Some tips for finding cheap land for sale are checking bank foreclosures and participating in government surplus land auctions. Other tips are buying land just outside major city limits and buying distressed properties.
Foreclosed property, including foreclosed land, can generally be had for a low price because the mortgagor bank simply wants to recoup the balance of the mortgage. In a foreclosure auction, the starting bid is typically the remaining balance of the mortgage loan.
Government surplus land is land the government seized or foreclosed as a result of federal law violations or for nonpayment of Internal Revenue Services tax liabilities. The government sells these off at public auctions or to private wholesale buyers that dispose of them at their own retail auctions. Government agencies that auction property off are the Internal Revenue Services and the Treasury Executive Office for Asset Forfeiture. An example of a private wholesale buyer of government surplus is GovernmentAuction.com.