Bank-Owned

Adam’s Auctions has relationships with multiple banks across the Midwest and prides itself on working closely with these institutions to bring you “bank-owned” real estate for auction.

We have sold all types of properties for financial insitutions, from run-down homes to nice homes and commercial properties, even hotels and large business properties.

Continue to monitor this website for upcoming “Bank Owned” real estate being offered for auction.

BANKER / LENDER SECTION:

If you are a banker / lender with properties to sell, please contact us regarding assisting with the timely and effective disposal of your assets.  We are always interested in developing new relationships with additional financial insitutions and would be glad to provide you with references of our current relationships.

For institutions with properties to sell, we offer the following services to make your job as easy as possible:

*Once contacted regarding a property, we will quickly visit and view the property, reporting back to you with our thoughts:

*  rekeying and securing property

*  is trash out needed

*  lawn care needed

*  approximate market value

*  other security issues

*  repair issues

*  and more

  1. We will help you arrange any services needed at the property (i.e., lawn service, trash out, etc.) and will make sure these items are taken care of in an efficient manner.
  2. We will move to begin advertising and marketing the property in our normal fashion.  We typically require an upfront fee to cover a portion of our advertising cost.
  3. You, the Seller, have the ability to set a minimum “reserve” amount you want for the property and if, on the day of the auction, the high bid is not sufficient, you do not have to sell the property.
  4. You, the Seller, do not pay commission.  We charge our commission to the Buyer, in the form of a Buyer’s Premium.  The Buyer adds on the percentage (typically between 5% and 10%) to the high bid amount for their total purchase price.
  5. If the property sells, it will close through a local title company within 30 days of the auction date.  You, as the Seller, will have the normal closing costs that you would incur no matter how the property sells (title insurance, tax proration, etc.).

The auction process is very efficient and effective.  Please view the “Auctions – Real Estate” page to read the benefits of using the auction method.

We look forward to hearing from you in the near future to begin working together!