What You Should Know Before Buying Auction Land Online?

by Alan James on November 18, 2013

There has been a sudden boom in online auction companies that sell raw lands apparently because of the flexibility of payment they offer. Some like to make down payment and depend on the land owner for financing after closing of the deal.

The idea no doubt is good but there are some who get frightened merely with the thought of buying land online. Here we will discuss a few things that everyone should keep in mind while participating in online auction for buying land.

There can be various issues related to buying raw land online like deed and title problems, you may need to repair it massively before reselling or beginning any kind of construction, it could be inaccessible etc. You may also face trouble in bringing basic amenities like water and electricity to your land. So it is really important to resort to a trusted seller and take care of every important aspect before buying land online.

The first thing is to go through all the real estate rules of the website you are purchasing land from. Be very clear if the bid is binding or non binding. Always check for scams because once you loose the money, it won’t come back to you.

Never ever agree to buy land more than what you can afford. Everyone knows that it is really difficult to enjoy something that is financially a burden. There are many people who buy more than what they can pay for and up complaining about how they will pay for it.

Also, before sealing the deal make sure that the land is not very far off from your place. I am sure you must have heard of people trying to sell their lands just because they are too far to give a visit. You do not want to make an investment like that just because it is “reasonable”.

Buying land with a pending timber contract is a big 'No'. Obviously you won’t like someone else reaping the trees off your land, so don't buy a land like that. Buying land without title insurance too is not a wise choice. This is an investment worth every penny.
There are many land auction websites that are authentic and reliable. So, better resort to them instead of wild hunting and falling into a trap. To have a look at land for sale in Wyoming, click here.
 

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Common Mistakes Made While Buying Raw Land

by Alan James on July 31, 2013

People buy raw land for 'n' number of reasons, low price being one of them. But at times, the buyers are so tempted with the offer that they tend to make some common mistakes and ignore some important aspects of the transaction process. In order to avoid future regrets, one needs to follow certain precautions.

Developing a raw land, renting it for farming or turning it into a recreational spot can fetch you high returns, however just one stupid mistake can turn your experience into a nightmare.

Here are some of the common mistakes, which can cost you thousands of dollars in future:

Do not do it alone unless you think you are experienced enough to negotiate the deal. The touted amount is generally the marked price which includes agent's fee. Look for a real estate agent who is aware of the properties in that particular area. Alone you are likely to overlook some important issues which can be judged only by a specialist.

Go through the easement to make sure that you are the lone owner of the property and no one else is entitled to use the land wholly or partially in any form. This can be found out by looking at the preliminary title report.

Also, have a look at zoning laws and see if the authorities allow practicing your idea. For instance if you plan to turn your piece of land into a farm and rear cattle in it but if the zoning does not allow it, you will be left with nothing but great disappointment.

Check for utility access (electricity, phone lines) because if it is five miles away from your land, you will have to bear the expenses of bringing it up to your site. Additionally, you will also have to obtain a permit for all the utilities, mind it; the utility companies are not responsible for providing the access to you for free.

Another most common mistake is ignoring water resources. Check if the locality provides city water or you will have to dig a well that can again cost you thousands of bucks without guaranteeing success. Again if there is city water available, make sure you obtain a permit before buying the land as some times the area issues limited water permits only. If a well already there on the land, do not forget to check the quality of water.

Obtain a geological report to make sure you do not have some nasty stuff buried under your property for instance some live military weapons, presence of asbestos soil or the land might be an abandoned mine or used to be a garbage dump with all harmful material still stuck into the soil. Check for Natural Hazard report to make sure that the land is not flood, earthquake or fire prone. Also consider the amount of insurance money you will have to put in to secure it. Also, survey the land for its legal boundaries. Do not just go for the words.

Buying a raw land for sale is absolutely different from buying a property in suburbs. But with all the precautions, you can be the proud owner of a country side land.

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