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Jan. 28, 2011
MAJOR HEDGE FUND INVESTOR BUYING UNDEVELOPED (VACANT) LAND IN SOUTHWEST CLICK FOR DETAILS
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  » Frequently Asked Questions


We have chosen the Accelerated Marketing Method in order to sell our property in an expedient and timely manner. Part of our reasoning includes the enormous amount of holding costs to maintain the properties such as real estate taxes, insurance, dues, the cost of money, etc. With these sales, both the buyers and sellers should be pleased. The buyer(s) should be able to obtain these properties at a very reasonable rate and we will be able to alleviate our carrying costs.

We at MDP Land Management and Development, Inc. (Mylandauctions.com), welcome and encourage Broker participation! Broker registration forms are available on our website or your Broker may contact us directly through our e-mail.

In an Accelerated Marketing Program, when numerous properties are involved, errors are always possible. Please note that Buyers must rely on their own inspection, judgment, records and to do their own due diligence and not rely upon any information which they have been given by seller. All sales made by the seller are on an “as is”, “where is” basis and without representation or warranty of any nature whatsoever.

The buyer’s purchase of the property are with no guaranties in regard to the condition, legal access or lack of usability or buildability of the properties. Buyers shall rely entirely on their own information, judgment and their own due diligence and personal inspection of the properties and shall not rely upon any statements given by seller.

Each top bidder must sign a real estate sales contract provided by seller without any changes, additions or modifications within seven days of the purchase of the property at the end of the auction. All buyers are urged to review all documents necessary for the transaction which are available through our website under legal documentation, before they bid on any auctioned property.

Click here for a step-by-step application to register.
We strongly recommend that all bidders research and inspect any parcel that they are interested in before bidding on any auction parcel items. The best source for answers to property questions would be the county assessor’s office, building and zoning, the appraiser’s and tax department, the county clerk and the building and planning department, if any, in that county. You need to make sure that you do all of your own due diligence and physically inspect the properties prior to bidding.

You may cancel your bid up to 24 hours before the end of the auction only. No
bid may be cancelled within 24 hours of the end of the the auction.

Each auction has a bid button. You need only to enter a dollar amount and click on the bid button and follow the directions as indicated which will walk you through the bidding process.

On the “Bid Plus Mortgage or Finance” auction items, you are bidding on the DOWN PAYMENT ONLY and you are assuming or receiving a new Mortgage with terms, specified for that specific property within each auction description. The winning bidder may choose to pay in full or to pay a down payment, and then sign a Mortgage according to the terms and conditions stated for that particular parcel of land as stated in that particular sale. Before going any further, please refer to the “Terms and Conditions” for further details as to this matter.

If you are the highest bidder at the time the auction closes, then you are considered to be the winning bidder. Immediately after the auction closes, you will receive an e-mail from us explaining your purchase, showing your payment options and price breakdown. You need to review any and all documentation sent to you at this time so that you will be prepared to either pay your down payment, or pay in full as you wish, when a member of MDP Land Management and Development, Inc. (mylandauctions.com), contacts you. You will be contacted within 48 hours after the auction closes to arrange down payment and appropriate documentation completion.
Full payment of your down payment or your payment in full, whichever is valid is due within 7 days, after which all documentation will be sent to you.

We will need to know how you wish to hold title, for example, in whose name do you want the property in. We will also need marital status, address, telephone number, social security number and date of birth. After receiving this information we will then send your documents to your address by Federal Express, or if a post office box, by certified mail. You will need to sign the documents where highlighted and have the pages that are marked witnessed if needed and notarized. Mortgages will need to be witnesses and notarized. All other documentation will only need your signature. In the event that you are not purchasing with a Mortgage, then no notary will be required. Further, a copy of your driver’s license must be enclosed with the return documents for proof as to your signature and address.

When all of your documents are returned to us, in the Federal Express envelope provided to you by us, we will then process your Deed and Mortgage (if applicable), including recording the Deed in your name and Mortgage, if applicable, in the appropriate County and State where the property is located. Obviously in the event that you do not purchase the property with a Mortgage, but have purchased the property outright, then just a Deed will be recorded in your name. You will be responsible for any monthly payments due during the time the Deed is being processed and recorded. Your first payment is due 30 days after the date of the “auctions’’ end, not the date of the contract, nor the date on the Mortgage or Note.
The purchase price of the parcel is your winning bid (which shall include the financing of the Mortgage if applicable), There is also a document, transaction and recording fee stated in each auction, (plus any cost of stamps that the State may require to file your deed and all costs to file your mortgage if applicable). A complete breakdown would be sent to you upon your purchase. The documentation, transactional and recording fee totals $295.00. The total purchase price will be the amount of your winning plus the documentation, transaction and recording fee and any transfer taxes and any applicable document fees as required by the County in which the Deed and a mortgage will be recorded in.

