If you’ve ever been to a bingo hall, you’ll know that the savvy players don’t just have one bingo card per game– they have several at once, therefore increasing the odds in their favor to win.
Auctions are a little bit like bingo, in that multiple people are competing in real-time to “win” something. With bingo, it’s usually a cash prize. Auction, though, typically involve physical goods and/or property.
Wilson Auction & Realty Company handles properties for sale in Ohio, Michigan and Indiana. These days more and more properties are going up for auction, to be “won” by the highest bidder, and one thing that helps benefit buyers is what’s known as a multi-parcel auction.
When buying property, the purchaser is buying land, right? Land is divided into tracts or parcels– measureable areas with borders indicating ownership typically via governmental records.
The Advantages of Multi-Parcel Auctions
Multi-parcel auctions work well for buyers who want to bid on more than one parcel of land. They select the parcels they’re interested in, first bidding them by the acre and then in whole dollars. Upon bidding them by acre, a per acre price is established. An advance of bid can be made within a certain time frame. No one is knocked out of bidding at any time. Furthermore, what makes this interesting is that a potential buyer gets the opportunity to combine any or all tracts in any grouping throughout the entire auction. He or she can also post new bids on any single tract/parcel bid or combination bids already posted.
With multi-parcel auctions, everyone participating can choose what they want to try and buy and the price is set by the bidder. Everyone looks at a large board to check each tract/parcel’s high bid– and whether or not they’re currently “winning” it.
Unlike other auctions, in this case it’s not smart to wait to bid at the end. It’s recommended to have a buying strategy before the multi-parcel auction starts, and bid early, defending your position rather than trying to take it from someone else.
Want to know when the next multi-parcel auction is? Contact Wilson Auction & Realty in Bryan, Ohio, at 419-636-5500.