ILLINOIS FARM LAND AUCTIONS
Auction Formats & Questions for Your Broker
ILLINOIS FARM AUCTIONS
An Illinois farm land auction can be very beneficial for prospective investors. When you attend a farm land auction, there are multiple properties available at one given time, and as a buyer, you know that the seller is committed to selling. This is beneficial for prospective buyers because they have full control of their bid on a particular property. There are a few different real estate auction formats that investors should consider.
In an absolute auction, the property will be awarded to the highest bidder. In this case, the seller will not have the ability to turn down the final bid that is received by the auctioneer.
AUCTION WITH RESERVE
Contrarily, in an auction with reserve, the seller does have the right to accept or decline the final bid. This might work in favor of the seller, but it could be a drawback for a potential buyer. Time and effort goes into researching a property before an auction, and if there is a chance that a seller will turn down a bid, this might result in less potential buyers throwing their hat in the ring.
MINIMUM BID AUCTION
In a minimum bid auction, bids are accepted at or above the disclosed advertised minimum. This can be a disadvantage to buyers who are not interested in bidding the amount in the disclosed advertised minimum. However, it can be beneficial for potential buyers who have a set price they are looking to spend. Knowing in advance what the minimum bid is will help to entice buyers who are ready to spend the asking price or above.
QUESTIONS FOR YOUR REAL ESTATE BROKER
A knowledgeable Illinois farm land broker can provide valuable insight before bidding on a property at an Illinois farm auction. What are the real estate taxes? Is there any other property information to be provided? Are there legal descriptions that you should be made aware of? The closing date should be advertised at the auction, but you should be able to have access to property maps and surveys. The information provided by your broker should address any concerns or questions prior to the auction.
IF YOU ARE LOOKING FOR A BROKER TO REPRESENT YOU AT AN UPCOMING ILLINOIS FARM AUCTION, PLEASE GIVE US A CALL AT 815.718.2244 , OR SUBMIT OUR CONSULTATION REQUEST FORM.
Questions or Comments
If you have questions or comments, please fill out the form below and a representative will be in touch.