Farmers have reported finding farmland advertised without their knowledge or consent. \ Philip Doyle.
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The UK and Irish-based online auction site BidX1 seems to have become a preferred method of selling farmland held by vulture funds.
Bidders have the option to remain anonymous and an increasing number of farmers affected by the forced sale of farmland are surprised to find farmland advertised on the auction site without their knowledge or consent.
The online auction operates in a traditional bidding style, with land going to the highest bidder.
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In some cases, farmers feel they have not received the full value for their land and have been left with overhanging debt.
Once sold, an immediate binding contract is in place.
Although land sold through the online auction BidX1 is not exclusively farmland held by vulture funds, BidX1 did confirm they deal with land sales.
“To date this year we’ve sold 410 acres of land across 56 lots, raising over €9m,” a spokesperson for the company said.
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The UK and Irish-based online auction site BidX1 seems to have become a preferred method of selling farmland held by vulture funds.
Bidders have the option to remain anonymous and an increasing number of farmers affected by the forced sale of farmland are surprised to find farmland advertised on the auction site without their knowledge or consent.
The online auction operates in a traditional bidding style, with land going to the highest bidder.
In some cases, farmers feel they have not received the full value for their land and have been left with overhanging debt.
Once sold, an immediate binding contract is in place.
Although land sold through the online auction BidX1 is not exclusively farmland held by vulture funds, BidX1 did confirm they deal with land sales.
“To date this year we’ve sold 410 acres of land across 56 lots, raising over €9m,” a spokesperson for the company said.
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