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Bednar Auction Service

8241 Double Tree Ct , Crown Point, IN 46307

312-805-1809

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Business Overview

Bednar Auction Service is a full-service real estate auction company run by Jim Bednar, a Realtor® licensed in both Indiana & Illinois, and licensed auctioneer. No matter what type of real estate you need to sell, large or small, residential or commercial, Bednar Auction Services can get the job done for you.

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About Us

Bednar Auction Services is your best option for selling your home in today's real estate market. We stand out from other real estate auction companies because Jim Bednar is not only a licensed auctioneer, but also a Licensed Realtor® in both Illinois and Indiana. Most auctioneers can only preside over the auction -- having to hand off to a Realtor®. However, Jim can managed the entire process: negotiation, contracts, auction, closing, etc. He has extensive experience working with home buyers, sellers, investors, banks, title companies and auctioneers.

Bednar auction service specializes in working with all real estate offices to get their properties sold.

No matter what type of real estate you need to sell -- large or small, residential or commercial -- Bednar Auction Services can get the job done for you.

Why an Auction?

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

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.
• 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.
• There is a minimum $5,000, non-refundable deposit to guarantee a buyer's commitment (or a percentage of the property price can be used)
• If there are offers before the auction, but no sale, the highest offer will be used as the opening bid.
• The property may be sold conventionally at the bank's discretion up until the day of the auction.

Costs

• Advertising: signs, flyers and print ads
• Bednar Auction Services provides internet advertising with the National Auctioneers' Association, Indiana Auctioneers Association, Iowa auctioneers Association, auctionzip & 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.