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The multi-par bidding system is
designed to offer subdivided parcels of real estate in a manner that
is attractive to the largest number of prospective purchasers. Most
methods of offering subdivided property either give an advantage to
the buyer who is interested in buying the entire property or to
individual tract buyers.
We believe the multi-par bidding
system provides a more even playing field for all buyers, regardless
of the number of tracts they wish to purchase.
Not all
multi-par systems work the same way. It is easy to become confused
when you attend one auction where the multi-par system is used one
way and then go to another one where the system is used in an
entirely different manner.
The multi-par bidding allows you,
the buyer, to play surveyor or auctioneer because you can put the
parcels together the way you think it should have been laid out.
The multi-par system offers parcels in a series of rounds
with the auction not being over until prospective purchasers no
longer want to increase their bids.
Sound confusing! Don’t
worry! Poster boards are used to display the final bids and the
bidders number to keep you informed. Our staff will also be there to
assist in the process.
In Round 1 the parcels are auctioned
individually, which establishes the traditional auction sales price.
(This round is the same as any other auction you have attended.)
Round 2 allows bidders to combine two or more parcels of
real estate. On combined parcels you are bidding on the individual
parcels but in the combination you want.
A minimum bid of
$500 per tract or parcel is required in succeeding rounds.
It is important to note that individual tract buyers with
the final bid in Round 1 have the opportunity to increase their bid
over other bidders in succeeding rounds, again with a minimum $500
increase.
To bid on individual tracts in succeeding rounds
you must have been the final bidder on one of the parcels in Round 1
or have placed a bid on two or more parcels in succeeding Rounds.
The bidder whose number is last posted in the horizontal
column for a particular tract is the buyer.
A sample
multi-par bidding board is attached to give you an idea how the
program works.
Butcher Auction Group, Inc.
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