These days, the internet offers a much broader range of shopping than many people realize. Sure, it’s easier to find that perfect dress or a rare collectible that nobody else seems to have, but what about buying real estate? Is it really possible to purchase raw land without having to go through the hassle of finding a bank that offers land loans? Absolutely and, best of all, you can learn what other customers are saying about their land transactions with a particular seller if you purchase through online auctions. Many skeptics would urge consumers to avoid shopping for California real estate online but if you are familiar with some of the most basic principles, buying real estate online or in person should be a breeze.
If you are in the market for California real estate, you will need to consider whether you are purchasing for investment or residential purposes. If you are looking at land as an investment, you will need to check out the fastest growing areas in the state. If you are looking for the best place to build your dream house, the location choice will be more about personal taste than area growth. One of the most popular places to purchase California real estate via the world wide web is via an online auction. Internet auction leaders, such as eBay, Yahoo, Overstock, Bid4Assets and Bidz have a special category dedicated to the purchase of real estate. Some auctions are set up as a straight cash sale, while others are asking for a bid on the down payment with the remaining balance to be owner financed. The terms of an auction will be listed in the auction description. With this type of scenario, most sellers will extend financing to any customer who can provide the down payment without a credit check or verification of income and/or employment.
When shopping for California real estate online, along with any other purchase, you will need to be familiar with the different types of deeds and what they mean. First and foremost, you will want to purchase real estate from a seller than promises to convey a warranty deed. Avoid purchasing from anyone who offers a special or limited warranty deed unless you know exactly why they chose this wording as opposed to a full warranty deed. This type of transfer guarantees that the property is free and clear of any liens and that the seller owns the property in it’s entirety with the right to resale. Some sellers also offer a quit claim deed, which can be questionable because this type of deed transfers only the seller’s interest in the property and does not guarantee that he/she owns it fully. A quit claim deed simply transfers the seller’s interest, if any, in the property.
Whether you purchase real estate online or in person, you must conduct due diligence on the property to ensure that there are no liens, outstanding taxes and/or is buildable for the purpose that you desire.
This article is to be used for informational purposes only. It should not be used as, in place of or in conjunction with professional legal advice regarding the sell or purchase of real estate. If you are considering a California real estate purchase, you should consult an attorney to discuss your legal rights and best options for buying or selling real property.