Real Estate specialist serving all of Western Kansas and the surrounding High Plains region. Developers of the "Private Auction" sales method. Specializing in farm ground and mineral sales by private
Get to know Chris Faulkner
Myself and my father Mark Faulkner utilize a method we call the "private auction" at Faulkner Real Estate to sell 95% of our land and minerals in southwest Kansas. Most of our farm ground and minerals sell in under 45 days from the time the listing is signed. The "Private Auction" process normally takes less than 30 days and often brings more than market value. Both farmland and mineral buyers and sellers find advantages to this method of selling real estate and now prefer it over the conventional private treaty or public auction process. If you have farmground to sell in kansas, colorado, missouri, oklahoma or Texas you owe it to yourself to talk with Mark or Chris Faulkner.
The "Private Auction" sales method is much like a public auction, only over the phone. The benefits of the auction process are that it compresses time frames, is fair to the buyer and there is no limit on price.
The "Private Auction" sales method combines the advantages of a public auction with the control and "safeguards" of a private treaty sale. During a "Private Auction" we advertise the property heavily for about 30 days. In our advertising we post a cut-off date for the period that bids will be taken. During that time bidders can call in any time to see where the current bid is, or to place a bid. When ready, bidders can place their bid, and if they are outbid we call them and encourage them to bid again. We continue to take bids until all bidders have dropped out but one. Often we post a date "bidding will not end prior to" on a Tuesday and close the auction by Wednesday or Thursday, once we are down to one bidder.
Once the bidding is completed the high bid is presented to the seller and they are able to determine if it is an acceptable price. We advertise this as "subject to owner confirmation."
We also work to minimize our Seller's risks, and costs, by paying for all of the advertising, not charging a no-sale fee, and providing you detailed feedback on how the auction went and our opinion of the final bid. About 90 percent of the time we reach a price during the auction that is acceptable to the seller.
The entire process from collecting pertinent information on the property, preparing the marketing, conducting the sale and closing the bidding usually takes about 30 days. We ask for 10% earnest money and close within 30 days after contract signing. We ask the Buyer and Seller to split the title insurance and the title company's fee to complete the closing.
Chris Faulkner's Blog Posts
At Faulkner Real Estate we utilize three methods for selling Land, Minerals, Homes, Farm ground, pasture land, irrigated farm ground and CRP:
"PRIVATE TREATY"- A method of selling in which the Seller, with the help of the Broker, determines an offering price (often referred to as "list price"), buyer inspects subject property and negotiates privately on an individual basis. This is the sales method used by most REALTORS in the United States.
PUBLIC AUCTION- A method of selling in which prospective buyers are invited to gather at a given time and location and compete with open bidding on property to obtain the highest possible price. The auction may be done as an "Absolute Auction" with no minimum or reserve price. The auction may be done with a minimum price set ahead of time or "Subject to owner confirmation", which allows the owner to decide whether the highest price bid during the auction process is satisfactory.
"PRIVATE AUCTION"- A method of selling in which prospective buyers are informed of the selling guidelines and date at which time bidding may not end prior to. Bids are taken by phone with each active bidder given the opportunity to make additional bids until bidding is closed. Bidders will receive a call back notifying them of the current bid when a higher bid is received. During the auction process bidder's names are confidential however the current bid is public information. A "Private Auction" may be done either "Absolute" or "Subject to Owner Confirmation".