Are you looking to buy a piece of land? Have you considered buying it at auction? Regardless of what you want the land for, whether be it for a new home, for recreation or for commercial use, buying at an auction offers you a great opportunity. But buying land this way can be unpredictable. You should prepare yourself before you start placing bids. Do your homework and gain some knowledge on how things work at auction so the process will go as smoothly as possible.
Tips For How to Buy Land at Auction
Locate a real estate agent– You will need to find a real estate agent in your area to make sure you understand the process. If you place the winning bid they can be of great service to you. A real estate agent or an attorney will get all the necessary paperwork together and they can also help with transferring ownership of the property over to you after the sale is finalized.
Find land that is up for auction– You can find land that is up for auction with your county treasurer or check with a tax collection site. Auctions will be held in the county where the land is located. You can also check in the local newspaper for auctions that are coming up in your area or check with private auction houses and get in touch with them regarding land auctions that are coming up.
Familiarize yourself with the process– You need to be comfortable with the process of buying land at auction. Try and attend some local auctions before you’re ready to buy. This will let you see how the bidding process works so you can get comfortable with it. You should also get familiar with the financing options that are available to ensure you have the right financing when you’re ready to buy.
Go look at the land that is available– You can get lots of information on the land being sold in brochures that are available. These brochures will give you all the information you need. You can even go check the property out by scheduling a tour. It’s a good idea to actually see the land and the condition that it’s in to make sure it meets your needs.
Compare properties– Comparing properties will allow you to see if the land that you want is worth it. Look at appraisals of land in neighboring areas so you won’t end up bidding too much. This information will also allow you to set a limit before you get to the auction.
Secure financing before you head to the auction– Once you have determined that the land you’re interested in is worth, you can head to the bank to get your financing in order. Some auction house allow you to finance through them but most want the whole payment as soon as they’ve accepted your bid. Make sure you’re pre-approved so there aren’t any problem if your bid wins. If you’re unable to get financing, you will need to have the cash required to complete the purchase.
Buying Land at Auction in Belton, Waco, Killeen, Temple & Central Texas
Are you interested in more information on buying land at auction? Contact Central Texas Auction and Realty to answer any questions you have and walk you through the process. You can also find out about upcoming auctions on our website.