WILSON AUCTIONEERS MULTI PAR REAL ESTATE AUCTION VIDEO
Multi-Par Auction Method
The Multi-Parcel (multi-par) auction method allows the buyer to maintain control of any tracts or parcel throughout the auction, regardless of the combination of the tracts.
With the multi-par you select the lots you wish to purchase and bid on them, first by the acre and then in whole dollars.
After a per acre price has been established by individual tracts, for the entire acreage, any bidder may add to the total amount bid on any tracts in the preset dollar amount established at the beginning of the auction or as new bids are posted.
If no advance of bid is made within a specified time frame, then the lots will be announced closed.
Advantage of the Multi – Par Method
• No one is knocked out of bidding at any time. In phase II, you may bid on any tract or combination of tracts.
• You may combine any or all tracts in any grouping throughout phase II of the auction as well post new bids on any single tract bid or combination bids already posted.
• At any time you can look at the lots displayed on large boards and see the high bid and whether you have control of that tract. The High Bidders will be have a star (*) beside their winning bid or combination.
• Since everyone who is participating in the auction event can choose which property they want to buy and the price is set by the bidder everyone has the same opportunity to buy regardless of the others bidders possible wealth or bidding strength.
Helpful bidding tips
• Bid on only the tracts or items that you want to own. If you only want a single tract then bid when it is available. If you want multiple tracts or none at all then bid when combination of tracts are permitted. Remember any bid posted is considered active and could be back in winning position any time during the auction.
• Don’t wait to bid at the end… prices don’t go down. Waiting only invites more people to jump in at the last moment. Remember, it is better to defend your position then to take it from someone else.
• Prior to the auction determine your buying strategy. Determine what you want to buy and how much you can spend. Use the auction floor personal to help you with the math during the auction event.
