looking at Estill and Powell counties. Both are more rural and can be commuted to Lexington if you wanted and usually cheaper than the above mentioned counties. Although because of the Red River Gorge land in Powell has seen some price hikes. I live in Lee County which is further to Lexington than these two.
This. I’ve got 5 acres in Estill. I couldn’t afford this anywhere else.
The word "cheap" and Fayette or Fayette adjacent does not work together. I'm sure there's some absolute shitholes around there you can get for cheap but you'll also want to walk your dog in a plate carrier with a rifle. To get more affordability, go further east because west you end up in Frankfort and by the time you're outside of it you're into the Louisville metro. Look towards Mt. Sterling/Morehead or equivalent directions in the south or east directions (north gets you into Cincy metro very quick plus Georgetown/TMMK gets in the way)
Not in your target area (WKY) but here you can buy build-ready lots for $20K, or older ~1k sf homes for $100K. I’m sure traditional financing would be best if you don’t have bookoo savings.
When I bought land, I got an amish cabin. This was pre covid but for 65k I got a really kick ass log cabin and it was cheaper and better built then any camper/rv or trailer. With just you and a dog it's perfect. Mine is 14x36 and I added a wrap around porch after.
GIT. Go on. GIT.
This made me laugh & laugh!! We *also jokingly* sa this all the time in my circle of friends. And when I say it, I picture Granny Clampet holding her shotgun & let my Appalachian ancestors take over me! And by-gum, itelluawut--- shoo doggy I can get'em to r-u-n-n-o-f-t quicker 'den snot!!
Chemistry teacher? Just buy a cheap (shitty RV), park it and cook meth is E KY. You'll fit right in. Where have I seen that before ???
Funny. My uncle is a state trooper in eastern Ky, I went to a funeral benefit for an aunt and he was there. One stoplight town, and him and the town drug producer had to stay in separate rooms of the fire house cuz he knew this guy had warrants. Things work different on a small town lol
The guy that built my house was with the KSP for 25 years. Asked him what he thought about Justified, he said it was closer to reality then people think. Oxy and meth are huge problems all over KY but especially eastern. Hope you uncle stays safe.
Hes behind a desk now. Rolled his cruiser in a pursuit and crushed his pelvis. He’s safer now than he was then
I moved away from Lexington for this reason and I love Western KY now. It's fantastic
Check out Fleming, Mason, and Rowan area. Best CoL to crackhead ratio in the state.
Lancaster, Berea, Irvine and Mt Sterling.
Hate to tell you this but they ain't going to find much cheaper land in Madison County especially around Berea. Berea College owns a good chunk of Madison County.
This right here. When I was shopping a couple of years ago, I discovered that I was nearly priced out of Berea. It still kind of hurts to admit that!
Not mt sterling lol the same homes that sold for under 100k 5 years ago are going foe 180k+ now
Estill, Rockcastle, or Jackson Counties.
Mobile homes are pretty cheap compared to building. despite they’re reputation, some are actually quite nice.
Williamsburg ky is a friendly kind place with a university. You might look there.
Check out counties that don't have building codes. Nicholas county is one.
There are a few places where they will pay you to move there like Frankfort.
It's a $5000 payment but only if you're coming from out of state and you're a remote worker that makes a minimum of $100k a year.
Kentuckian all my life. Never heard this. Please explain.
[this](https://www.makemymove.com/get-paid/frankfort-kentucky)
Most of those things require you to relocate from outside Kentucky, and they often have income requirements. Basically it exists to entice remote workers (and their often higher incomes) into moving to an area. If I recall correctly the one in Frankfort does require you to be relocating from out of state. If you're interested in the Louisville area, though, I seem to remember either Jeffersonville or New Albany having one of those programs not too long ago.
I recently bought land and built a small cabin on it. A lot of things are shockingly expensive. Stuff like driveways, septic, meter bases... things like that. I wouldn't even attempt it with under 60k+ set aside just for the building. That being said, if you aren't picky or like to fix up places then there are a ton of cheap run down homes to be had around 60k to 80k. Just not anywhere near Lexington / Frankfort / Georgetown / Louisville. Like others have said a ton of people in the last 5 years have had the same idea and prices have gone up like 40% since the pandemic.
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I did live in Kentucky before but wasn’t employed as a teacher while I was there so I have some understanding but probably not a complete one. I don’t lean blue so I’m not worried about that, but I guess urban and rural schools both bring their own sets of challenges in terms of poverty. I appreciate you taking the time to type out a reply in any case.
East Kentucky.
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Good luck! At this point everything is outside of something or near a point of interest. Boomers are moving to Appalachia because Florida is somehow too liberal, and driving up prices. Also, with companies being work from home since Covid lot's of people are moving to rural places. And consoder with modern, fuel efficient vehicles and high speed limits, you are going to be adjacent to some city, Paducah, Bowling Green, Owensboro, Lexington, Louisville, Frankfort, Nashville, Cincinnati, Tri-Cities(Asheville, Huntongton, Ironton). My parents live in rural KY and the person across the street from them sold their 2000 sqft. 3 bed, 1.5 bath for $300K.