In the Schrader M3 Method of auction, most properties are offered in individual tracts, any combination of tracts and as a total property. There will be open bidding on the individual tracts, tract combinations and the whole property as determined by the Auctioneer. Bids on the tracts and the total property may compete. If you have never purchased real estate at auction, simply follow some brief guidelines we have prepared to help you get ready.
Schrader representatives will hold inspection days and open houses on the property during the marketing period. This will give you the opportunity to get questions answered, and determine what tract or tract combinations best fit your needs and desires. The actual auction is simply the time to offer the price you are willing to pay for those properties.
In most cases, a 10% down payment will be required on the day of auction for individual tracts or the total property. The down payment may be made in the form of cashier's check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
On auction day, prospective buyers register for a bidder number by showing a valid driver's license and filling out some simple information. The registration period usually begins from 30 minutes to 2 hours before the scheduled auction time. There is no fee to register at the auction. You can also get all last minute questions answered by our helpful staff of bid assistants.
The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding and any last minute changes or disclosures. These comments usually take only a few minutes, then the bidding is ready to begin!
Assisting the auctioneer will be trained bid assistants, to make sure anyone trying to bid is recognized and that all bids are recorded with the Auctioneer. Ring staff may also assist with questions during the auction. If you intend to bid, simply raise your hand or inform one of the ring staff or the auctioneer. Any tie bids or other issues regarding who has the high bid are always resolved by the auctioneer, who has complete and final authority.
All successful bidders will be required to sign Purchase Agreements at the auction site immediately following the close of the auction. The balance of the purchase price is due at closing, which normally takes place within 15 days of marketable title.
Schrader works with lenders (like the following) who can help you achieve your real estate goals. We often host lenders luncheons for large auctions, to inform lenders local to the property on how our system works and how our clients can best be served. This relationship makes both the borrowing and bidding more efficient and less confusing.
Accord has provided convenient and competitive equipment Leasing and Financing programs since 1992. Flexible payment plans are available for any type of business or farm. Call 800-347-4977 for more information on how Accord can serve you!
Beacon Credit Union has been financing agriculture since 1931, and have grown to become the largest agriculture lending Credit Union in the nation. We have the understanding that comes with over 80 years of helping members grow their agricultural businesses. We have the size and the expertise to handle all of your financing needs. For more information please contact any of our Agricultural Lending Specialists at 800-762-3136.
Farm Credit Services of Mid-America is a $15 billion agriculture lending cooperative serving over 85,000 farmers, agribusinesses and rural residents throughout Kentucky, Ohio, Indiana and Tennessee.
At Farmers State Bank it's all about relationships. Our mission is "To foster mutually beneficial relationships", and we've been doing just that in Northeast Indiana and South Central Michigan for the past 100 years. We are proud of the fact that our agricultural and business experts have over 240 years lending experience combined. With a real passion to see your business grow and prosper, we would like to help you save time and money with a variety of agricultural and business financing options. Contact a Blue Button Banker today at 888-492-7111
At First Bank of Berne we believe it's important to have a local perspective. We are staffed by Agribusiness professionals who are more than bankers - we are your friends and neighbors. That allows us to see things from your point of view to better understand your needs. Whether you're purchasing farm ground, need an equipment loan or looking for crop insurance, we have the right banking solutions for you. Contact one of our Ag banking specialists today. 800-589-7848
At First Farmers Bank & Trust, we've been cultivating agricultural growth in Central Indiana since 1885. In the process, we've become the largest Ag bank east of the Mississippi. What sets us apart in your area? With a combined 370 years in Agriculture, our local team provides a level of agribusiness experience and expertise no one else can match. We have a proven ability to provide customized programs to meet just about any financing need and a solid commitment to our region's long-term economic vitality. Stop by one of our 20 locations or give us a call to speak with an experienced loan officer today.
The relationship you develop with your banker is crucial to the financial success of your farming business and ultimately to your bottom line. We understand that farming is more than just a hobby or a business enterprise - it's a way of life. No one understands your operation better than you do, but we can provide additional expertise to help you prosper and grow. Contact our Agribusiness experts today at 855-422-2264.
For over 90 years Rabo AgriFinance has specialized in providing agricultural producers with creative solutions to their long term real estate financing needs. Let them show you what their local investment managers can offer your business.
If you are a lending institution and would like to be included on this page, please call 800-451-2709.