When a lender takes ownership of a property through judicial foreclosure and lists it below its public tax-assessed value, value-focused buyers and real estate investors take notice. Located at 8547 W Hill Rd, Belfast, NY 14711, this Real Estate Owned (REO) bank foreclosure offers an intriguing blend of 15.2 private acres, a standing 1,805-square-foot two-story home, a private pond, and a 2-car detached garage for an asking price of $116,000.
Acquired by the lender during foreclosure proceedings in December 2025 for $110,500 and listed on the market in April 2026, this property represents a classic “as-is” liquidation play in Allegany County.
Property Specifications at a Glance
| Metric / Feature | Property Details |
| Listing Price | $116,000 (REO Bank Foreclosure / Listed 04/23/2026) |
| Location | 8547 W Hill Rd, Belfast, NY 14711 (Allegany County) |
| Total Lot Size | 15.20 Acres (Irregular Lot with Private Pond) |
| Livable Footprint | 1,805 Sq. Ft. (2-Story Brick/Frame Construction) |
| Bedrooms / Bathrooms | 2 Bedrooms / 1.5 Bathrooms (1 Bedroom on Main Level) |
| Year Built | 1981 (Block Foundation) |
| HVAC & Heating | Propane Forced Air / Leased Propane Tank |
| Water / Sewer Utilities | Private Well Water and Private Septic System |
| Garage & Storage | 2-Car Detached Garage with Dirt Driveway |
| Annual Property Taxes | $5,816 (Based on $119,400 Tax Assessment) |
| Listing Terms | Cash Only (Selling “As-Is”) |
The Pros: Why This Bank Foreclosure Holds Real Value
1. Exceptional Acreage & Waterfront Features
The underlying land carries a substantial portion of this property’s total value:
- 15.2 Private Acres: Securing over 15 contiguous acres in Western New York under $120,000 is a strong entry point. Unimproved woodland in Allegany County typically trades between $2,500 and $4,000 per acre.
- On-Site Pond: The lot features a private pond directly on the acreage, providing immediate recreational fishing, scenic views, and natural water access for local wildlife.
2. Generous 1,805 Sq. Ft. Frame Built in 1981
- Younger Structural Age: Unlike many 19th-century farmhouses in rural Allegany County, this home was built relatively recently in 1981. It features a block foundation, 2-story brick/frame construction, and a main-level bedroom layout.
- Detached 2-Car Garage: The property includes a functional 2-car detached garage, offering dry storage for ATVs, vehicles, and equipment.
3. Priced Below Tax Assessment
- Built-In Discount: The tax-assessed value sits at $119,400, meaning the bank’s asking price of $116,000 sits below the official public valuation baseline.
The Cons: Foreclosure Liabilities & High Carrying Costs
1. Strict Cash-Only Requirement
- Financing Restriction: Because this is an REO foreclosure being sold strictly “as-is” by the bank, traditional mortgage loans (FHA, VA, or standard conventional) are off the table. Buyers must possess 100% liquid cash or hard money lines to complete the transaction.
2. Disproportionately High Annual Property Taxes
- High Tax Overhead: Annual property taxes sit at $5,816 per year (roughly $485 per month). For a $116,000 property, this tax rate is exceptionally high relative to the purchase price, creating an ongoing holding cost that must be factored into your long-term budget.
3. Bank “As-Is” Status & Unknown Maintenance History
- No Seller Disclosures: Lenders who acquire properties through judicial foreclosure have no firsthand knowledge of the home’s operational status. The buyer assumes 100% responsibility for evaluating the condition of the well, septic system, block foundation, and roof integrity.
Price & Market Value Analysis
+-------------------------------------------------------------------------+
| FORECLOSURE TRANSACTION TIMELINE |
+--------------------------+---------------+------------------------------+
| Date Event | Price | Details |
+--------------------------+---------------+------------------------------+
| Feb 5, 2003 Sold | $40,000 | Previous Residential Sale |
| Dec 1, 2025 Foreclosed | $110,500 | Lender Assumed Title |
| Apr 23, 2026 Listed | $116,000 | $64/sqft (Bank REO Listing)|
+--------------------------+---------------+------------------------------+
At $64 per square foot, the home is priced well below standard regional construction costs ($150–$200/sq. ft.). When deducting the raw land value of 15.2 acres with a pond (estimated conservatively at $45,000–$55,000), you are acquiring the 1,805 sq. ft. home and 2-car garage shell for roughly $60,000 to $70,000.
Final Verdict: Should You Buy This Property?
Verdict: YES — a strong buy for cash investors, rehabbers, or buyers seeking 15+ acres with a pond, provided you budget for the $5,816 annual tax load.
- Pass If: You require conventional bank financing (FHA/VA) or want low annual property taxes. The $485/month tax burden makes holding this property as a passive land bank less efficient than in lower-tax regions.
- Buy If: You have liquid cash, want a private 15-acre country home built in 1981 with a pond, and are equipped to handle an “as-is” bank foreclosure project.
Suggested Bidding Strategy:
Banks holding REO assets are generally motivated to clear property from their balance sheets to stop accumulating monthly tax and maintenance liabilities. Submit a clean, non-contingent cash offer between $102,000 and $108,000. Include proof of funds to give the lender maximum confidence in a quick close.
Listed on Zillow