If you’re interested in Maryland land auctions, read this before making a bid.
Many people would love to own a home or move house in the US, including in Maryland. What better place to move to than the Maryland waterfront? While many people are looking to buy a traditional home on the real estate market, it can also be smart to look at land auctions as an affordable way to get started in your home ownership process and gain a real estate investment. You don’t want to jump into an offer, though, especially if you are looking to buy land at auction.
Watch Online Auctions
It’s possible to find online land auctions to attend without having to bid. Watching a property auction in person or online will give you a feel for how they work and strategies you could implement to get the winning bid.
Get a Land Loan and Determine Your Budget
Apply for a land loan approval so you know what you can afford and have the paperwork in place for the sale to take place. It is possible to obtain a land loan approval from a realtor who specializes in land or from the bank. Once you have this official assessment, you can set your budget and stick with it.
Research the Property
Have you found a property you’re interested in? Learn as much about it as possible, such as its characteristics, its neighborhood, its utilities, any developments, and access points. If you can, visit the property yourself to get a lay of the land and its surroundings.
Research Its Taxes, Access, Boundaries, and History
There’s a lot more research that goes on before making a wise bid on a piece of land at auction in the US. Criteria to research include the following:
- Property taxes and tax implications if you build on it.
- Access points and easements to create access points. For waterfront properties, you will want to check its riparian rights.
- Surveys that determine boundary lines, any boundary disputes, and any discrepancies with its deed.
- The property disclosure, which outlines its past use, easements, tenants, annual flooding, and environmental hazards. If you buy waterfront property, you will need to know if it is in a flood zone.
Understand the Rules of the Auction
Each auction might have slightly different rules. For example, it might have a minimum bid or the option to choose one or multiple parcels. Be prepared to put down the required deposit after you win, and keep a level head during the event.
Find a Trusted Home Builder
If you buy waterfront land at auction in Maryland, Shore-Line Construction could be your perfect home builder of choice.
LEARN MORE WITH SHORE-LINE CONSTRUCTION!
At Shore-Line Construction, we know that your home is a reflection of you. That’s why we strive to make each home we build as beautiful as the family who will live there. We work with each of our clients to design a home that fits their needs. The end result is a durable, energy-efficient custom home that the family will enjoy for generations to come. Shore-Line Construction has been serving our customers for over 25 years, and we look forward to the opportunity to help you!
If you’re interested in learning more about what Shore-Line Construction can do for you, check out our website or give us a call at 410-574-6623. Keep up with all of the latest news by following our blog and social media pages on Facebook, YouTube, Pinterest, and Houzz.
