There are timestamps in the description. The actual raw footage lasts for a while. But I wanted to include it, for anyone who has never been to an auction to see exactly what it is like. Unedited. 🚜
Living in a tract home in CA, I didn’t quite get it. Did they sell each tract for a certain amt to establish a price for the grouping of them all? Was it the same buyer for all three? If different buyers, then they didn’t actually win, did it just gave a price for all three tracts?
I am happy to hear that you won't have a development going in down your street and am excited that another farm has been saved. Thanks for taking us along to the action.
Interesting to see how land auctions work in other areas. Here, they offer each tract, then the whole, then open it up to any combination of tracts. Whatever combination of tracts that gains the seller the most money is the sale price at the end. They sold 193 acres here 2 months ago and it sold 1 & 2 together and 3 & 4 together for $2.9 million
Wow! I guess I'll stay in WV because those prices are outrageous. 😮 There are very few places in that price range here. We have 104 acres, so this isn't a huge farm to us. I hate when auctioneers divide up properties. But, I am very happy that hopefully it will not become a development. Love auctions, we usually go to different ones every couple of weeks.
Thanks for the video. The longest property auction I ever attended was not just auctioned by the parcel (5) , but also for timber rights and then mineral rights separately then together, then all of it together. In the end one lot with historical value was bought separately and then everything else together was purchased by one person. Literally took all day!
Thanks for watching! I feel like most people haven’t been to one and it can seem intimidating. So seeing it first can let people know what to expect. 😊
I remember going to an auction about 20 years ago where they sold a beautiful brick house with a big barn. A tornado came through that night and wiped out both down to the foundation. The only thing left the next day was a gas tank.
I remember when auctions were where you went to find great deals. I know it still happens but its rare when it comes to RE. I've gone to foreclosure and estate auctions for several years and the prices they get are comparable to retail when you add in buyers premiums and other auction fees.
That's very inexpensive for 174 acres. I'm also so glad it all sold to local people who will appreciate and tend the land and not a foreign investor or developer.
That is the dumbest way I have ever seen a farm auctioned off ever. Even if you win the bid you may not have what you bid on. I would probably walk away from the auction as not interested.
Don't get it. So I want to buy one part of the land, there is a bidding, I win it, done. It is my land then. And at the end the guy is selling of my land ??? Don't think so ! Why don't they try to sell the whole farm and if there are no bids, then sell it part by part. More logic ...
I understand how the auction was structured, but I don't understand what you mean by the strategy. If I want the whole thing, how could I control the sale price for each tract? Thanks for the education!
If you just wanted all 3 or nothing, then there’s not much you could do. Just wait til the end and bid. But the farmers seemed willing to let go of the 20 acre plot if it got too expensive, so they had to bid on the other 2 separately as a fail safe, in the event that someone put a crazy high bid on the small plot. (because someone would probably be bidding on that for a personal home, and therefore willing to pay more per acre) It would matter more if there was only one person who could afford the whole thing. But in this instance, there were 3 families willing to bid on the whole thing, so it didn’t matter much in the end. 🤷🏻♀️
I find the way this auction works is really very different than any I’ve attended. I’m guessing this way brings more money for the seller But a bet confusing in my opinion
I'm looking to buy 1 to 5 acres from Kentucky to NC to retire on. With your experience what would be the best way to go about this. I'd prefer no restrictions. Thanks
1345000/174=c.7700 an acre either there is a lot of waste on this land or land is not expensive in this area of the USA, any sort of reasonable land in Ireland ( where I am from) is making the equivalent of 17500 to 25000 dollars per acre, we would expect to pay c. €3 million at the very least for a property like this and depending on location and quality possibly up to 5 million, makes one wonder whether we should be selling up here and moving to the states, only kidding I don’t think we would be able to afford to run the green tractors that you guys have over there you know the John very very expensive ones. 33:16
The land is actually very flat and nice. This county actually has some of the higher prices in Kentucky, but Kentucky as a whole has pretty cheap land. Certainly cheaper than Ireland, it seems! The cost to upkeep the land would be a lot. Like you said, those tractors are super expensive! A lot of farms lease them. 🚜
First they offer them separate. Then, if someone wants to bid over the total amount for ALL of them, they win. So some people wanted just the 20 acres by the road. They bid it up, but the farmer was willing to pay for all the property together. If they had bid really high on that one piece, the farmer may have just bought the other 2 pieces and left that one out. If nobody wanted to buy the whole thing, the 3 people who “won” the bids would have taken their respective properties. It’s a little confusing at first!
What kind of auction sells individually then turns around and sells altogether? You got screwed if you bought the individual lots then they pulled the rug underneath you. Garbage terms
I like how everyone keeps their hands in their pockets when the money starts to get over 1 million. Lol. 10 % of sale price the auctioneer should be able to retire too.
Good day from Ontario. Does auctioneer get comision too? Up here I think or was 3%. Usually seller pays commision Thanks Land is cheap compared to here
Woah what’s this buyers premium? 10 percent? Is this a tax? Yeah there is a strategy to buying a farm in lots you don’t bid for anything on till the very end it’s the last bid that counts! Genuinely curious who gets the 10 percent? Seems like a stiff tax on property.
