A neighbors 160 acres are up for sale. The lawyer sent out a newsletter stating the starting bid is set at $10,000. That blows me out of the water before I even get my big toe wet. So disappointed.
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Im from North Central iowa and there are three guys who own 4500, 15,000+ and 20,000+ acres respectively all within 20 miles of me. Showing up to a land auction is pointless, they buy it for fun. Any chances of a young farmer (or any farmer) purchasing land in my area for a pair "average" price is slim and non.
I have seen situations where people would claim there to be a minimum bid, but it was never met and the property sold anyways. If I were you, I would go on and submit a bid that I thought I could afford, even if it was less than the $10,000. One thing I have learned, life is just one giant poker game!
Around that Carroll area in Iowa prices are going to be real high. Up in north central IA the drought has started to affect prices had a couple of recent auctions go nosale because they could not get over $7000. Rent in this area went up big time this year $400 a acre is not unheard of we bid a farm it was 2 160's we bid $400 on one and a 80/20 cropshare on the other and were out bid.
$10,000 per acre??? wow, I'm with ya, i put a sealed bid in on some ground in our area last winter and sweating the whole time that i bid way too much and would over pay...lol, i got out bid by $1,000/ac....wishful thinking of a beginning farmer in these times
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