I went to an auction yesterday where they auctioned 185 acres of farm ground. I just went out of curiosity to see what the routine was in case we want to sell our farm sometime.
There was a reserve, 'cause at one point the auctioneer stated, "We've passed the reserve and the land WILL sell to the highest bidder". It sold for $5025 per acre, but that didn't separate tillable ground from timber, etc. Also, it was off the beaten path in an isolated location.
I visited with the auctioneer for a bit after the land sold, and he told me if we ever wanted to sell our farm, his commission would be 4%.
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