Can I close on land I am buying at auction?
Yes, if the auction terms give you a workable window — most farm land auctions allow 30–45 days to close, which fits Turnrow's 2–4 week timeline. The move is to apply before auction day, so you bid holding a written term sheet instead of hoping for financing afterward.
Farm auctions are usually not contingent on financing: when the hammer falls you sign a purchase agreement, put down earnest money — commonly 10% — and owe the balance at closing whether or not your loan comes through. That structure punishes buyers who start their financing after they win. Starting 1–2 weeks before the sale flips it: soft pull done, terms in writing, and a known maximum loan at 70% LTV before you raise your hand.
Know your bid ceiling in lender math. The loan runs off the lesser of price or appraised value, so a heated bidding war that pushes the price past appraisal means the excess comes from your pocket. Decide the number where you stop, and let the term sheet — not the adrenaline — set it.
One caution: auctions with 14-day or shorter close requirements are tight even for a fast lender, because the appraisal still has to happen. If the sale bill demands closing in two weeks, call before bidding — sometimes it works, and it is better to know first.
The Turnrow angle
Turnrow regularly issues term sheets specifically for auction bidders — apply with the parcel details from the sale bill and bid with your number already underwritten.
Set your auction bid ceiling at 70% LTV →
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