Bear Island Foreclosure Sale

EllyPoinster · 02-22-2008, 12:51 PM

There is a notice for the foreclosure sale of a Bear Island property in today's Union Leader. As is usual with these sales, the auction will be held on the premises - on March 17th. Getting there at this time of the year should be interesting.

WeirsBeachBoater · 02-22-2008, 01:03 PM

Can you post a link?

krm · 02-22-2008, 01:27 PM

Any one know how much is owed to the bank, in taxes, liens?

EllyPoinster · 02-22-2008, 01:36 PM

Quote:

Originally Posted by WeirsBeachBoater

Can you post a link?

http://publicnoticeads.com/NH/search...08_6982916.HTM

Redwing · 02-22-2008, 02:14 PM

I googled "vision appraisal" and clicked on New Hampshire, then clicked Meredith, typed in the owner's name (which you can get from the link above), and voila.....a picture of the cottage in question, with all its' specs! A sign of the times, I fear (foreclosures).

offmycloud · 02-22-2008, 02:40 PM

If this goes looks like it will go cheap, they paid $125K for it in 2001. How the heck do you get out there in mid-March?

krm · 02-22-2008, 02:45 PM

The debt on the property is at least 250k when you go to the registry of deeds, but I did not look for property tax liens or other... so if the auction is not for more then what is owed the bank will just take it back and list with a realtor. Too bad it was not 125k that would have been a fair price. The owner appears to be like 10% of the US population upside down in regards to their mortgage.

offmycloud · 02-22-2008, 02:59 PM

Wow, would the market support $250K for that place? It looks pretty small. Seems high but I don't know island real estate.

krm · 02-22-2008, 03:02 PM

I would not think so. Like I said upside down.

offmycloud · 02-22-2008, 03:07 PM

The bank may just dump it and take the loss. If I was going to be in the area I would try to attend. Wacky things can happen at those auctions, especially vacation homes and island property no less.

andyporter · 02-22-2008, 03:28 PM

Anyone know where on the island its located? Near the mail dock,near Camp Lawerence etc...

WeirsBeachBoater · 02-22-2008, 04:32 PM

I know how I can get out there, but I won't tell, that way I can be one of only a few bidders!!! LOL

offmycloud · 02-22-2008, 04:44 PM

Quote:

Originally Posted by WeirsBeachBoater

I know how I can get out there, but I won't tell, that way I can be one of only a few bidders!!! LOL

Lemme guess - airboat? I can't imagine how there would be any bidders there. You can't go out on the ice that time of year, right?

krm · 02-22-2008, 04:44 PM

http://www.airboats.ca/video.cfm?id=1

fatlazyless · 02-22-2008, 06:41 PM

This is all very interesting. I wonder what is the local home value price trigger that requires a town to undergo a reassessment, as town-wide reassessments are expensive? Like costing a town maybe $350,000 for it to hire Vision appraisal, or a similar assessment company?

If today's market says it is worth 225, then the smart seller should go window shop Washington Mutual, up by the Meredith roundabout, for an easy 325 refi. Isn't that how it works?

jerseyonbear · 02-22-2008, 06:49 PM

it appears that the cottage is located between Dolly Point and the Church Dock.

bilproject · 02-22-2008, 07:54 PM

The property is located almost directly across from cattle landing right behind Dolly. No Septic and with new shoreline rules could never be expanded. 2 rooms and a porch. Doubt this property would go for more than 175K. 100x100 lot. The 100 foot of water frontage is what drives up the assessment right fatlaz!

WeirsBeachBoater · 02-22-2008, 07:57 PM

Ok, no septic? So how in todays world is that legal?

fatlazyless · 02-22-2008, 08:12 PM

My old Grumman aluminum war canoe seats 10 bargain-warriors and one foreclosure attorney, Chief, whose esteemed position let's him sit on the stern of the canoe as he chants the holy forclosure coxain's mantra.

"Heap big wampun, straight to Bear shore....stroke....feather....stroke....feather... .stroke, waterfront real estate always come back....say the great spirit".

