Farm Bankruptcy Auction

Winchester1

Member
Location
Vincennes, In
Our local auction lot normally only has three sales per year, spring, (about a month ago) summer and fall. Was surprised to see an auction advertised in last week's Sun. paper.
Went over to preview it today, seems three farms went under and the bank(s) own all of the equipment and it will sell with no reserve.
Spoke to another gentleman, we agreed this is only the beginning.
 
It's been "only the beginning" since 1929. Probably long before that. Every little thing is some sort of "sign" that indicates the beginning of the end. Yet, we never seem to plunge into the abyss.
 
Ya,we just had one HECK of a shocker here. A guy a little younger than I am. His dad was a great farmer and he seemed to be a chip off the block. Super nice guy,nice clean operation,never seemed to go overboard with new equipment,had three old Allis 200's that got as much use as anything. I was at a funeral a month ago and another guy asked if I'd heard anything about his land being for sale on a sealed bid auction. I just blew it off as rumor. I didn't learn until three weeks ago tomorrow that it was true. Over 500 acres up for sealed bid,bids due by April 13,to be opened the 14th,so it's all over and done with.
That was as big of a shock as if he'd dropped over of a heart attack totally unexpected. I just never in my life saw that one coming.
 
Randy, Yes his sale was a total shock. I have heard some rumors, but nothing solid as to why he might have decided to sell out.
 
(quoted from post at 18:50:58 04/24/15) Randy, Yes his sale was a total shock. I have heard some rumors, but nothing solid as to why he might have decided to sell out.

500 paid for acres, even at 3k per acre, is enough for a reasonable retirement. If no family member is going to continue, a lot of folks might not want to work till they drop.
 
I haven't even heard any rumors as to why. Only a few about who bought it. If true,I would have much preferred that the old order Mennonites had split it back up in to several farms like it used to be.
His equipment is sitting at his Dad's place. I haven't heard anything about an auction to sell that stuff yet.
 
I've heard it was $3600 and he was offered 3 before he put it up for bids. He was here a few years ago looking for a place for his boy,so as far as I know,there was a plan for it to go on.
 
(quoted from post at 20:11:16 04/24/15) Except for the mid 1980's.

Yep, 2 out of 5 places within a 2 mile radius of me went out in '82-83 alone :shock:
 
I do know that an investment firm from Indiana has purchased some, if not all of what he had for sale. As for rumors, I believe he is building a house by holland lake.
 
Yea I'm having some trouble having any sympathy for the grain farmers that over extended and now are paying the Piper.High prices will always bankrupt more folks than low prices.It'll be the same with some of the cattle folks when the price drops.I'm seeing a lot of new hay equipment showing up in the farming areas around here.I'm splurging too I'm having a new crankshaft put in an Oliver 1365 4WD I bought(LOL).
 
Low interest rates and high commodity prices over the past decade have resulted in a lot of expansion and record-high farmland prices. Many operators who would have a hard time turning a positive cash flow on eight dollar corn are now finding it even more difficult on four dollar corn. Let's see what happens when the Fed starts raising interest rates.
 
(quoted from post at 19:36:00 04/24/15) I do know that an investment firm from Indiana has purchased some, if not all of what he had for sale. As for rumors, I believe he is building a house by holland lake.

Sounds like a good retirement plan...:)
 
Did that investment group involve a guy by the name of Boersen? If it was,I believe it's the same outfit that bought Walker's down on the county line and that farm that just sold south of Ionia.

I'd heard whoever got it,got it all. That there were some parcels,including the home place with the buildings,that had a higher bid separate,but they put in a higher bid on all of it tied together.
 
There is an investment company that boersons deal with from Indiana. If it's them, hold on. Between boerson (sp?) and the investment group, they've bought up around 500 acres from 3 owners in our area that ranged from 4k to 9k/acre, depending on who was bidding against them. Don't know for a fact, but he's also paying upward of $250/acre once established in the area. I wondered how long it would take before ge headed north. Kinda crushes a guys dreams when you're hoping to expand and become more than a wanna be farm.
 
Forgot about the sibel farm. Bought that too. I think that was another 400+/-acres. That one was only 6200/acre
 
I've heard from an implement dealer that there's Amway money behind him.

Anyway,now you know why I said I would have much preferred that the Mennonites got it.
 
Milk prices are about $11 per hundred less than a year ago and it is starting to make life pretty rough for those who weren't real careful about their debt the last couple of years around here, too.
 
I agree, it is only the beginning, I also expect several of the BTO's to get theirs, they are apparently still paying high dollar for land that the crop price is no longer there to support those dollars. We got lucky and were able to purchase our farm in the Mid 80's when prices were still low. If we have a farm land bubble burst, I hope to pick up substantially more land, but I won't over pay for it. If milk prices are down that much, may have an opportunity to get one of the current dutch dairy farms....
 

We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.

Back
Top