SELLaFARM, The Land Marketing Division of Parrott Real Estate & Auction Co. LLC has contracted, promoted, sold and closed thousands of acres at auction in this area. We accomplish this goal for our clients by providing true service and utilizing the very latest in technology. Our computer-driven system allows continuous and simultaneous bidding on single tracts, any combination of tracts, or the farm as a whole. This unique system creates competitive bidding activity that is beneficial to sellers. All bids and the sequences of bidding is then digitally projected onto a large screen to enable all bidders to follow or understand the progress of the sale.
When contacted to sell property, we gather all pertinent information such as total tillable acres, soil types, topography, FSA contract records, mineral rights and aerial photos. With this gathered information in hand we then study the options and then formulate what we feel would net our sellers the most. Upon seller approval of our proposals, including site to conduct the auction, we begin the promotion of the actual auction. Then the sale bill is written with pertinent information along with aerial photographs and plats.
Signage is posted on each tract with informational brochures at entrance to the property. This information is placed periodically in surrounding area newspapers along with placement in agricultural publications that cover both Illinois & Indiana. We maintain our farmland mailing list compiled of buyers, farmers, investors, and agricultural lenders who have attended land auctions over many years. Your informational brochure will be sent to all resident & non-resident land owners. All information would be posted on our website along with color aerials and on-site photographs. Websites used for your promotion include SELLAFARM, Parrott Auctions, National Auctioneers Association, Illinois Auctioneers Association, Indiana Auctioneers Association, Auction Zip, TopAuctions24-7, and Farm Credit Services.
Our firm has received many awards for our promotional advertisements from statewide competition for several years. These awards include the following: Best Farmland; Farm Equipment; Real Estate; and Newspaper Promotion. I am personally a member of the Certified Auctioneers Institute, of which only 4% of our industry has qualified for membership.
Parrott Real Estate & Auction Co. LLC offers our services at no commission cost to the seller with the implementation of a buyer’s premium. Sellers pay only the cost of promotion along with normal closing costs. We have a very high success rate of selling property with the buyer.s premium, thus more money for the seller. Most of the land we sell is sold with a reasonable reserve. We do not have a “no sale” fee.
On auction day, our sales staff arrives at the sale early to install computers, digital projector, screen, sound system, video equipment, easels with information boards posted, and yes, of course, the refreshments. Finally it is actual auction time. We digitally record the entire auction in case there are any disputes following the auction, beginning with the opening statement of legal description, terms and conditions of the sale, procedure for payment and closing.
The bidding begins with each bid registered and then projected. When bidding has stalled, we announce if the reserve has been met or very near to being met and that the sellers have agreed to sell. From that point in time bidding is placed on a timer. We continue to reset the timer after each bid or an inquiry for the cost of a new tract combination. During this time bidding usually increases between five and twenty percent. When time expires before the next bid, the auction is over. This method allows the bidding to come to an end with fair notice to all parties.
Upon closing the bidding, the high bidders sign purchase agreements and deposit 10% down of the purchase price into our escrow account, along with information needed to close, type of ownership, names and spelling on deed, lending institution and representative, attorney preference, etc. We also request the backup bidder to sign purchase agreements so that in the case when the high bidder cannot close you will still have a buyer.
The very next business day we deliver your abstract or title insurance to a local title company to complete search and update. Our company works hand in hand with buyers, lending institutions, attorneys, surveyors (if necessary), to ensure a closing that is pleasing to all parties.
Land Marketing Division of PARROTT Real Estate & Auction Co.
Broker / Auctioneer / Owner