Posted by MarkB_MI on December 30, 2016 at 05:46:12 from (198.208.251.22):
In Reply to: Re: Landsharks posted by Mike M on December 30, 2016 at 04:56:34:
> Lots of times a property is bought up at an auction and brings highest bid. Then it is divided up and resold in smaller pieces allowing the new owner to make money on it. Many times these places were bought by realtors just to split up and resell. It takes money to make money !
Sounds like the auctioneer wasn't doing his job.
When we sold a half section of farm ground, the auction company split it up into three parcels. Bidding started out for each individual piece. Once the auctioneer had a high bid for each parcel, that established the minimum bid for the entire half section, or any combination of the three individual parcels. Once the bidding was done, the entire half section was sold for about three times the total bids for the individual parcels.
This method has been fairly standard for the past twenty years; auctioneers are able to use a computer program to automate the calculations. If a property can be easily subdivided for auction, it's inexcusable for an auctioneer to sell it as a single parcel without getting bids on subdivided parcels. All that does is guarantee that only bidders who have enough money to bid for the entire parcel have a shot; bidders who can only afford a portion of the property are shut out of the bidding. The big loser is of course the seller, but the auctioneer is also cheating himself out of a bigger commission.
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