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Anyone familiar with land auctions?
Posted on 10/7/21 at 1:54 pm
Posted on 10/7/21 at 1:54 pm
Looking at a piece of property to buy. It’s 145 acres with about 90 wooded and 40 acres of pastureland. It also has a 15 acre lake with a boathouse. The only dwelling on the property is a small 1 bedroom house with a detached 3 car garage.
My issue is that it is being sold by auction. The property has been divided into 13 separate tracts. The company running the auction says that the online auction will be for each separate tract, and at the end of the auction, they will open up the bids for specific groupings of tracts, or for the whole farm.
I am at a complete loss at what to do as far as bidding for this. Do I try to bid on each tract, or swing for the fence for the whole thing at the end. Wish it just had a price tag and I could just negotiate it, but obviously, the owner thinks this will pull in more money to separate it. Any advice on how to proceed with this would be helpful.
My issue is that it is being sold by auction. The property has been divided into 13 separate tracts. The company running the auction says that the online auction will be for each separate tract, and at the end of the auction, they will open up the bids for specific groupings of tracts, or for the whole farm.
I am at a complete loss at what to do as far as bidding for this. Do I try to bid on each tract, or swing for the fence for the whole thing at the end. Wish it just had a price tag and I could just negotiate it, but obviously, the owner thinks this will pull in more money to separate it. Any advice on how to proceed with this would be helpful.
4
Posted on 10/7/21 at 2:36 pm to mach316
quote:
Any advice on how to proceed
with caution..
Sounds complicated. Be wary.
This post was edited on 10/7/21 at 2:37 pm
Posted on 10/8/21 at 10:30 am to mach316
quote:
My issue is that it is being sold by auction.
Is it on one of the auction websites? Its likely a foreclosure or something like that? Those auction websites have a very very specific game that you have to know how to play. They often are not that good of a deal or a terrible buy (too high) in the first place. Banks used to put them on there before listing on the actual market.
If I remember right if you were within a certain price like (20%) they would allow you to make an offer at the end if no one hit the minimum.
Posted on 10/8/21 at 11:17 am to mach316
quote:
The property has been divided into 13 separate tracts. The company running the auction says that the online auction will be for each separate tract, and at the end of the auction, they will open up the bids for specific groupings of tracts, or for the whole farm.
This sounds fishy. If they are selling the individual tracts first, how are they then selling the whole parcel? The company doesn't own the tracts if they already sold them.
Is the whole parcel sale contingent upon the tracts not selling individually?
Posted on 10/10/21 at 7:51 pm to mach316
This type of auction is called Multi-Par. Google that for how it works/tips. Pretty common type of auction for large tracks of land (at least here in Kentucky).
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