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The Multi-Parcel (multi-par) auction
method allows the buyer to maintain control
of any tracts or parcel throughout the
auction regardless of the combination of the
tracts. With the multi-par system, you
select the lots you wish to purchase and bid
on them. In the first round of bidding, bids
will be by the acre. In the second round,
the tracts will be bid upon in whole
dollars. The multi-par auction method is
tracked with a computer software system and
automated process for real-time tracking.
In Round
1, the parcels or tracts are auctioned by
choice and bid upon by the acre until each
parcel/tract has a high bidder. In Round 2,
bidders may combine two or more
parcels/tracts or re-bid on a single tract
with a five percent (5%) increase in the
bid. Requests for combinations or re-bids
are continue until there are no further
requests and the auctioneer declares the
bidding closed. Poster boards are used to
display the high bids and the bidder’s
number to keep you informed. In round 2, if
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advance of
bid is made within a specified time frame,
then the lots will be announced as closed.
Advantages of the Multi-Par Method
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No
one is knocked out of bidding at any time.
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You may combine any or all tracts in any
grouping throughout the entire auction as
well as post new bids on any single-tract
bid or combination bids already posted.
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You can look at the lots displayed on the
large boards at any time in order to see the
high bid to determine whether you have
control of a particular tract.
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Since everyone who is participating in the
auction event can choose which property they
want to buy and the price is set by the
bidders, everyone has the same opportunity
to buy, regardless of any other bidder’s
possible wealth or bidding strength.
Helpful Bidding Tips
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Bid on the tracts or items you want to own.
If you want a single tract, then bid when it
is available. If you want multiple tracts,
then bid when combinations of tracts are
permitted. Remember all bids posted are
considered “active” and could be back in
winning position at any time.
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Don’t wait to bid at the end. Prices don’t
go down. Waiting only invites more people to
jump in at the last moment. Remember that
it’s better to defend your position than to
take the position from someone else.
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Determine your buying strategy prior to the
auction. Decide what you want to buy and how
much you can spend. Use auction-floor
personnel to help you with the math during
the auction event.
Sound
confusing? Don’t worry!
A Practice
Auction will be conducted approximately 30
minutes prior to the real auction. Auction
personnel will be available to help you
during the entire bidding process. |
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