What happens if we don't meet the reserve?

What Happens if We Don't Meet the Reserve?

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. What if we don't meet the reserve at an auction? Good question. If we don't meet the reserve at the auction with our company, with Aker Marketing Group, two things happen. One, we list it right away for the next six months. Typically, we can put a farm together in the next six months. We know who the buyer is. We know who the seller is. But what we haven't figured out is what's the negotiable fair, uh, price in the middle. That's what we're normally figuring out after the auction because arguably the reason we know sold the farm was we didn't make it to enough money to satisfy both parties. So first thing we do list the farm. Second thing we do is if you say, Nope, I just don't wanna have an auction anymore. Uh, I decide that uh, this was a bad idea and I don't wanna do anything, I don't wanna list it. Uh, that's an easy uh, uh, answer as well. You can back out of the agreement. Alls we ask is not to lose any money and that you reimburse us for that marketing expense. So can you have a reserve? And what happens if you don't meet the reserve? There, you go.

David Whitaker | Iowa Land Guy