9 Things To Consider When Buying Land Online

By Author: Stewart Cole
Total Articles: 8
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Learning about this subject will help you more in the long run than you may realize, until the time comes when you really need it.

Buying land has become easier than ever in the last few years with the introduction of online auctions. You may get a deal, you may get a dud. Here are 9 things you must to find out when dealing with an online land seller.

1) Verify Feedback. There are two sides to every story. If there are complaints, find out why.

2) Verify Ownership. Auction websites usually do not verify ownership. Normally, you can hire a title company to do this, but in an auction you have no time and will need to do it yourself. This is done with the province department that handles the deed filing. Some states call it the Clerk of Courts. Others call it the Recorder. Others call it the Assessor.

From this point forward, we will let you in on little secrets that will help you implement this subject into your life.

3) Check Taxes. Call the Treasurer and ask if taxes are recent and if there are any liens.

4) Find out if there are any association or sewer fees. Call the property owner ...
... association for this. Many online auctions were originally purchased at tax sales. Every state has different rules about what happens to back dues and sewer assessments after a tax sale, so you must to find out the process for your area.

5) Check Title Type. If it was previously a tax sale you are to be expected to get an exclusive Warranty Deed that is not insurable for title insurance. This means that you will need to pay about $1000 for a quiet title suit if you want to build in it. This would be good to know in advance.

6) Check auction terms. Some sellers will sneak in high closing fees or tell you that the auction is just for down payment. Read the fine print.

7) Check value. Always do an advanced search and find out what things actually sold for online. Do a concluded listing search for this information. Do not rely on the asking price as it may be inflated. Call the local Realtor and find out what is happening in the area.

8) Work out your plan. You need an exit strategy going in. If you plan a quick flip, then you need to ensure that you are not paying too much.

9) Check zoning. Some properties allow mobile homes, some just large houses, some just RV's. Some sellers have been known to mislead about zoning, so verify zoning with the property association or the county.

In conclusion, buying land online can be a profitable business if you are smart and know-how with your due diligence.

No matter which way you look at it, having a firm understanding of this topic will benefit you, even if it is just slightly.

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Author: Stewart Cole
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