Buying land at auction ???

[CBW1999]

Defiantly consult an attorney and heed their advice. It will be well worth it to have them involved from the beginning.

You may end up owning the land AND become part of the feud.

 

[murfdog]

Ok I already checked on back taxes and have copies of the deed and checked to see that all the property lines jive with whats on the deed. Two of which back up to my property. I guess I need a copy of the title to check for any leans. I guess the ringer in the crowd is always in the back of someones mind at the auctions. When it comes to money it is hard to trust anyone.

 

[charlz]

Are they going to sell it in one piece? I have seen around here where they will plat it or whatever to be subdivided and then sell it 'by the piece' or you have an option to buy the whole thing or a combination of pieces etc etc all designed to drive the overall price up.

 

[Turbys_1700]

Are they going to sell it in one piece? I have seen around here where they will plat it or whatever to be subdivided and then sell it 'by the piece' or you have an option to buy the whole thing or a combination of pieces etc etc all designed to drive the overall price up.

Usually around here that is the way that they do it on larger acreage...
They will subdivide into smaller sections then at the end of the auction add up the selling price for all parcels and try to get a bid larger for the whole lot...
Buyer takes all...

 

[murfdog]

It should all be sold as one piece but wont know till time comes. It is only 25 acres

 

[Redneck in training]

Go to public records (often accessible on line or at county assessor office) and check recent sales of similar land. It will give you some idea what it is worth. I bought my land for much less than asking price. I bid the average of the recent sales of similar parcel within about 30 miles radius and the seller took it next day. Saved about 50K.

 

[3rdtime]

Yep get a lawyer to check on land. For the money they are worth it. And really dont cost as much as most think.I bought some land and knew pretty much everything about it. Well it had a gas oil lease on it and was active. Make long story short I got the lease terminated with attorneys help. Guy wasnt paying for oil he was pumping. Now mineral right are back to me and he is now in process of pulling and caping all wells. DEP was or is involved so it gets done right. My attorney bill was alot less than what I was thinking I was going to get.

 

[Larry Caldwell]

Ok I already checked on back taxes and have copies of the deed and checked to see that all the property lines jive with whats on the deed. Two of which back up to my property. I guess I need a copy of the title to check for any leans. I guess the ringer in the crowd is always in the back of someones mind at the auctions. When it comes to money it is hard to trust anyone.

In my state, the County Clerk records all liens against property. It's possible for liens to exist that are not recorded, but if they have remained unrecorded for more than a few months the lien holder may have a tough time collecting. That's what title insurance is for, an unanticipated claim.

I want to echo the advice about a lawyer. I don't know if an auction gets them out of disclosure laws, or even if your state has disclosure laws. In my state, "as is" doesn't mean squat. If the property has a problem and you don't disclose that problem, you don't sell the problem and are responsible for it even after you sell the property. That's gone a long ways toward keeping the developers honest. The thing is, if you buy the property you also buy into the chain of responsibility.

 

[Larry Caldwell]

Ok I already checked on back taxes and have copies of the deed and checked to see that all the property lines jive with whats on the deed. Two of which back up to my property. I guess I need a copy of the title to check for any leans. I guess the ringer in the crowd is always in the back of someones mind at the auctions. When it comes to money it is hard to trust anyone.

In my state, the County Clerk records all liens against property. It's possible for liens to exist that are not recorded, but if they have remained unrecorded for more than a few months the lien holder may have a tough time collecting. That's what title insurance is for, an unanticipated claim.

I want to echo the advice about a lawyer. I don't know if an auction gets them out of disclosure laws, or even if your state has disclosure laws. In my state, "as is" doesn't mean squat. If the property has a problem and you don't disclose that problem, you don't sell the problem and are responsible for it even after you sell the property. That's gone a long ways toward keeping the developers honest. The thing is, if you buy the property you also buy into the chain of responsibility.

 

[blueriver]

Actually its easy ... study and understand the terms and conditions of the sale ... be sure abstracting and title work with title insurance is being offered thru a Title Company. If its an absolute sale More than likely the title work will be done prior to the auction and can be reviewed. My company does just that ... we have all paperwork in order and in hand prior to the sale so the closing attorney can be present auction day and the deal can be done ... the auctioneer should be more than happy to provide information, afterall we really like to know the potential buyers before the sale. If the sale is with a minimum the auctioneer may not have the title work done, however, he can provide the name of the title company who has more than likely began a prelimainary title search to make the seller and the auctioneer aware of any complications that may cloud the title... keep in mind the sellers, the auctioneer and the title company want the transaction to be smooth and to close with no complications.