Land Prices?

[swat1018]

Under $3 an acre? That's low.

Not compared to MO.

 

[g squared 23]

Makes me want to go scout some public land.

 

[Bszweda]

Anyone ever bought a property from auction? Do you need to have 100% of the cash available that day? Can you finance auction properties? Are you more likely to overpay?

 

[Mortenson]

Most auctions are 10% the day of the sale. Then closing probably within a month. Otherwise just like a listing and yes you can finance. You can easily get a great bargain or easily overpay. Depends on who shows up that day.

 

[Livesintrees]

I paid $3900 per acre. And it was landlocked. We purchased the home adjoining at which same time which was a perfect setup. Total acreage was 60. If not landlocked this property in this state would have brought $10k an acre minimum.

 

[Livesintrees]

Anyone ever bought a property from auction? Do you need to have 100% of the cash available that day? Can you finance auction properties? Are you more likely to overpay?

I caution anyone buying via auction. What you need to consider is in most every state, you are responsible for any and all judgements, liens, backtaxes etc. Basically any and all headaches and monetary issues the current owner has becomes your responsibility. And auction companies, financial companies etc etc etc are no forthcoming with this information.

 

[buckdeer1]

All said about auctions above is true but under most cases you should have plenty of time to do your research and even get preapproved.If you find the legal you can go to your register of deeds and see if there is any issues or you can pay a couple hundred to have a title company do it.There are things to watch for like auctioneers rounding up say 76 acres and selling as a 80.This increases the price per acre because you are paying more for less.Another thing you may see sometimes is buyers premium.This could be as high as 15% of the high bid.One last thing is to remember that a owner can turn down the high bid unless they sold with no reserve then it goes to high bid.

 

[Doohop65]

Also keep in mind most auctioneers are crooked. I have been at several land auctions in Wisconsin in the last year where the auctioneer has planted bidders to run the price.

It gets really fun when the planted bidder doesn’t get out at the right time and ends up “winning”. Makes for a good show.

Be careful going this route. I will continue to attend but make sure you do your homework.

 

[pinetag14]

I just purchased my place in central VA for $2500/acre, which is close to the average for this area. It was all mature timber so I feel like I got a good deal. Most of the local listings I've seen range anywhere from $1300-$5000/acre. Sometimes it was all mature timber and sometimes it was nothing but cutover. It still amazes me the differences in price for some properties that are located within a few miles of each other.