What are the different types of auctions?
Top 50 Questions about Farmland At Whitaker Marketing Group, we provide a wide range of auction formats tailored to meet the needs of both sellers and buyers. Each method is designed to increase engagement and produce the strongest results for your property. Additionally, offering multiple formats ensures every farm and every seller has the right […]
What happens after the auction?
Top 50 Questions about Farmland Once your farmland auction ends and the winning bidder is confirmed, several important steps begin to finalize the transaction and ensure a smooth, organized closing. 1. Signing the Purchase Agreement Right after the auction concludes, the seller and buyer meet to sign the purchase agreement. This step sets the terms […]
Do you cash the check right away?
Top 50 Questions about Farmland No, the earnest money check does not get cashed immediately. Instead, the transaction follows a clear process that complies with Iowa Real Estate Commission rules. These rules require the check to be deposited into a trust account within five days, ensuring transparency and security. How the Process Works Post-Auction Communication: […]
How long does an auction take?
Top 50 Questions about Farmland The duration of a farmland auction depends on factors like the number of tracts being sold and the type of auction. On average, most farmland auctions take about 1 hour to complete. Factors Affecting Auction Duration Number of Tracts: Each tract typically takes about 30 minutes to auction. Larger farms […]
Will the Land Market Remain Strong
Experts say farmland values may be heading for a plateau, even though several variables could still shift the market. By Cassidy Walter Market Momentum Slowing Headlines of record-setting sales and rapid appreciation created major excitement in the farmland market last year. As 2023 continues, industry experts say that momentum is easing. Prices remain strong, but […]
Do you provide drone videos?
Top 50 Questions about Farmland Yes, at Whitaker Marketing Group, we use drone videos to showcase farmland and maximize its appeal to potential buyers. Drone footage has become one of the most effective ways to attract attention and generate interest online. Why Use Drone Videos? Higher Engagement: Online videos, especially drone footage, receive more views […]
How much does a farmland broker charge?
Top 50 Questions about Farmland Farmland broker fees can vary widely depending on the size of the property, its value, and the services provided. Here’s what you need to know about typical charges. Typical Broker Fees Percentage-Based Fee: Broker fees usually range from 1% to 10% of the sale price. Larger farms (e.g., $20 million) […]
How soon can we close?
Top 50 Questions about Farmland The farmland closing timeline is one of the most common questions sellers and buyers ask. While the typical farmland closing timeline is around 45 days, it can vary based on the structure of the deal, financing, title work, and how quickly each party completes their requirements. Understanding this timeline up […]
What are the time limits for 1031 tax exchange?
Top 50 Questions about Farmland A 1031 tax-deferred exchange lets you reinvest the proceeds from a property sale into another like-kind property while deferring capital gains taxes. To make the most of this strategy, you must follow the IRS timelines closely. When you understand these deadlines, you can plan ahead and keep your exchange on […]
What is a 156 form?
Top 50 Questions about Farmland The 156 Form is a vital document for farmland owners, often referred to as the “pedigree” of your farm. It provides detailed information about your farm’s characteristics, usage, and participation in government programs. What Information is on a 156 Form? Acreage Details: Total acres. Crop acres. Tillable acres as recognized […]
