Posted by NEsota on March 12, 2009 at 09:32:56 from (209.162.21.156):
In Reply to: selling a farm posted by simptruk on March 11, 2009 at 22:52:13:
You have received a lot of good advice here. Those who advise against an auction are not necessarily in my camp. Though I have no personal experience with a land auction, I have been on both sides of land transactions. The land auction prices that I am aware of in Iowa, Minnesota and Nebraska, have most of the time, pleased the sellers. There are some cases where it was felt that the buyer really made out. Not always, a year ago in Iowa there was an instance where a bank offered the buyer $100K profit for a quarter he had just bought at auction. My take is that there are many areas that I would favor an auction, but not all.
Often my feeling toward auctioneers has been that they needed an attitude adjustment. Here is how I might approach your problem, wish I had a few problems like yours. Pick a price at or below what you know the land will sell for, say $550K or get an offer for it at the best price you can. My reasoning is that if you can sell it without help for $550K there is no reason to pay a commission on that amount. Now, if the auction people can bring value to it by way of an auction, pay a commission on that value. Rather than pay 7% on the total of the sale price, offer a larger percentage on the price you receive over the amount you have obtained with that help. For example if it brings $750K and you paid 12% of $200K, or $24K that would better than 7% of $750K or $52.5K. Hey, I will be happy to split the savings with you. Wire transfer instructions provided upon request.
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