before buying land or homes online from a seller read !

Before you bid for land or a home online....



Here are several simple tips to help protect your purchase and be sure you get what you bid on !



READ THE ENTIRE AUCTION !





Often there are terms listed in the auction that you need to know. make notes on paper with all the details so you do not miss any details. I often see auctions where you are bidding on the down payment only, not the full price.



Know what you are bidding on







go see the property or hire a person to do it for you. you do not buy a pair of shoes without trying them on, buying property unseen is just asking for problems. check the area. check the property sales in the area to be sure you are not being overcharged. are there utilities available on the property? do not assume anything. ask lots of questions and get the answers IN WRITING.

i suggest looking on the MLS or Multiple listing service, for similar properties for sale in the same area to get an idea of the local market .. but keep in mind, the properties listed on the mls are listed through realtors and other professionals. often these prices are inflated over what a personal party sale should go for ( someone has to pay the agent ! ) and these are for sale properties, not sold !

the term "due diligence" means you have done your research and checked out what you are buying.

most property sales contains the phrase " buyer must do their own due diligence" or a statement saying as a bidder you "have done your due diligence".

There are many auctions for land on eBay... If you are looking to by a lot or land to build on be sure it is a "buildable" lot. just because the seller shows photos of homes in the area.. DOES NOT MEAN THAT LOT IS BUILDABLE ! I am unable to link to several auctions/sellers that sell "investment or homesites" that are located in areas that are not buildable to show this. do your research BEFORE you bid.

if the deal is too good to be true it usually is.. seek professional assistance.





Closing Terms





closing , will the closing be at an attorney or a title company? i suggest using an attorney of your choice for closing. this allows you to pay for and thereby getting the advise of a real estate atty. this also is the time to get title insurance.

title insurance ? this helps protect the buyer against liens or other title issues. suggested for all deals !

closing costs ? are they included ? who pays them ? what are the costs ?

warrenty deed, a basic property deed. this does not assure clear title.

financing options. please read the auction carefully for the terms offered if available. I strongly suggest seeking professional assistance if you are unsure of anything.





be comfortable with the deal.





if the seller makes any unusual requests or demands such as a unusually large cash down payment, seek assistance immediately. Also, get the details in writing, print out the auction, save printed copies of all emails and communications with the seller. these will be all you have to back you up in case there is a dispute later.

---

Orignal From: before buying land or homes online from a seller read !