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re: Anyone familiar with land auctions?
Posted on 10/8/21 at 11:17 am to mach316
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?
1
Posted on 10/8/21 at 12:04 pm to Lightning
They aren’t immediately selling the smaller tracts. They’re taking bids on the smaller individual tracts and then taking bids on tracts combined, up to the entire property combined as one. Whichever combination of bids results in the highest price is then chosen to move forward with the sale.
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