How to Buy a Land at the Best Rates through an Auction?

When you are looking to buy a land at cheaper rates, you must assess all your options. Buying through the auctions can be the most effective way. There are trusted auction websites where you can place your bid and buy a rural land or a small acreage. Here, you need to participate in the bid for the lowest price and the person placing the highest bid will get the right to purchase. The benefits of buying a land through these sites include the lower rates of properties. You can purchase the property without any credit check financing. However, you need to know how to buy land through an auction before bidding. Here’s how:

buy land

The Details You Need Before Bidding:

When you are looking to buy a cheap rural land through bidding, you must do the due diligence and deeply research about the land that you want to buy. Also, gather the details like parcel size, power, water, phone, location, APN, zoning, taxes, and terrain. Check the listings given on the auction website to find all these details. If you want any specific information related to the land, you can call the Assessor’s office for other same. Most importantly, pay a visit to the land for physically examining it before placing your bid.

Check the Financing Options:

If you get to win the auction, you’ll need to make the payments for the land you bid for. There are mainly two methods of paying for this sale amount. Here, they are explained for you:

Single Upfront Payment Sale:

Once you know how to buy land under auction, you must also understand this payment method. Here, the total price of land includes your bid amount and buyer’s premium along with an additional processing fee. After receiving the payment instructions, you need to pay the lump sum amount with vesting information and processing fee within the stipulated time. The paperwork is cleared within 14 days from the date of payment and the sale deed with clear title is sent to your address shortly.

Monthly Payments under a Financed Sale:

Under this arrangement, the bid amount will be deducted from total cost of the respective land. The auction website provides a monthly financing scheme at lower interest rates. They will charge a processing fee and a buyer’s premium that is applicable only on the initial bid amount. You will receive all the details through an email and land contract will be forwarded to you on making payment within the stipulated time.

You can also find some rural land available for immediate sale at a low reserve price on these auction websites. You must assess every option carefully before placing the bid. Most importantly, you should know how to buy land through these portals.

This entry was posted on Wednesday, May 10th, 2017 at 9:30 am and is filed under Buying land, Press Releases. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.