HOW TO FIND A PLOT PART THIRTEEN: BUYING LAND AT AUCTION
Over the previous month, we’ve covered the essentials of how to identify, appraise and value a building plot. I now think it’s worth revisiting one of the most common ways to buy land: at auction.
Auctions are scary places, especially for those who aren’t familiar with them. This isn’t surprising given the amount of cash involved and the nature of the bidding process, where the fall of the hammer is final.
That said, buying at auction shouldn’t actually be a frightening process, provided you do thorough research (which reinforces what I’ve been talking about for the past couple of months) and you leave your emotions at the door.
So, let’s dive in by exploring why auctions are such popular sources of land, and outline what you must do to buy successfully at auction.
