Standard Auction

What is a Standard Land Auction?

A standard land auction is a way that property owners sell tracts of land to the highest bidder. In this type of auction, multiple tracts of land are offered for sale at the same time.  The auction can be held online, in person, or through a live-streamed platform called ACE Online Auction.

How Do Standard Land Auctions Work?

Each tract of land may have one of two price options:

1. Per-Acre Pricing: You bid on the price per acre for a specific tract of land. The final price you pay is the price per acre multiplied by the number of acres in the tract, plus any applicable fees.
2. Flat Price: You bid on the total price for a specific tract of land. If your bid is accepted, you will pay the total price, including any fees.

Auction Types

Standard land auctions can be held online, in person, or through ACE Live Auction. Here’s how each type works:

1. Online Auction: The auction takes place entirely online, and bidding can occur at any time during the specified auction period and ends at a specific day and time.
2. Live Auction: The auction is held live in a physical location, such as at the property for sale or a public venue. Bidding may, but not always, be available before the live auction begins, sometimes weeks in advance. Final bidding then occurs during the live event with the live auctioneering team.
3. ACE Online Auction: This is a live-streamed auction that allows bidders to participate remotely. You can watch and bid on the auction from anywhere using a computer, tablet, or a phone. You can also talk to an auction manager during the auction if you need help with bidding or need additional information.

Pre-Auction Registration

To participate in a standard land auction, you must create an account and register to bid. This should be done well in advance of any live auction events. The auction company’s staff (LandProz and AuctionCast) has the authority to approve bidders and may request additional information to validate that you are able to complete your purchase if you win.

Bidding during a Live Auction

During a live auction, only one tract of land is sold at a time. The auctioneering team will present each tract and accept bids until all bidding has ceased for that particular tract. Once the bidding is closed, the auctioneer will announce the winner and the final price paid.

Multiple Tracts

You can bid on and win any number of tracts in a standard land auction. However, you must create separate bids for each tract you are interested in purchasing.

After the Auction: Execution of the Purchase Agreement

Once you have won one or more tracts, you will be required to execute a Purchase Agreement outlining the terms of the auction. This document outlines your responsibilities as a buyer and the terms of the sale.