From my understanding…They are a liquidator. They buy and sell tons of land. Usually no one from their office has seen or been to the land. I believe they get much of the land they are selling at tax sales/auctions.
Do you homework before bidding. Many times parcels have limitation that would keep you from being able to build or they might not have legal access.
I bought one lot from them. I got it for 6500 and resold within a year for 22k so you can get good deals thru them.
I went to Landauction.com and found a few parcels that I was interested in. Opening bids were $500-$2000. Looking at the fine print, the opening bids were not the reserve prices(they didn’t say what the reserves were). I looked up the parcels and found out that previous sales on them were anywhere between $20,000 and $175,000.
My question is, is this auction too good to be true, or do the bids that start off at $500-$2000 end up at $100k and up very fast? Are these properties any different than properties that go to the courthouse steps? I am planning on going to the auction, so anyone with any knowledge please let me know details!! Thanks.
Avoid dealing with this company. Anything they sell can be bought for 50%+ less. They are even a bigger scam if you go along with their financing on land, you are looking at financing with 15% on worthless land to begin with. Avoid them especially in this market. Land prices have dropped all over the country, its very easy to find deals these days on your own. Sellers are very motivated to work with you.
I don’t know if it’s them specifically, but I dealt with an land auction company (and came across a couple on ebay) and found out most of what they were selling was tax sale property. As such, you can often buy the parcels for, say $300 to $500 if you are willing to go through the tax lein process. More important, a lot of the parcels I found were in non-developed subdivisions (read: no water, no utilities). So, be wary.
Feel free to contact me if you have other questions.
Posted by Stacie on September 04, 2007 at 06:22:50:
I would like to know more about this site as well. I saw a parcel of land listed in my town with these terms:
Bid on the down payment plus finance a loan of $12,000 at 13.9% interest for 9 years. Pay 108 monthly installments of $195.30.
BID PLUS FINANCE - STARTING BID $100
Does that mean the entire price of the land is only $12k? That is hundreds of thousands below what the land would normally cost. What gives?