Today – Buyer’s Remorse

Yesterday’s win is today’s remorse. I awoke at 3:30 AM with a serious case of buyer’s remorse as I began re-thinking everything bad about purchasing a lot in Modoc County.

The biggest issue is the $195 per year payment to the county on behalf of the Last Frontier Healthcare District (LFHD). I’ve read all about it and there is nothing one can do to escape this annual “Special Tax.”

On the other hand, I’m bound and determined to figure out Modoc County Real Estate and there’s only one way to do it – join in. The LFHD may single-handedly be the demise of the current recreational property fiasco in Modoc County. And, that would be a good thing. I think it’s a clear case of unintended consequences.

While laying in bed, I couldn’t stop wondering if there were a reasonable way out of this financial conundrum. The more I thought about it the more I realized my sleep was over.

Out of bed by 5:00 AM, I felt a knot in my stomach. I hate being stupid, but that’s how I felt – and still feel as I write this. However, this is an educational experience and that includes a full understanding of buyer’s remorse.

At least I didn’t pay more. The value of Modoc real estate is taking it in the shorts, not that it was ever a good deal.

 

Yesterday – Modoc Tax Sale

The Modoc tax collector closed the Modoc tax sale yesterday. Over 200 parcels were offered to the public at auction via a web-based auction on bid4assets.com.

I watched the last couple of hours of the bidding as blocks of offerings closed at a rate of 20 or so parcels every fifteen minutes. I noted that, on the last day of the sale, the tax collector lowered the minimum bid on some of the parcels..

When the minimum bid on two of the lots dropped to $500, I decided to make a bid. Immediately an auto bid offered $600. That was enough for me on that one. The two lots offered for $500 ended up selling for $700 each. Both were in Modoc Recreational Estates.

The minimum bid on a few lots was lowered to $800 each. The highest bid price I noted was $1,500 and another sold for $1,300. Both were in Modoc Recreational Estates.

The minimum bid on about five lots in Pit River Recreational Estates, out of about fifteen,  was dropped to $800 and two of them sold. I couldn’t quite pull the trigger.

Eventually it was down to one lot and I planned to buy one, so I pulled the trigger on item 188 – after the minimum bid was lowered to $800. But, somebody had already bid $800. I figured there might be an auto bid. Sure enough the price jumped to $1,000 after I bid $900. Now I would be forced to bid $1,100 – which I did.

That ended the auction for me. I put my blinders on and went to the bank. When my $535 credit was applied (deposit and admin fee), I owned $601.65 for a total acquisition cost of $1,136.65.

The bank teller asked me if I was certain I wanted to send the money by wire transfer as it would be final and irrevocable. I said yes, and gulped.

For better or worse, Lot 29, block 80 of California Pines Unit 3 will soon be in my name. I laughed when the email from bid4assets.com congratulated me for my “win.”

From where I sat, it appeared that about ten percent of the 200+ lots offered were either sold or withdrawn.