Selling farm

flying belgian

Well-known Member
My Siblings and I have decided to sell our 250 acres of farmland by online auction. It is in Nicollet County Mn.
Any suggestions on which auction service to use?
 
My Siblings and I have decided to sell our 250 acres of farmland by online auction. It is in Nicollet County Mn.
Any suggestions on which auction service to use?
I have had good experience with Big Iron although I have not sold land with them. I sold my big farm machinery with them 5 years ago when I downsized and was impressed with the broad coverage that you get from a national sized company. And I was very happy with the results. I am currently preparing the listing for my final retirement sale with them coming up in late July. I wish you well on the sale. It's a big decision and I hope you are as happy as I am to be moving from the "before" to the "next" in your life. I was very happy with the "before" and am equally happy with the "next".
 
Just land or land and equipment?
Just land. Pa died 33 yrs ago and Mother had an auction for his equipment back then. 10 yrs after that I sold my garbage company, put together a line of farm equipment and started farming the land.

12 yrs ago Mother died and us siblings formed an LLC I farmed it until 4 yrs ago. That's when I retired and we rented it to neighbor. I sold my equipment piece by piece over the last 4 yrs.
 
Just land. Pa died 33 yrs ago and Mother had an auction for his equipment back then. 10 yrs after that I sold my garbage company, put together a line of farm equipment and started farming the land.

12 yrs ago Mother died and us siblings formed an LLC I farmed it until 4 yrs ago. That's when I retired and we rented it to neighbor. I sold my equipment piece by piece over the last 4 yrs.
Check with Steffes group or Fladeboe Land.
 
Sad to hear.

I hope another small farmer buys it and your family does well on the sale.
I didn't mean it to sound sad. My youngest sister is 63, my oldest sister is 77. There are 6 of us. We all agree it is time to cash in on the wonderful inheritance we received from our parents. Since I'm the only one with a recent farming background they asked me to figure out how to get the most $$ That's why I'm reaching out to the experience of this group.
 
I didn't mean it to sound sad. My youngest sister is 63, my oldest sister is 77. There are 6 of us. We all agree it is time to cash in on the wonderful inheritance we received from our parents. Since I'm the only one with a recent farming background they asked me to figure out how to get the most $$ That's why I'm reaching out to the experience of this group.


I hear you.

My grandparents on Moms side both came from Poland, got a farm and raised 13 kids during the depression. One uncle kept it up after grandfather died and took care of grandmother. He got hurt in an accident and another uncle took over and the farm is still in the family.

My aunt is still there but my cousins take care of the place now.
 
My Siblings and I have decided to sell our 250 acres of farmland by online auction. It is in Nicollet County Mn.
Any suggestions on which auction service to use?
I also selling our farm this coming fall. While I can't comment on a particular auction company I am using a local one that that's very up to date with all types of advertising. There used to be some pricing risk to auctions but with today's advertising and the buying binge around here I don't think there is any chance for a property to sell too cheap. Having a definite sell date is a huge plus. Good luck with the sale.
 
Have your talked to any local realtors about your property? Anything similar sell recently? If you have the luxury of a little time, it may be worth it to list it for sale and see what develops. You are really fortunate your siblings are trusting you with this. I've been through a similar situation with my family and unfortunately those who were the least qualified to handle things prevailed in the dealings. We made out ok but not without frayed family relations.
 
Also besides their rate, what are some questions I should be asking?
Steffes is the best as far as I am concerned. Great people to work with and well known. Not sure on their rates at this time, but when we used 13 years ago they were the only ones not charging a % to the buyer. It was an antique tractor/steam/machinery sale in Minnesota and some of it went to Germany, AZ, CA all over the place.
 
Have your talked to any local realtors about your property? Anything similar sell recently? If you have the luxury of a little time, it may be worth it to list it for sale and see what develops. You are really fortunate your siblings are trusting you with this. I've been through a similar situation with my family and unfortunately those who were the least qualified to handle things prevailed in the dealings. We made out ok but not without frayed family relations.
In 2019 there was a 110 acre farm with an improved older farm house on it, 67 tillable sold by auction, sealed bids, brought $8,700.00 per acre. One month later it brought $10,700.00 on online auction through Steffes. Advertising and open online auctions are the key.
 
Being that close to a big city that land is definitely gonna be developed, only a matter of time. Is a shame but it's inevitable.
 
Well that's going to be tough because I'm 1 mile from the city limits of North Mankato and we want to get as much $$ as we can.

Can you keep the best and sell the rest?

When my parents and grandparents died, all the relatives came in like vultures on a carcass looking to feed. Some we;d never seen or even known of......
 

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