"Heap big bargain over there....stroke...stroke...stroke....buy it for free, plus $25,000 excess cash from great friendly father at Washington Mutual up on yonder hilltop."

"Is good to be the Chief, no have to paddle, ugh!"

secondcurve · 02-22-2008, 08:46 PM

Wifi:

I agree with you that this might be the first of many lake front homes that go upside down, but I think it has little to do with the SPA and everything to do with a lack of personal responsibility. I could be wrong on the exact numbers, but as I recall, this guy starts out by buying the property at $125M in 2001 and he presently has a loan balance around $295M. Maybe I'm crazy, but this foreclosure probably has little to do with the SPA. But don't fret, maybe one of the aspiring presidential wannabes will freeze interest rates at 5% so the big, bad banks don't take advantage of this poor guy.

wifi · 02-22-2008, 08:03 PM

Quote:

Originally Posted by bilproject

..... No Septic and with new shoreline rules could never be expanded. ....

This might be the first of the many lakefront homes that will go upside down thanks to the SPA...

codeman671 · 02-23-2008, 07:21 AM

Quote:

Originally Posted by krm

http://www.airboats.ca/video.cfm?id=1

Dont tease me, I miss my boat...

I would be rather skeptical by then how safe it will be to get there. I am still thinking early ice out, certainly earlier than last year.

02-22-2008, 12:51 PM	#1
EllyPoinster Senior Member Join Date: Nov 2005 Posts: 160 Thanks: 13 Thanked 25 Times in 20 Posts	Bear Island Foreclosure Sale There is a notice for the foreclosure sale of a Bear Island property in today's Union Leader. As is usual with these sales, the auction will be held on the premises - on March 17th. Getting there at this time of the year should be interesting.

02-22-2008, 01:27 PM	#3
krm Member Join Date: Apr 2007 Posts: 39 Thanks: 1 Thanked 0 Times in 0 Posts	?bank Any one know how much is owed to the bank, in taxes, liens?

02-22-2008, 02:14 PM	#5
Redwing Deceased Member Join Date: Feb 2006 Location: New Haven, Connecticut and summer resident of Moultonborough, NH since 1952 Posts: 216 Thanks: 324 Thanked 43 Times in 27 Posts	Vision Appraisal I googled "vision appraisal" and clicked on New Hampshire, then clicked Meredith, typed in the owner's name (which you can get from the link above), and voila.....a picture of the cottage in question, with all its' specs! A sign of the times, I fear (foreclosures).

02-22-2008, 03:28 PM	#11
andyporter Junior Member Join Date: Jul 2007 Location: Bear Island Posts: 16 Thanks: 0 Thanked 0 Times in 0 Posts	Island sale Anyone know where on the island its located? Near the mail dock,near Camp Lawerence etc...

02-22-2008, 06:41 PM	#15
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,737 Blog Entries: 1 Thanks: 300 Thanked 1,007 Times in 735 Posts	This is all very interesting. I wonder what is the local home value price trigger that requires a town to undergo a reassessment, as town-wide reassessments are expensive? Like costing a town maybe $350,000 for it to hire Vision appraisal, or a similar assessment company? If today's market says it is worth 225, then the smart seller should go window shop Washington Mutual, up by the Meredith roundabout, for an easy 325 refi. Isn't that how it works? __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 02-22-2008 at 07:19 PM.

02-22-2008, 01:03 PM	#2
WeirsBeachBoater Senior Member Join Date: Apr 2004 Posts: 709 Blog Entries: 9 Thanks: 39 Thanked 148 Times in 65 Posts	Can you post a link?

02-22-2008, 02:40 PM	#6
offmycloud Senior Member Join Date: Apr 2007 Location: Chicago IL and Moultonborough Posts: 165 Thanks: 3 Thanked 5 Times in 5 Posts	If this goes looks like it will go cheap, they paid $125K for it in 2001. How the heck do you get out there in mid-March?

