Things You Need to Know when Buying Land at Auction
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In a case where you would love to own land whether for commercial use, recreational use or even to build a home, you would need to note that auctions tend to offer a very great opportunity. However, you would need to note that auctions tend to be very unpredictable and hence the need for you to prepare yourself before placing any bids. You would need to read on to know some of the things you would need to know before placing a bid.
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In a case where you have never purchased any land especially through auction, you would need to make sure that you understand the process. You may be lucky to place a winning bid meaning that you will need a real estate agent or a real estate attorney to prepare the closing documents. Any of the two would be of help in transferring the ownership of the property upon finalization of the sale.
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You would also need to locate the land up for auction. You would need to remember that the land being auctioned off tends to be listed on your tax collection website or with your county treasurer. The government auctions tend to be held right where the property is located. You may also need to check with your local newspaper especially for the section with upcoming auctions. You may also need to consider contacting the private auction houses in your locality and they may be of great help in identifying land auctions you may be interested in.
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It may also be essential to consider getting comfortable with the auction process. You would need to get comfortable with the auctioneer and the auction process something you may achieve by attending auctions mostly as an observer. By attending a few auctions, you would see how the bidding process works. You would also check how the financing options work as well as plan ahead of your financing option before placing a bid.??????????????????????
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You would also need to check whether the land is available or not. In most cases, there will be brochures availed before the auction and they tend to come with information about the land on sale. The brochure ought to come with information you would use to check the property in person. You would need to consider scheduling a tour to the property especially with the auction house selling the land in question. You would need to view the location and the condition of the land in question and make sure that you would love to own the land in question.
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You would also learn to compare properties. You would need to know the value of each land on sale and compare with other land being sold in the locality. You would need to check the value of similar land on sale and check whether the land in question is worth. Having an informed view of the value of the land, you would make a useful decision when placing a bid.
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To avoid any hiccups during the land auction, you would need to secure financing before the actual bid. While some auctions may allow you to finance land through them, most tend to demand payment in full upon winning the auction. You would, as a result, need pre-approval of the mortgage before placing your bid.

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