On Mon, 01 Mar 2004 18:44:57 -0500, Jeff Miller
wrote:

not sure peter qualified his auction contention, other than to say it
shouldn't be "rigged" and there should be enough bidders. reputable
real estate appraisers in this area don't use auction sales as a guide
or comparable sale in determining fair market value. typically, real
estate auctions here are forced events... foreclosures & liquidations.
purchasers are motivated to attend and to bid by the "get it cheap"
mindset. frequently, banks buy at auction for amount owed on the
mortgage payoff, not the fmv if listed on the open market. the ad
valorem property tax base here would go to hell in a handbasket if the
auction bids determined real estate values. no responsible government
would allow that to happen. g

jeff

Consider the nature of the bidders -- cattlemen with 1,000s of head of
cattle and in need of a place to graze them. That's way different
than a charity or liquidation auction. If he has no place for his
cattle, he is out of business.

Keep in mind that when I mayde that comment, I'm an ex-banker with
plenty of expereince in liquidating assets and I spend plenty of time
on ebay so I do have some idea about these things.

Y'know, it's just possible that the Canadian beef industry isn't
subsidized. Funnier things have been known to happen.

Peter

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