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How To Sell Farmland In An Auction

Monday, August 31st, 2015

Auctions are a popular way to sell equipment, furniture, or antiques, but they are also a great way to sell farmland and other real estate. If you are not sure how to sell farmland at auction, there are steps that you can take to successfully sell your land. First assess your land, then find an auction house and advertise the sale. Once the farmland is sold, the auction house will help you close the sale.

Assess the farmland

Before you put your farmland up for bid, you need to know what you are dealing with. Find out the value of your farmland and get the land surveyed. Assessing the land will allow you to decide whether you want to sell the entire piece or sell smaller lots of farmland at the auction. Surveying the land also gives you an idea of how many smaller lots you would be able to sell. You can determine which course of action would be better financially and be able to prepare to sell the farmland properly after an assessment.

Find an auction house

Make sure you are dealing with a professional, experienced, and reputable auction house that can help you sell farmland. Ask friends, neighbors, or family members for recommendations. Use the internet to look for auctioneers in your area and ask questions by calling the auction houses. Research how long the business has been around and what experience they have auctioning farmland.

Advertise the auction

Advertise your sale with the help of your chosen auction house or advertise the farmland yourself through social media. You can also mail brochures or advertise through your local newspapers and radio stations. Prepare your property and allow a weekend for potential buyers to come look at the land at an open house. You will need to come up with a starting bid and reserve price in order to get a good price for your farmland.

Close the farmland auction

Before the winner of the auction pays out, give them a time limit such as thirty days to pay the costs. You will need to procure a deposit from the buyer in the meantime. The auction house will help you close the sale and receive payment. However, you will need to speak to a lawyer in order to transfer the deed to the new buyer.

For more information

Would you like more information about how to arrange an auction to sell your farmland? Let High Plains Auctioneers do the work for you. Call us at (806) 244-6776. You can also Contact Us via email with your comments, questions, or concerns and view our upcoming auctions.