Tuesday as I was going into the Monroe County Courthouse there was an auction of property about to begin. This one was unusual; there were many people. Other auctions that I have seen on the (enclosed) Courthouse steps have usually just had someone from the bank that is owed the money and maybe one other person bidding. The opening bid is from the bank for what is owed on the property. That’s usually the only bid as the other person is surprised as how much that bid is for. Those auctions are over in a minute.
So at this sale on Tuesday, the property started at $265,000 and at first had 4 bidders but quickly got down to just two bidders. It ended up selling for $401,000. The bad economy probably forced the auction but I’ll bet that wherever this land is located that it will be back on the market in short time at a higher price.
This economy may have pushed more homes into auction but the auctions have been going on all the time. This auction in the news article on the right is from 1828 and the Sheriff is selling off property from someone that got in a bad financial situation. When a property is bought at an auction it is noted in the land transactions. One of my ancestors moved to Minnesota in the late 1850s. The land that they ended up on was rocky and farming was poor. Within a couple of years they bought a better piece of land at auction and it even had a cabin on the property so they didn’t have to build one. All of that was noted in the deeds. What always surprised me about deeds is that a father will sell property to his son but only very rarely is the relationship noted.