@@AnnaWagnerCarroll 10percent commission? That’s nuts, in this country the buyer pays no commission and the seller pays between 1 and 1.5 percent depending on the deal and the value of the property, a property of this value you could probably negotiate down to.75 percent. If that is commission then you should be an auctioneer in the USA it’s a license to print money!
I couldn't understand a word of what the auctioneer said at the beginning.......why do they think they have to impress people by jabbering like a flock of turkeys. People only started bidding when he started talking in English
Those auctioneers are a bunch of crooks they break the form up and then they charge you $15,000 5000 for each parcel to put it back together what a bunch of crooks they are
There are timestamps in the description. The actual raw footage lasts for a while. But I wanted to include it, for anyone who has never been to an auction to see exactly what it is like. Unedited. 🚜
Living in a tract home in CA, I didn’t quite get it. Did they sell each tract for a certain amt to establish a price for the grouping of them all? Was it the same buyer for all three? If different buyers, then they didn’t actually win, did it just gave a price for all three tracts?
P.S was part of the strategy not to take the second tract 3 and get it at a lower price?
Where is the best place to find out about auctions in Kentucky.
I am happy to hear that you won't have a development going in down your street and am excited that another farm has been saved. Thanks for taking us along to the action.
Me too!
We need to save every farm possible
This was really interesting. I had no idea they did it this way either! It's good that there is a focus on keeping the farms from being chopped up.
Loved that is sold as one parcel. To many farms are being split up and destroyed. Thank you for posting this! ❤
Interesting to see how land auctions work in other areas. Here, they offer each tract, then the whole, then open it up to any combination of tracts. Whatever combination of tracts that gains the seller the most money is the sale price at the end. They sold 193 acres here 2 months ago and it sold 1 & 2 together and 3 & 4 together for $2.9 million
oh wow!
Thanks for taking us along Anna. Very interesting and beautiful country. Glad it sold as a whole!
Spoiler alert 😝 that’s what I get for scrolling comments while I’m listening 🤣
Wow! I guess I'll stay in WV because those prices are outrageous. 😮 There are very few places in that price range here. We have 104 acres, so this isn't a huge farm to us. I hate when auctioneers divide up properties. But, I am very happy that hopefully it will not become a development. Love auctions, we usually go to different ones every couple of weeks.
Thanks for the video. The longest property auction I ever attended was not just auctioned by the parcel (5) , but also for timber rights and then mineral rights separately then together, then all of it together. In the end one lot with historical value was bought separately and then everything else together was purchased by one person. Literally took all day!
Oh my gosh! I can imagine. That sounds so long!
I remember when someone bought ground for over 2000.00 per acre was nuts but I'm old 😆 🤣 😂
I have never attended a land auction so this was very interesting to watch. Thanks for sharing.
Thanks for watching! I feel like most people haven’t been to one and it can seem intimidating. So seeing it first can let people know what to expect. 😊
I remember going to an auction about 20 years ago where they sold a beautiful brick house with a big barn. A tornado came through that night and wiped out both down to the foundation. The only thing left the next day was a gas tank.
😧 Wow. 🌪️
Sad. Hope they had insurance
I remember when auctions were where you went to find great deals. I know it still happens but its rare when it comes to RE. I've gone to foreclosure and estate auctions for several years and the prices they get are comparable to retail when you add in buyers premiums and other auction fees.
because we have internet at our fingertips,
@@chickenfarmer209 would you elaborate as to your point, please?
$7700/acrea, with all the pluses? An absolute steal!
Auctioneer can definitely rap! I could not keep up with what he was saying. Thank goodness he periodically say the actual price.
😂
I love auctions! Thanks for sharing!
The closest I can find in my area is a 120 acre farm for $31,000,000! Not a typo. There is a bargain a little farther away 171 acres for $12,000,000.
😱😵💫 wow.
California?
Excellent.....Thanks for sharing.
Buyers penalty
Not premium
You'd be surprised how many people don't attend a sale because of a buyer penalty
That's very inexpensive for 174 acres. I'm also so glad it all sold to local people who will appreciate and tend the land and not a foreign investor or developer.
Was the local Bill Gates?😂
If I had bought the 1st parcel then had it taken from I'd be something I'm sure.
I would have been about a million short. Some day. Nice buy .
That is the dumbest way I have ever seen a farm auctioned off ever. Even if you win the bid you may not have what you bid on. I would probably walk away from the auction as not interested.
Don't get it. So I want to buy one part of the land, there is a bidding, I win it, done. It is my land then. And at the end the guy is selling of my land ??? Don't think so !
Why don't they try to sell the whole farm and if there are no bids, then sell it part by part. More logic ...
Fetches more money the way they do it. But I agree!
Kentucky for kentuckyans keep out
And the successful bidder is Blackrock.
Thank you, very interesting ❤
I understand how the auction was structured, but I don't understand what you mean by the strategy. If I want the whole thing, how could I control the sale price for each tract? Thanks for the education!
