Re: Clearing Farm Auction Sales

Posted by Andy Martin on December 02, 2004 at 10:31:42 from (64.219.39.195):

In Reply to: Clearing Farm Auction Sales posted by Michael Soldan on December 02, 2004 at 07:11:08:

I agree except I like to go to neighbors auctions where the farmer has died and his wife is holding a sale. I'll pay a premium for a few things I don't really need and run up other items I'd like to have. Any time you help get higher prices for the widow you've done a good day's work.

Foreclosure auctions are another thing. I passed up 250 acres (mixed timber and pasture, some bottom land) at $210/acre because I knew the seller. The bank had led him into foreclosure supporting his oil well habits and I did not want to give the bank more than 1/3 of what the land was worth.

The buyer was the only other bidder and was glad I stopped where I did. We have become friends and he truly loves his land. Another 250 acres would be nice but I don't miss it. By the way, there were more black walnuts on the place than I thought, the buyer sold enough logs to pay for the place. I would have never known that because I can't bring myself to sell old-growth timber.

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