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The Multi-Parcel Auction Process with Legacy Land Auctions

Feb 18, 2016

Multi-parcel (multi-par) auctions divide properties into multiple tracts, expanding the number of purchasing options.  As a bidder, you should arrive on auction day with full knowledge of the property and ready to buy.  And with the multi-par process, you can buy on your terms.  Bid on one tract, bid on a few, or bid on them all!

We want you to feel comfortable with the auction process and are always available to answer any questions you may have.  A multi-parcel auction does not move quite like a traditional auction in which you may have participated.  But once you understand the mechanics of the process, there is no other way to buy property that puts a bidder in the driver’s seat quite like a multi-parcel auction.

On auction day, you will arrive and ensure that you’re registered to bid.  At the start of the auction, any changes or announcements will be made from the microphone.  Ringmen will be available throughout the room to help you submit your bids and answer any questions you may have.  

When our auctioneer steps to the microphone, each tract will be auctioned individually to establish a base price for each parcel.  This will be the fastest round of bidding.  As individual tracts are auctioned, you will notice that the auctioneer does not announce any tract as “SOLD” but instead closes the bidding by saying “POST IT.”  This keeps bidding open as we move into the next round. 

After the individual tracts have been auctioned in round one, the second round of bidding begins, offering bidders the opportunity to bid on any combination of tracts.  As bid increases and new combinations are submitted, a real-time leader board displays bid history and high bids for each tract and combination. The process allows individual tract bidders to break apart a combination, or a high bid on one combination of tracts can be outbid by an entirely different combination, and so on. Any posted bid is considered active for the duration of the auction and can be back in the winning position at any time.  So, once you’ve placed a bid, it is critical that you not leave the auction until the gavel drops and auctioneer says “SOLD!” The tracts will be sold when no more advance bids are offered.

Bidders should always remember that if they are the successful bidder on one or more tracts, their high bid amount plus the posted buyer’s premium amount will determine the final contract price, and bidding is not contingent upon a bidder’s ability to obtain financing.  Sales contracts are signed immediately after the close of the auction and we work to close your purchase in 30 days or less!

For more information on the multi-parcel process, visit the Real Estate Center at Texas A & M University at https://assets.recenter.tamu.edu/documents/articles/1801.pdf

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