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Roseglen, North Dakota | There's a big difference between 3 out 5. Or 4 out of 5. Or 5 out of 5.
If the proxies have ALL the 5 top bids the sale is over. Which is their strategy.
That only happened 1 time here. It nearly made a fool of the lawyer selling.
Like so:
Top 5 invited to bid.
But the proxies weren't quite hi enuff to lock everyone out.
I was in the middle so had a chance to raise it and luckily, got it.
3 out of the 4 weren't interested anyway, only helping their buddy.
From that day forward they upped the number of high bidders to eliminate game playing.
One of the bigger land auction companies, Pfifers, does it totally different.
Anyone can bid.
Anyone can come to the sale.
More spectators than bidders.
If it's a big enuff sale they even have snacks and drinks before the sale.
No secrets on the price there.
I don't follow this "secret price" thing.
In a few hundred sales I've never once heard of a price not being disclosed within 1 hour.
There's no law that the other bidders (like jurors) are sworn to secrecy.
And they quite often tell the whole world.
That's how it is here can't speak for other areas.
Edited by jd8850 1/7/2025 14:06
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Sealed Bid Land Auction
