What to look out for in land auctions?

I just saw an ad in my local paper about a land auction that is taking place a few counties away. I was wondering why someone would have a land auction? Is this a legitimate thing that a bank does, or is this something a little more sinister?

For the most part, land auctions are quite common and can happen for a lot of different reasons. Maybe the land is in foreclosure, or it is government owned and they are selling it for tax purposes, or it could be a farmer who is parceling off his huge amount of land and moving on now that he is out of the farming business. You will want to make sure that there are no liens on the property, but if you are dealing with a reputable broker, that work should have already been done for you since the brokerage firm has more than likely put up the money to secure the property beforehand. I highly recommend that you look at a property before ever bidding on it. This way you can get the lay of the land, see if any of it has flooding or water issues, and get an idea of what type of building is going to go on it. You will need to get financing prior to purchasing, but sometimes the brokerage firm holding the auction can secure financing for you through them. It is important to note that all sales are final regardless of the condition of the property. If you do your research first, like on www.recordssitereviews.com, you can check the history of the property, who has owned it, how long they owned it, if there has been any debt on the property, etc. This is a great site that will give you accurate information quickly. I highly recommend it if you are going to buy property from one of these auctions.

u did not volunteer WHO was holding the auction.

banks hold them

real estate agents hold them

cities and counties hold them

and individuals hold them

[zoning and size of lots]