Depending on the auction, the answer is for cash or terms the auction items that you are bidding on is the total price. For “Bid Plus Mortgage or Finance” auction items, you will bid on the down payment and be responsible to make payments on your new loan (Mortgage) amount. You need to refer to our “Terms and Conditions” for any and all information pertaining to this matter.

These are fees that are all explained in detail in our section entitled “Terms and Conditions”. They are the fees required to process and prepare the documents and finance the auction costs as well as advertising. Please review all of the detailed information as to these items and applicable charges listed within our “Terms and Conditions” section.
For “Cash or Terms” items being sold, the down payment equals 15% of the purchase price in the event that you wish to have a Mortgage. In the event that you are paying cash, then there would be no down payment and you would pay the purchase price in full. As to “Bid Plus Mortgage or Finance” items being sold, the down payment plus mortgage equals the winning bid plus $295.00 as a document and transactional recording fee.

For any and all properties being paid for in full, your recorded Deed, provided you have made payment in a timely fashion, will be available no sooner than 90 days upon the complete payment of the property. In most instances, it will be much earlier than this but there are times when the county recording division takes longer than expected. As to any properties that are being mortgaged and/or financed, your Deed will be available no sooner than 180 days provided that you have followed the terms and conditions of payment, and further returned the Mortgage and Note signed, witnessed and notarized in a timely fashion. Obviously, if the County Recorder’s Office returns the documents earlier than any of these time frames, then you will receive your Deeds earlier, if and when possible.

No.
Owner financing has always been the easiest way to buy property. It is extremely simple and easy to complete. With owner financing the owner of the property extends to you the buyer a mortgage by accepting set monthly payments and holding the mortgage against the property as collateral until the property is paid for in full. Our owner financing is based on a recorded mortgage and note being signed by you pledging the property against payment.

We do not have any prepayment penalty nor a balloon payment. You may pay off the mortgage at any time for the amount due at the time your payment is received as to the principal balance and interest due through the date of payoff.

Yes. You may sell the property at any time you wish but please keep in mind that the mortgage will need to be paid off at the time of the sale for it does not travel with the land as to the next purchaser. We are sure that many individuals who buy our land will in turn sell their property to others for a profit while they are still paying off their mortgage. As stated herein, the mortgage then becomes due immediately upon sale.
Due diligence is the research that you must do as the potential buyer of the property to research all information concerning the particular parcel of land you are purchasing. By performing your due diligence, you should check with the county appraiser’s office, tax department, building department, zoning department and utilities department, as well as any other county agencies that you feel will be able to give you the information you need to make a property decision as to bidding on this property. We strongly encourage you to do your due diligence prior to bidding so that you are comfortable and knowledgeable about the property before buying the property.
Most of our properties have legal access or a deeded easement to the property. However, not all properties have legal access and that question can best be answered by checking with the county planner’s office and/or zoning department or tax department where the property is located. This should be thoroughly researched by you prior to your bidding.
In most cases we have found that there is no time limit in which an owner must build on property, however, it is best for you as a potential buyer, to contact the county zoning board, county planner or tax department where the property is located to be sure.
To pass on savings to our purchasers, we usually do not incur the expense of having the land surveyed or staked. However many of our properties are surveyed and/or staked prior to our purchase.

The APN is the tax i.d. number used by the county to identify each parcel of land. The county usually will require the APN to answer questions about the property.

No. As you are aware, brokers and realtors are people who sell real property that belongs to other people and then they make a commission on the sale. We own all of our land outright or have options on the properties and therefore are not required to be licensed. Since we sell directly to the public, there is no commission, points, costs or fees as brokers or realtors would charge which again always allows us to sell our property at a much lower price.

Yes. Anyone can invest in United States land no matter where you live in the world. We do recommend though that you discuss this with your attorney.
Yes.
We strongly advise that all of our potential customers and future bidders should complete their due diligence and to research and inspect the parcel of land that is being sold before bidding on any auction items. As stated in our website, the best sources for questions as to the land would be with the county assessor’s office, the appraiser’s office, the clerk’s office, zoning and building, the Tax Department and in some cases the county planner’s offices in the county in which the land is located. You should do all of your homework and physical inspection of the properties prior to bidding.

Please tell a friend about us.

If you have any other questions, please do not hesitate to contact our Customer Service at 888-961-LAND (5263), or e-mail us at MPLATT@MDPLANDMANAGEMENT.COM
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