land on ebay (mortgage, credit, home equity loan)

[ememery]

Has anyone bought land off of ebay?My wife tells me I am crazy to do it.

[Gretchen B]

I do know of some sellers who put their property (land/house) for sale on ebay and it was all legit. I had personally seen the property. That being said, as a realtor here's some things I would watch out for if I were personally going to buy a property over ebay.
1) Pictures really can lie - sometimes I look at a property for a client on our MLS and set up a showing based on those pictures. When we get to the property I'm thinking, "Is this the same place?" Sometimes pictures can be taken from a particularly flattering angle and neglect to show the landfill sitting next door.
2) I would want to view the property personally, or at least have someone I know and trust go out and view the property.
3) I'd want to make sure the property was priced right according to the current market. Sometimes a parcel appears to be priced alot cheaper than other parcels in the area, but that could be because it's in a floodplain or does have a "landfill" sitting next door.

My advice is that this is a "Buyer Beware". If you can get enough information and really know the area you're buying in, you might be okay. If it sounds to good to be true, then it probably is.

[AksarbeN]

Gretchen B is absolutely correct!

You can look at pictures of property and never know that only a ¼ mile down the road is a landfill, junkyard, etc. It’s always best to view the property yourself. No one appreciates what you buy more then you yourself. “Buyer Beware”

[ememery]

Thanks for the info.The reason I looked into ebay for land is because some of them offer time payments.We are not going to move out there for three years and I still have to sell my house and that way I would not have to tie up my money on a mortgage for land and it would be paid off in three years when we move out then I could use the money from the sale of my house to build a new one.

[Gretchen B]

Originally Posted by ememery

Thanks for the info.The reason I looked into ebay for land is because some of them offer time payments.We are not going to move out there for three years and I still have to sell my house and that way I would not have to tie up my money on a mortgage for land and it would be paid off in three years when we move out then I could use the money from the sale of my house to build a new one.

There are really alot of options for land purchases, especially if you can pay it off in 3 years. You are right, many sellers (including those who have listed with a realtor) are willing to do "owner carrybacks". You might also consider a home equity loan on your present home, which would of course be paid off at the time you sell your home, if not before (depending on how quickly you pay it off).

Anyway, just be sure you're working with trustworthy people. And Aksarben is definitely right about viewing the land in person, especially if this land is more than just a "hold and sell" and you want to build your next home on it. Keep in mind that realtors in AZ are under law to provide full disclosure and have a fiduciary responsibility to represent their client's interests (regardless of whether that client is a buyer or a seller). And there's no charge to the buyer for their services. Obviously I'm a little prejudiced about our services, but do exercise care if you decide to do the ebay thing.

Best wishes
Gretchen B

[ememery]

We were out last July and are planning another trip out this May.The problem I have is I don't know any other way to find land on credit other than ebay because I dont want to put any more on my mortgage that I have now.

[sunsprit]

The above guidelines for purchase ... don't buy anything without visiting and inspection, knowing all the utilities, access, covenants, HOA requirements, possible tax district for public/community development, etc. Be a lot more particular than when you bought a developed house.

Any competent realtor/broker can advise you re all the types of creative financing that exist, especially with raw land sales. Carry back, lease options, there's many ways that don't involve a mortgage.

But, be aware that many of these deals can leave you with nothing if you are unable to compete your side of the contract, like missing a few payments and going into a default. The seller will hold title to the property until you've completed all of your payments, so is able to re-sell "your" property in a default without a court action to quiet title, etc, and may be under no obligation to refund any of your money.

[Gretchen B]

Originally Posted by ememery

We were out last July and are planning another trip out this May.The problem I have is I don't know any other way to find land on credit other than ebay because I dont want to put any more on my mortgage that I have now.

Hi again Along with ebay, you could search on some of the "For Sale by Owner" websites. Or you could call a realtor in the area you're looking in and tell them that you need a parcel where the owner will do a carryback (seller financing). Usually these are balloon notes that are due in 1 to 5 years, and can be negotiated depending on the needs of the buyer. For example, right now in my area, there are over 150 land listings where seller financing is available.

Hope this info is helpful
Gretchen B

[ZonyPony]

Originally Posted by ememery

Has anyone bought land off of ebay?My wife tells me I am crazy to do it.

Best listen to your wife!

[j760]

Your not crazy at all, just be sure it's land that you can view in person before placing your bid. You can make a poor purchase of land whether it's on Ebay or somewhere else, so just use your best judgment and do your research, and make sure your dealing with a reputable seller if you do decide to buy the land on Ebay.