What Happens After the Auction?
Top 50 Questions about Farmland
Hey, it's the Iowa land guy. And here's the top 50 questions that I get asked about farmland. So what happens after the auction? So once the auctions complete, uh, uh, we say sold and we have a price determined. So there's a couple of things that happen. One, of course, we, the auction company will, uh, make sure that.
All the documents are executed. We'd like to sit down with you, the seller and the buyer, uh, at the live auction event, and we will complete the purchase agreement paperwork right there. Uh, at Whitaker Marketing Group, we also have a closing plan that has names, phone numbers, addresses, attorneys, banks you're working with, uh, all good, uh, knowledge to have and, uh, documentation before we leave so that we can.
Um, so that's the main thing that we do after the auction as the auction company, uh, we remove signs from the property. We'll mark it sold on the websites. Um, oftentimes appraisers will call us after the auction and ask what it might have sold for. Um, if any neighbor farmers call and ask, this was a public auction.
So unless otherwise, uh, indicated by the seller, we normally give out that information of what that farm sold for. Um, that is really the start of all the paperwork part of the process. And so, In Whitaker Marketing Group, we have a team of people, and that will go to our closing department. Our closing department then starts communicating with everyone, from the attorney, to the seller, to the buyer, to the title company, the abstracting company, the county for taxes and records, the state for transfer tax, and all those parties involved are in the loop for that closing transaction.
So, a lot of communication happens. It gets kind of quiet between the brokerage and the uh, seller until about a week before closing and all that time we're checking all the boxes that are on the list and making sure that uh, all the documents are right on your behalf as the seller representative. And that's pretty much what happens after the auction.
David Whitaker | Iowa Land Guy