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The Water Cooler
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<blockquote data-quote="SoonerP226" data-source="post: 3507141" data-attributes="member: 26737"><p>Land auctions can also be...frustrating. About 15 years ago, my dad participated in a land auction for a property that was platted out into multiple parcels. He actually had the highest bid on two of the parcels (IIRC, one was 20 acres and one was 40 acres), but after all the parcels had been auctioned, a developer came in and bid the combined prices for all the individual parcels plus $1 for the whole property and took the whole ball of wax. (For example, if the whole property was 160 acres and had been platted out into four 40 acre parcels, and the winning bid for each parcel had been $40K, his winning "bid" was $160,001 for the whole, undivided 160 acres.)</p><p></p><p>That seemed to me to be a rather crappy way to run an auction, and a terrible waste of time for the high bidders on the parcels, but that's the way it was structured. And I gather that it's not terribly uncommon. And I guess it does maximize the return for the seller.</p></blockquote><p></p>
[QUOTE="SoonerP226, post: 3507141, member: 26737"] Land auctions can also be...frustrating. About 15 years ago, my dad participated in a land auction for a property that was platted out into multiple parcels. He actually had the highest bid on two of the parcels (IIRC, one was 20 acres and one was 40 acres), but after all the parcels had been auctioned, a developer came in and bid the combined prices for all the individual parcels plus $1 for the whole property and took the whole ball of wax. (For example, if the whole property was 160 acres and had been platted out into four 40 acre parcels, and the winning bid for each parcel had been $40K, his winning "bid" was $160,001 for the whole, undivided 160 acres.) That seemed to me to be a rather crappy way to run an auction, and a terrible waste of time for the high bidders on the parcels, but that's the way it was structured. And I gather that it's not terribly uncommon. And I guess it does maximize the return for the seller. [/QUOTE]
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