May 2, 2008, Newsletter Issue #136: Precautions to Take With Real Estate Auctions

Tip of the Week

When buying real estate at auction, you need to thoroughly research the property that you intend to buy before you begin bidding. You should go and visit the property, if possible, to verify its description. Next, you should look at land records kept by the county or city in which the land is located. This should give you some idea of the property's history. You might also want to check with the state government to make sure that no fraud, debt, or crimes have been associated with the property in the past. You should check the zoning regulations that govern the land to make sure that you can use it for the your intended purpose. Additionally, you should check the properties environmental credentials to see if it is in violation of any environmental laws.

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