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Silver Lake, Kansas | Amsunshine, I will try and give you an explanation. Occasionally at a land auction,
(and I have seen this at machinery sales also) there are some folks who are farm operators who are looking to get larger. If two or more of them decide that they are not going home without this particular piece of property, they will keep bidding until the competition drops out or they run out of money.
As a general rule in my area, you are not going going to farm the sale price out of the ground. You can cover the interest on the loan, but most of the principal payments are going to come from land that is already paid for. Now, if you want to throw into the mix money that is coming from outside investors who are tired of 1-2% returns on CD's at the bank, that is an additional force. | |
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bad neighbors
