You’ve Never Seen it
Buying real estate is different from stocks or bonds in that it should be viewed with the eyes before purchase and analyzed by a professional. A few choice photos – undoubtably the best images – placed on the auction website should not suffice
Who’s the Seller?
Why is the seller on eBay and not selling on their own website? If they are only on eBay you might have a problem. They should be licensed and registered in their locale and have a physical address listed with the Better Business Bureau. If you cannot find out who the seller is how can you trust it?
Most are Rust Belt Left Overs
The sad truth is most properties listed on eBay are urban slums that are barely kept afloat, if at all. Think the most dangerous spots in Cleveland, Detroit and St. Louis, where just about no one wants to live and that is what you will find. There’s a reason it’s on eBay and Nowhere else.
Speculative Land in the Middle of Nowhere
Those that are not urban decay, are often in the middle of nowhere, with absolutely no access to the property by road. Forget water, sewer and electricity. These are properties completely off the grid, often never visited by the person selling them. Photos are likely to even be stock photos. Why risk it?
It’s More than Just Paypal
Buying land is much more complicated than just sending money through Paypal. Buying real estate requires a seller to have a license and for the transfer of a title and deed. If you don’t have title insurance and you buy something that someone doesn’t even actually own, you will be in serious trouble and without said property. Why risk it?
I’m not saying all eBay real estate is bad. There are some gems out there and some great buys. However, you need to do your homework and treat it like any other real estate investment, not an eBay purchase on a whim.