02-22-2008, 02:45 PM	#7
krm Member Join Date: Apr 2007 Posts: 39 Thanks: 1 Thanked 0 Times in 0 Posts	The debt on the property is at least 250k when you go to the registry of deeds, but I did not look for property tax liens or other... so if the auction is not for more then what is owed the bank will just take it back and list with a realtor. Too bad it was not 125k that would have been a fair price. The owner appears to be like 10% of the US population upside down in regards to their mortgage.

02-22-2008, 02:59 PM	#8
offmycloud Senior Member Join Date: Apr 2007 Location: Chicago IL and Moultonborough Posts: 165 Thanks: 3 Thanked 5 Times in 5 Posts	Wow, would the market support $250K for that place? It looks pretty small. Seems high but I don't know island real estate.

02-22-2008, 03:02 PM	#9
krm Member Join Date: Apr 2007 Posts: 39 Thanks: 1 Thanked 0 Times in 0 Posts	I would not think so. Like I said upside down.

02-22-2008, 03:07 PM	#10
offmycloud Senior Member Join Date: Apr 2007 Location: Chicago IL and Moultonborough Posts: 165 Thanks: 3 Thanked 5 Times in 5 Posts	The bank may just dump it and take the loss. If I was going to be in the area I would try to attend. Wacky things can happen at those auctions, especially vacation homes and island property no less.

02-22-2008, 04:32 PM	#12
WeirsBeachBoater Senior Member Join Date: Apr 2004 Posts: 709 Blog Entries: 9 Thanks: 39 Thanked 148 Times in 65 Posts	I know how I can get out there, but I won't tell, that way I can be one of only a few bidders!!! LOL

02-22-2008, 04:44 PM	#14
krm Member Join Date: Apr 2007 Posts: 39 Thanks: 1 Thanked 0 Times in 0 Posts	http://www.airboats.ca/video.cfm?id=1

02-22-2008, 06:49 PM	#16
jerseyonbear Senior Member Join Date: Jun 2005 Posts: 97 Thanks: 94 Thanked 7 Times in 6 Posts	location it appears that the cottage is located between Dolly Point and the Church Dock.

02-22-2008, 07:54 PM	#17
bilproject Senior Member Join Date: Oct 2007 Location: Bear Island/Fort Myers, Fla Posts: 229 Blog Entries: 1 Thanks: 1 Thanked 59 Times in 41 Posts	The property is located almost directly across from cattle landing right behind Dolly. No Septic and with new shoreline rules could never be expanded. 2 rooms and a porch. Doubt this property would go for more than 175K. 100x100 lot. The 100 foot of water frontage is what drives up the assessment right fatlaz!

02-22-2008, 07:57 PM	#18
WeirsBeachBoater Senior Member Join Date: Apr 2004 Posts: 709 Blog Entries: 9 Thanks: 39 Thanked 148 Times in 65 Posts	Ok, no septic? So how in todays world is that legal?

02-22-2008, 08:12 PM	#19
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,737 Blog Entries: 1 Thanks: 300 Thanked 1,007 Times in 735 Posts	My old Grumman aluminum war canoe seats 10 bargain-warriors and one foreclosure attorney, Chief, whose esteemed position let's him sit on the stern of the canoe as he chants the holy forclosure coxain's mantra. "Heap big wampun, straight to Bear shore....stroke....feather....stroke....feather... .stroke, waterfront real estate always come back....say the great spirit". "Heap big bargain over there....stroke...stroke...stroke....buy it for free, plus $25,000 excess cash from great friendly father at Washington Mutual up on yonder hilltop." "Is good to be the Chief, no have to paddle, ugh!" __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 02-23-2008 at 09:24 PM.

02-22-2008, 08:46 PM	#20
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,117 Thanks: 1,325 Thanked 559 Times in 288 Posts	Wifi: I agree with you that this might be the first of many lake front homes that go upside down, but I think it has little to do with the SPA and everything to do with a lack of personal responsibility. I could be wrong on the exact numbers, but as I recall, this guy starts out by buying the property at $125M in 2001 and he presently has a loan balance around $295M. Maybe I'm crazy, but this foreclosure probably has little to do with the SPA. But don't fret, maybe one of the aspiring presidential wannabes will freeze interest rates at 5% so the big, bad banks don't take advantage of this poor guy.