You’ve already mad the decision to sell your farm. The next step is the actual follow-through. It is highly recommended to hire an experienced real estate agent before beginning the process of listing your farmland property for sale. Doing so helps to ensure that you are given the best sales option for your property.
One way of selling your selling your property is by placing it in a farmland auction. There are many benefits to farmland auctions. Below are just a few:
The sell is guaranteed. There is no need to wonder whether or not your farm property will sell because, in an auction, it is guaranteed that your farm will sell on a specific date and the sale will be final.
Fast Return on Investment Farm real estate sold in an auction is paid for in cash. While financing is available for buyers, they must still have cash on hand for an immediate down payment and agree to pay the balance in 30 days or less. No waiting months for the deal to close or negotiations necessary.
No Contingencies. Farm properties for sale in auctions are “as is” sales. Therefore, things like inspections and conservation easements need to be addressed prior to the property being listed. A conservation easement serves as a limitation on a property to preserve its resources. This way, if a buyer is prepared to buy, they are prepared to accept whatever condition the property is in.
Fair price at market value Although auctions usually start at a value below market value, the competitive nature of the buyers, in most cases, increases the price of the property. For some sellers, the property can sell for as much as it would if it were listed traditionally and sometimes more.
Places like Montana are seeing increased population sizes in recent years. In fact, Montana alone is expected to grow by 14% by 2043. Although populations are increasing, employment for farmers and other agricultural employees is decreasing. Employment is predicted to decrease by 2% by 2024.
While jobs may be decreasing in the agricultual market, the beauty of the land in which many of these farms and ranches are on is ever-lasting. Placing your property in a farmland auction does not always mean the end of that farm. There is still potential for someone else to purchase the land and make it their treasure.
