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Farmland auction question: Financing

Another amateur farmland question today. Okay, really two questions.

 

Suppose you go to an Iowa farmland auction and wish to bid on a parcel of land. You eventually have the winning bid.

 

1. What sort of up front credit credentials does one usually need to produce in order to participate in the bidding?

 

2. If the person wins, what is the normal or customary time to produce his cash? For example, is the winner expected to write out a six figure check on the day of the auction or is there some sort of grace period to transfer what might be considered for some to be, significant funds?

 

Thanks again,

Packard