If you just wanted all 3 or nothing, then there’s not much you could do. Just wait til the end and bid. But the farmers seemed willing to let go of the 20 acre plot if it got too expensive, so they had to bid on the other 2 separately as a fail safe, in the event that someone put a crazy high bid on the small plot. (because someone would probably be bidding on that for a personal home, and therefore willing to pay more per acre)
It would matter more if there was only one person who could afford the whole thing. But in this instance, there were 3 families willing to bid on the whole thing, so it didn’t matter much in the end. 🤷🏻♀️
I find the way this auction works is really very different than any I’ve attended. I’m guessing this way brings more money for the seller
But a bet confusing in my opinion
Auctioneers do real well this way, 3-5% plus the premium is robbery
That was interesting thanks for sharing it
I'm looking to buy 1 to 5 acres from Kentucky to NC to retire on. With your experience what would be the best way to go about this. I'd prefer no restrictions. Thanks
I was surprised not a lot of people showed up.
🐄 congratulations 🎊 🐄
Congratulations 🎊
1345000/174=c.7700 an acre either there is a lot of waste on this land or land is not expensive in this area of the USA, any sort of reasonable land in Ireland ( where I am from) is making the equivalent of 17500 to 25000 dollars per acre, we would expect to pay c. €3 million at the very least for a property like this and depending on location and quality possibly up to 5 million, makes one wonder whether we should be selling up here and moving to the states, only kidding I don’t think we would be able to afford to run the green tractors that you guys have over there you know the John very very expensive ones. 33:16
The land is actually very flat and nice. This county actually has some of the higher prices in Kentucky, but Kentucky as a whole has pretty cheap land. Certainly cheaper than Ireland, it seems! The cost to upkeep the land would be a lot. Like you said, those tractors are super expensive! A lot of farms lease them. 🚜
Betcha, there isn’t one obamma or brandon supporter in this video.
Question? They first sold all 3 parts then they put them all together to sell them? I am confused
First they offer them separate. Then, if someone wants to bid over the total amount for ALL of them, they win. So some people wanted just the 20 acres by the road. They bid it up, but the farmer was willing to pay for all the property together. If they had bid really high on that one piece, the farmer may have just bought the other 2 pieces and left that one out.
If nobody wanted to buy the whole thing, the 3 people who “won” the bids would have taken their respective properties. It’s a little confusing at first!
@@AnnaWagnerCarroll thank you for explaining it to me. Glad it stayed together
It went for 1.3 million more than it's worth! End the insanity.
What kind of auction sells individually then turns around and sells altogether? You got screwed if you bought the individual lots then they pulled the rug underneath you. Garbage terms
I like how everyone keeps their hands in their pockets when the money starts to get over 1 million. Lol. 10 % of sale price the auctioneer should be able to retire too.
Haha. For real.
That explanation to a🇨🇦 Was as murky and dark as. Kentucky coal mine??? 🇨🇦😄
Good day Buddy Mac. I am from Ontario. Prices start 1 million around here.
So were are y from? Thanks
10%! For doing what?
That should never be allowed to sell in breaking up a farm because that's exactly what's causing all these high prices..PIEROD
Good day from Ontario. Does auctioneer get comision too?
Up here I think or was 3%. Usually seller pays commision
Thanks Land is cheap compared to here
I think the auctioneer gets the 10% buyers premium.🧐 I’ve heard land in Canada is very expensive!
Can the new owner turn around and sell parts? Does it stay as farm land?
I’m not sure. I don’t think they can make it into a development, but I bet they could sell the acreage by the road on the MLS and make a profit on it.
are land taxes high in Kentucky?? I have a bit of land in Mississippi and taxes run less than $5.00 an acre per year.
They aren’t very high really, but as the property value goes up, they are definitely rising.
add a house of $500,000+ to the land and see how fast the real estate taxes go up.
Homestead vs non homestead makes a difference too
Where is this farm
Woah what’s this buyers premium? 10 percent? Is this a tax? Yeah there is a strategy to buying a farm in lots you don’t bid for anything on till the very end it’s the last bid that counts! Genuinely curious who gets the 10 percent? Seems like a stiff tax on property.
I believe the 10% goes to the auction house. If so… nice pay day for them!
@@AnnaWagnerCarroll 10percent commission? That’s nuts, in this country the buyer pays no commission and the seller pays between 1 and 1.5 percent depending on the deal and the value of the property, a property of this value you could probably negotiate down to.75 percent. If that is commission then you should be an auctioneer in the USA it’s a license to print money!
That buyers premium on land isbs
I couldn't understand a word of what the auctioneer said at the beginning.......why do they think they have to impress people by jabbering like a flock of turkeys. People only started bidding when he started talking in English
How much was the buyer premium?
10%
Those auctioneers are a bunch of crooks they break the form up and then they charge you $15,000 5000 for each parcel to put it back together what a bunch of crooks they are
Not to be a downer, but think tat family caan cut pieces off to develop,,,,174 acres is HUGE!!! just saying
I really hope they don’t! But I guess what will be will be either way. 🚜
😂 some people got more money then brains sadly farmers act cheap or broke but they far from it...
Quit Gabbing and sell the land!!!!!’