Posted: 11/2/2025 7:34:13 PM EDT
 (bid at a struggling MI Farmer's Foreclosure--Meet a "Necktie Party." Michigander Farmers back then did not fool around--Nope!) All the Noose that's Fit to Print These were "absolute auctions," meaning no set "reserves." One example: All farm and equipment and acreage garnered a final bid of $5.35. Neighborhood farmer paid the money to the bank, who gave the farmer a deed and bill of sale and then the bidding farmer re-deeded it all back to the original farmer! Penny Auction ...avoided this:  Who Do We Shoot? |
| I grew up in very rural Iowa farm country in the 70's and 80's. In the early 80's the inflation and interest rates caused a lot of multi generational small family farms to go into foreclosure. I attended numerous foreclosure actions with my father and grandfather. Neither of those men were shy about strongly discouraging anyone from bidding on anything. I personally witnessed family farms saved due to the men at these auctions making sure no bids were placed. I never witnessed violence at these auctions but it was strongly implied. |