How the Auction Process Works for Farmland

If you have a parcel of farmland you want to sell as quickly as you can, your best option is probably to auction it off. Auctioning farmland will allow you to unload the land in a matter of just a few minutes in most cases, while bringing in plenty of strong offers from potential buyers. Let’s take a closer look at how the auction process for farmland will play out.

You choose the type of auction you want to hold.

There are a variety of auction types you can hold for your farmland. From a public auction, which is the most common type of auction, to an undisclosed reserve auction that will let you set a reserve price for your farmland, you should begin by choosing the auction that’s right for you.

You help set the terms for your auction.

Once you figure out what kind of auction you’re going to hold, the next step will be to determine the terms that you’re going to use for your auction. You’ll have to decide how much a buyer will need to put down right away to buy your farmland, how quickly they’ll be expected to close on the property, when you’ll hand over possession of your farmland, as well as other custom terms.

An auction company markets your farmland auction for you.

This is probably the most important part of the auction process for those wishing to sell farmland. You’ll need to market your auction so that there are tons of potential buyers who know about it. A good auction company can market your farmland in the right places and drum up interest in the land you’re selling.

Then, your auction takes place.

At the end of all this, your actual auction will take place. With any luck, you’ll have plenty of interested buyers in attendance who will place multiple bids and drive the price of your land up. It’ll allow you to walk away with a great deal.

It might sound simple enough, but putting together an auction for farmland often requires weeks, if not months, of careful planning. Wilson Auction & Realty Company can walk you through the auction process and see to it that you get the highest bids possible when auction day finally rolls around. Call us at 419-636-5500 today to hear more about how our auction services can benefit you.