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Are auctions of horse farms always foreclosures?

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  • Are auctions of horse farms always foreclosures?

    Or is this just getting to be more popular as a way to have a definite sell-by date?

  • #2
    Originally posted by password View Post
    Or is this just getting to be more popular as a way to have a definite sell-by date?
    No, an owner can choose auction for any number of reasons, including a certain sale date.

    G.
    Mangalarga Marchador: Uma Raça, Uma Paixão

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    • #3
      Depends on where they are and the quality of the farm. In many places, horse farms aren't worth dog spit these days because nobody wants to buy them or the value of the property is low in general where they are, so banks are loathe to foreclose except in the event of a death of the owner(s) because they wouldn't get anything out of it if they did foreclose except when there's development interests.
      Thus do we growl that our big toes have, at this moment, been thrown up from below!

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      • #4
        Auctions are a primary sales method here in KY for farm properties and for farm equipment. Homes are also sold that way, but not so many. Some of the larger estate homes with tons of antiques will host an estate sale auction and then somewhat later the property will go up for auction.

        Where I used to live it was far rarer although ranch properties would go up every once in a while. Here in KY there's an auctioneer on every corner and a lot of RE companies have auction in the business title, ie they'll do it both ways.
        Courageous Weenie Eventer Wannabe
        Incredible Invisible

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        • #5
          Nope to the original question. It's frequently a case of an owner who wants to sell NOW!
          Some riders change their horse, they change their saddle, they change their teacher; they never change themselves.

          Remember the horse does all the work, we just sit there and look pretty.

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          • #6
            Auctions are a way of life here. Most properties that are auctioned here bring more money than ones that are listed through a realtor.
            "You can't fix stupid"- Ron White

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            • #7
              Why do some areas of the country do it "auction style" regularly? Is that out of long standing desperation (and local expectation about how one buys a property)? Or do folks get market-rate prices at auctions?

              Also, I have some dog spit and I'd like to buy a farm.
              The armchair saddler
              Politically Pro-Cat

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              • #8
                Originally posted by mvp View Post
                Also, I have some dog spit and I'd like to buy a farm.
                Ha! I have a mastiff, and I have been hoping that drool would become a hot commodity
                Disclaimer: Just a beginner who knows nothing about nothing

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                • #9
                  Auction of farmland is pretty common; some are retirement sales, some estate sales and some are disgruntlement sales although those are usually citiots that cannot bear the lack of city water, sewer, cable, etc and find country life dirty and stinky. I predict a spate of those this spring when they return to the cities because they got cabin fever this winter and discover the joys of a rapid melt of 7' of snow.
                  I like auctions, especially where they sell equipment. My sale purchases have included grain bins, a quad, some tools and random boxes of stuff, most of which was useless.
                  Founder of the Dyslexic Clique. Dyslexics of the world - UNTIE!!

                  Member: Incredible Invisbles

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                  • #10
                    It's local tradition here. When people get out they want to get out and get done.

                    With an auction the buyers are pretty much prequalified, they don't get to lock the property up into contract with an offer and diddle around with this and that inspection, they have to put down the listed percent and have financing set up.

                    Does that mean you make less? Yes, but as long as the bulk of RE is selling that way there is no way for it to crazy inflate so most RE sells for predictable prices.
                    Courageous Weenie Eventer Wannabe
                    Incredible Invisible

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                    • #11
                      Originally posted by ReSomething View Post
                      It's local tradition here. When people get out they want to get out and get done.

                      With an auction the buyers are pretty much prequalified, they don't get to lock the property up into contract with an offer and diddle around with this and that inspection, they have to put down the listed percent and have financing set up.

                      Does that mean you make less? Yes, but as long as the bulk of RE is selling that way there is no way for it to crazy inflate so most RE sells for predictable prices.
                      So... no inspections. But these aren't all cash deals? How do lenders roll with that?
                      The armchair saddler
                      Politically Pro-Cat

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                      • #12
                        I've seen some as an estate sale. others are just sales to get it done in one day.The horse farm across the street was auctioned. Owner was foreign and wanted to move back and didn't want an empty farm and the hassle of keeping it up out of country.
                        Epona Farm
                        Irish Draughts and Irish Draught Sport horses

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                        • Original Poster

                          #13
                          So there is no stigma with selling the horse farm as an auction? I know people trying to sell equestrian real estate right now that would love to be done with it but they don't want people to mistakenly think that they are bankrupt! As a buyer, we did think that there might be some deals to be had but it seems like the prices are never published so we don't really know for sure.

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                          • #14
                            Originally posted by password View Post
                            So there is no stigma with selling the horse farm as an auction? I know people trying to sell equestrian real estate right now that would love to be done with it but they don't want people to mistakenly think that they are bankrupt! As a buyer, we did think that there might be some deals to be had but it seems like the prices are never published so we don't really know for sure.
                            There's no stigma around here (East TN) attached to selling a farm at auction. I don't know where you're located; since the three most important words in real estate analysis are "location, location, and location" it might be different where you live.

                            The auction price often will carry a "buyer's premium." This means that the buyer will pay a percentage over the auction price (around here about 10%) that covers the fees and costs of the auctioneer.

                            Something that often happens around here is that a large tract will be offered in smaller tracts, then after each individual tract is sold the entire place is offered. If the total for the entirety is greater than the sum of the parts it goes in one piece; otherwise it goes in pieces.

                            Unless otherwise specified auctions are "where is, as is, with all faults." There are generally few to no contingencies. The buyer is responsible to obtaining financing. Sometimes an auctioneer will arrange for a lender to be present at the auction and take applications from borrowers. If a borrower can't get a mortgage they can be sued by the seller. If a home inspector gives a building a "thumbs down" that's the buyer's problem.

                            In dealing in auctions buyers had best carefully read the offering and its rules.

                            Whenever a place goes up for auction around me I go if I can and just watch to see who's bidding (often it's professional investors) and how much a place goes for. I don't register and I keep my hands very still.

                            G.
                            Mangalarga Marchador: Uma Raça, Uma Paixão

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                            • #15
                              Originally posted by password View Post
                              So there is no stigma with selling the horse farm as an auction? I know people trying to sell equestrian real estate right now that would love to be done with it but they don't want people to mistakenly think that they are bankrupt! As a buyer, we did think that there might be some deals to be had but it seems like the prices are never published so we don't really know for sure.
                              The stigma of looking bankrupt? Meh, who cares? You might be in good company (and getting a better deal than the poor sucker students who don't have the getouttadebtfree with their loans). And better to look bankrupt than to hang onto the farm and actually be bankrupt.

                              You might be unhappy with all the people showing up at auctions with Mountain Dew bottles filled with dog spit, though.
                              The armchair saddler
                              Politically Pro-Cat

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                              • Original Poster

                                #16
                                LOL MVP!

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