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If you tried that today, someone online would come in and buy up that property. We have no defense against monetary predators like we used to.
I’d think banks probably just have a reserve price these days (a minimum price they’ll accept on the property).
A naive libertarian might see the anti-competitive auction as fair.
Someone with awareness of history might note the unfair laws which led to banks wresting land from farmers. Then realize that nothing was fair.
