Hello! I'm wondering if any of you farmgirls have purchased your farms from a real estate auction? I am finding that they are very popular in our area and but don't know much of anything about them. We are planning on buying next summer and I want to educated myself on the process to see if it's a viable way to buy our dream farm. If anyone has any input, advice, or personal stories to share, I would appreciate it!
You must have the full purchase price within 30 days of the auction plus the 6 to 10% buyer's premium for the auction house the day of the auction. Too many people go to the auctions, win the house and then loose it because they can't get the financing in time. Some auction services won't let you get an appraisal and most lenders won't give you the money without an appraisal so I'd say, be wary unless you have the cash already on hand and you are positive that you won't find hidden problems with the house after purchase. Many houses that go into foreclosure aren't taken care of properly. I know that's a generalization but I have found it to be true more times than not.
"I've wept in the night for the shortness of sight that to someone's needs I've been blind; but I've yet to feel a twinge of regret for being a little too kind."
farm auctions
Posted - Oct 16 2009 : 07:39:34 AM
