Frequently Asked Questions
Click on any question below to view the answer
- How does the land auction (real estate auction) work?
- Who qualifies to make a bid on land parcels in your real estate auction?
- What does "sealed bid" mean?
- When do I find out if my sealed bid was accepted?
- Are there any guarantees with my land purchase?
- Besides my bid for the downpayment on the land and low monthly payment, are there any other costs associated with the land sale?
Q: How does the land auction (real estate auction) work?
A: The online land auction (or online real estate auction) is easy to participate in. You can simply CLICK HERE to view today's land auctions. When you see a land parcel that you like and would like to make a sealed bid on, there are links everywhere on the land auction page that will link you to a "land auction bid form". Just fill out the form completely with the amount that you would like to bid and be sure to include the corresponding property I.D. (the I.D. is found on the listing and at the end of the first paragraph of all auction pages in red text). NOTE: You are making your bid on the downpayment only, not the total price for the land parcel. The full price of each parcel is listed on the auction page. You decide how much you are willing to put down! The more you bid on the downpayment the more likely you are to be the winning bidder.
Q: Who qualifies to make a bid on land parcels in your real estate auction?
A: Virtually ANYONE can bid on land at our online land auction! You don't even need a credit card, although that would help to expedite your land bid transaction. As long as you have the ability to remit payment on your winning bid within 24 hours (either by Fedex, bank transfer, Paypal or credit card) of notification that your bid was accepted, then you qualify as an eligible land auction bidder. Remember! all of our real estate auctions are OWNER FINANCED WITH NO CREDIT QUALIFACTION TO OWN!
Q: What does "sealed bid" mean?
A: A sealed bid means that the amount that you bid for the downpayment on any land parcel is between you (the bidder) and the seller of the land parcel. So, the latest bid on any parcel is not published or viewable on the web site. Unlike eBay, where the highest bid is available for all to view as soon as it is made, we have found that the sealed bid is best and gives everyone an equal chance to own land, instead of professional speculators coming in at the last moment before a land auction closes and out-bidding by one or two dollars, just to keep anyone else from owning the land. With our land auction, as long as the real estate is listed...it is available to own. Obviously, the higher your bid on the downpayment the more likely it is that you will secure the parcel.
Q: When do I find out if my sealed bid was accepted?
A: Within 24 hours you will be contacted. That is why it is important to check out the auction main page often. to see what new land parcels have become available. Also, some parcels may come back to the auction for one reason or another. Most commonly when someone wins an auction and cannot live up to the terms of the agreement.
Q: Are there any guarantees with my land purchase?
A: All of our auctions contain real pictures of the actual land being auctioned (except where otherwise noted). In addition, we guarantee satisfaction on all BILLYLAND AUCTIONS. Up to 20 year financing at 12% simple interest on the unpaid balance (for other terms inquire). There is no prepayment penalty. 10% discount for cash at any time. There is a one year on site exchange privilege at no cost.
Q: Besides my bid for the downpayment on the land and low monthly payment, are there any other costs associated with the land sale?
A: Yes. There is a processing fee of $199.00 on each auction which includes all paperwork preparation and federal express mailing. Some real estate parcels are in existing developements which may or may not have an association dues. Some rural land parcels may have a yearly road maintenance fee to plow snow...etc. These land parcels are marked as such so you will be aware of these associated costs before you make your bid.
CLICK HERE to view today's land auctions