Property Inspections and Open Houses

Prospective buyers need the opportunity to walk the land before they bid. Schrader typically schedules multiple staffed open house dates during the marketing period, where buyers can:

• Inspect the fields, drainage, road access, and overall condition of the property
• Ask questions of the auction team's representatives on-site
• Review soil maps and FSA documents
• Determine which tracts or combinations fit their acreage goals and budget

Due Diligence Is the Buyer's Responsibility

Buyers are responsible for conducting their own due diligence. The property is sold "as-is, where-is," meaning the seller makes no warranties about the land's condition beyond what is disclosed in the auction brochure. Buyers who want soil tests, drainage tile inspections, or additional surveys should arrange those during this period — not after the auction.

This is also the time to review FSA crop base acres, CRP contracts (and any associated payment obligations or penalties if the program is exited), mineral rights ownership, existing easements, and lease terms if the land is currently farmed by a tenant.

A Critical Note on Financing

Unlike a traditional real estate purchase, bidding at a farmland auction is not contingent upon financing. Buyers must have financing arranged — or cash ready — before the auction begins. There are no financing contingencies after the gavel falls. A winning bid is a binding commitment, and failure to close can result in forfeiture of the down payment.

If you need financing, talk to your lender before attending the open house, not the week of the auction.