Realitor, you start with a high price and wait for someone to come along willing to pay enough to match your expectations. You might need to lower your expectations after some time, and it could take years until it sells if you keep high expectations.
Auction, you sell it this week, you close it in a month, and it's all done, you got the money out of it quick & easy. however, you got whatever money any 2 people were willing to offer that day for it, you have no control of what price it would be.
Of course there are reserves on auctions, and so on, but the basicis are above.
In today's climate, I would run an auction for farmland always. We are in a seller's market, farmers are bidding just stuupid these days, you'll do better selling farm land at auction.
For a building site only, I donno. It would depend on the situation. In today's climate you would be money ahead to realitor it, and sit a while and wait for the person with bucks and a dream to come along and match your price. It is a buyer's market.
For a house/building site, often there are several heirs that all have very different ideas on how to value the property, perhaps a next generation wants to buy it, another sibling thinks it's worth 3x it's actual value, and sibling #3 wants to spend the income from the sale yesterday already... In such cases, they default to an auction because they can't agree on how to sell it any other way.....
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Today's Featured Article - The David Brown Rose Badge - by Samuel Kennedy. In the 13th century civil war was raging in England. Two English noblemen were involved in a conflict which became known as the War of the Roses. The Duke of York had as his emblem a white rose and the Earl of Lancaster had a red rose. Today the white rose is the official emblem of the county of Yorkshire and the red rose has been adopted by the neighboring county of Lancashire.
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