Clearing Farm Auction Sales

Most farm sales are just a way to get rid of the junk that was left after they sold off all the good stuff.
I know I have a whole trailerfull of stuff I get to pay to get rid of after I paid $5 for the lot. 2 things I wanted and had to take it all to get it.

My Grandfather had sales before he got off the farm. If I'd had some cash then I would have saved some of the stuff. But he was'nt going to keep it till I did so he sold it.
Some times its just timing.

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.

Much worse situation is not a retirement auction but a foreclosure auction. My father who had grown up in the depression, got his @$$ shot off in Korea and spent 30 years as a more or less successful farmer had thought he'd seen it all. But he wasn't ready for 22% interest and land values that fell by 50% in two years time. Combined with two massive doughts and a grain embargo and he left wondering where he had failed. In 1980 he was formulating a plan for 7 sons who all wanted to farm. Tractors where averaging 1500 to 1800 hours a year and his boys skipped highschool (and some times junior high) classes on a regular basis to be in the field.

In 1985 at the tender age of 53 he stood by as the auctioneer sold every peice of equipment he owned. He was reduced to bidding against strangers who had traveled from other states to bid on the excellent (if not worn) line of equipment he had accumulated. He was died in the spring of 1986 before he reached his 54th birthday.

For that reason I will never attend a foreclosure auction again.

You hit it right on the head.

They are terrible things; no other way to describe it. Most stuff will only bring pennies on the dollar and a lifetime (or more) of "treasures" simple dribbles down the drain. Then, guess what? That poor old farmer gets the privilege of paying taxes on top of the sales commissions.

This happened to me, so I know.

But, so help me Gawd, I'll get 'er all back and then I'll out and out give it away to my family before ever allowing anyone to 'take' from me again.

Thanks for the nice post; you've touched a nerve here.

Allan

And you are right about some items dont bring close to what they are worth like my 4 tractors and the work van. Other items brought more than you would ever think.

Good luck Allan,hope all goes well for you.

steveandmary