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Real Estate Auction Proposal
COMMISSION – A 2% commission will be charged on the price realized at the public sale. (Commission may be negotiated on large farms or commercial real estate).
ADVERTISING – Advertising fees will be charged in addition to the above stated commission. These fees vary with the size of the ads and the amount of coverage needed. (Typically Real Estate only advertising fees range from $800 to $1,000). The advertising fees will cover the cost of Horst Auctioneers producing and distributing sale flyers; placement of signs on the property; placement of ads in newspapers for the targeted areas & display ads with photos on our website.
TERMS OF SALE – An Attorney would be required to prepare the agreements of sale and represent the seller at settlement. (These costs would be handled directly with the desired attorney). Normal terms of the sale require a $10,000 down payment on the day of the sale, balance to be paid at settlement, normally held between 45 & 60 days following the sale date. On public sales in Lancaster County the purchaser pays both Realty Transfer Taxes (total of 2% of the purchase price) and the property is sold “as is”, without warranties or guarantees. A seller’s disclosure form would need to be filled out and displayed in advance of the sale.
RESERVE – Horst Auctioneers sells all Real Estate with a reserve; meaning if the property does not realize the price agreed upon to sell it, the property is not sold. If the property does not meet it’s reserve, the commission is waived and a $200 no sale fee is charge in addition to the advertising fees incurred. (Horst Auctioneers have averaged over 50 Real Estate sales per year with an average success rate of 89% over the last 10 years. In that time, we have averaged over 5.5 million dollars in Real Estate sales per year).
SCHEDULE – A 6 to 8 weeks lead time is needed in order to properly advertise and market the property for public sale. Sale dates are set in agreement between the seller, auctioneer and Attorney. Weekday and Saturday sale dates are used as available. Two open houses are scheduled for a Real Estate sale. These open houses are conducted on the 2 Saturdays prior to the sale date (unless other times are agreed upon) from 1:00 PM to 3:00 PM and are conducted by representatives of the seller. (The auctioneers can provide a representative if needed at a nominal fee).
PAYMENT – A $500 deposit would be required at the time the contract is signed with the balance due at the completion of the sale.
On Site Sale of Personal Property
When the quantity or types of items to be sold requires, the sale can be held on location (in south-central Pennsylvania) rather than at the auction center. The usual terms are 10% commission plus, unless some other terms have been agreed upon.
We have a self-contained clerking trailer which is powered by a generator mounted in our box truck. We provide both 6' and 8' tables for setting up all on-site sales. We can also provide you with all the extra help you might need to set up your sale prior to the sale day at a very reasonable rate. Contact the Auction Center for more information.