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About Bednar Auction Services:

Why an Auction

  • Auctions generally bring a higher price than traditional negotiated real estate transactions.
  • Brings buyers and sellers together on a designated day.
  • Gives a sense of urgency and excitement to the buyer.
  • If there are contents in the home they can also be auctioned, generating additional money for the bank, rather than having to pay to have the contents hauled away.

Bednar Auction Services

  • Jim Bednar is a licensed Realtor® and has extensive experience working with home buyers and sellers, investors, banks, title companies and auctioneers.
  • Unlike non-licensed auctioneers, Jim can handle the entire process - listing, negotiation, contracts, auction, closing, etc.
  • No long-term contract is required. Jim works on a per-property basis.

Costs

  • Advertising - signs, flyers, print ads
  • Bednar Auction Services provides internet advertising with the National Auctioneers' Association Indiana Auctioneers Association, Iowa auctioneers Association , auctionzip and auctionservice.com Craigs List, the Greater Northwest Indiana Association of Realtors MLS and others

How We Are Paid

  • Auction Only: A buyer's premium is added to the price of the home as payment for the auctioneer.
  • Example: If the property sells for $100,000, a 5% premium will be added, bringing the total purchase price to $105,000. Net to the bank is $100,000.
  • MLS Listing & Auction: If the buyer uses a realtor, the realtor's commission applies and will be taken out of the bank's net. If there is no buyer's representative, the sale's side commission goes to the auctioneer.

The Process

  • The property will be sold "As Is". The buyer may have an inspection at their own expense.
  • The property will be listed for a minimum of one month prior to the auction.
  • Open houses will be held during the pre-auction period.
  • Buyers must pre-register.
  • There is a minimum $5,000, non-refundable deposit to guarantee buyer's commitment (or a percentage of the price of the property can be used)
  • Reserve price: The property will not be sold below this price. The opening bid or listing price will usually be set below this figure to generate interest. The reserve amount is known only to the auctioneer and the bank.
  • If there are offers before the auction, but no sale, the highest offer will be the opening bid.
  • The property may be sold conventionally at the bank's discretion up to the day of the auction.

Please contact us for more information.

                                   

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