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Need it Sold? Sell Fast at Auction!
Why Sell at Auction?
* Itís Fast!
You donít have to wait for an offer,
instead sell your property within 30 days.
* Youíre in control!
You decide when you want it sold by
setting the date for the auction.
* No negotiations!
Your property is sold ďas is, where isĒ
for the highest bid.
Jay Allen, Auctioneer
RARE Auction Group
Robert Alexander, Principal Auctioneer
1860 Lone Oak Road | Paducah, KY 42003
(270) 564-2725 | Jay@PaducahAuction.com
impressions- The beauty of the majestic lake and the park like grounds,
outstanding engineering craftsmanship and design. Beautiful hardwoods,
brick work, 3 wood buring fireplaces views throughout. Nearly 5000 sq ft
under roof +- 2864 sq ft living area on main level. +-1179 sq ft in the
basement plus a +-845 sq ft attached 3 car garage. Consider these
features +-19 ft by 18.5 2 column covered entry porch +-10.25 by 9.5 ft
entry foyer with hardwood floor. +-31 ft by 14.5 ft family room with
hardwood under carpet. +- 9 ft by 8 ft brick wood burning fireplace with
brick hearth, built in cabinetry with bookcases and desk, patio doors to
the +-31 by 12 ft covered patio. Just off the family room is a +-10.75
by 5 ft tiled full bath with 2 linen closets. +-20 by 12.75 ft study
with glazed brick wood burning fireplace, hardwood floors and beautiful
views of the lake. Has an adjoining walk in closet. Entertaining is made
easy with the adjoining family room of +-26 ft by 11 ft kitchen
gathering room that includes a +-11 by 11 ft breakfast room for casual
dining. The kitchen is furnished with whirlpool smooth top cooking
double eye level ovens, 22 cubic ft side by side Refrigerator, built in
dish washer, custom cabinetry extra large and deep stainless steel sink.
The adjoining dining room is +-16.5 by 9.5 ft with hardwood floor.
Down the hallway also with hardwood floor there are 5 closets including
a laundry. The master bedroom is +-16.75 by 12.5 ft with hardwood floor
and great view of the lake plus a +-12.5 ft ceramic tiled full bath. The
second bedroom is +-12.25 by 11 ft with hardwood floor and view of lake
and park like grounds. The third and fourth bedrooms this level are
approx. 11.5 by 10 ft each and the third full bath is approx. 11.25 by 5
ft. The basement features +-32 ft by 12.75 ft fifth bedroom,
recreational room or man cave/hideout with fireplace and 3 double
closets, plus 3 day light windows. The second kitchen is +-13.25 by 8.5
ft with a +-13.25 by 9.5 ft breakfast nook. Nearby is a fourth full
bath, a +-280 sq ft ell shape room is ideal for hobbies and recreation.
Just steps away is the +-845 sq ft attached garage, it has 18 ft of
cabinetry and work bench.
Other amenities include natural gas, central heat and air, breaker
system, large stone and concrete fountain, large stone barbecue,
outstanding well water with a new pump, and much more.
Terms of Auction: 10% deposit of auction,balance within 30 days, a 10%
buyer premium will be added to the final bid and included in the total
The Robert Alexander Real Estate Auction is an accelerated method of marketing
all types of
fine and RARE properties from farm, industrial and commercial to
homes, villas, lakefront and luxury
properties. Twenty years of constantly
evolving from cutting edge to state-of-the-art. During this time
Alexander/RARE Auction Group has provided services to estates, individuals,
Local, Federal and State Governments, and the leading financial
institutions with unparalleled success.
We invite your closet scrutiny. We are
proud of our history and we will provide references, testimonials
and a complete
illustrated proposal with details of all aspects of your auction. We feel youíll
RARE Auction in your near future - sold the day you want it - sold at
true market value.
Jay Allen became a professional voice talent in
Since then he has recorded hundreds of radio and television commercials,
automated telephone answering systems and emceed live events before
audiences of over 10,000 people. In 2000, Jay began a successful career
selling television advertising.
With a natural ability for public speaking and an expert knowledge of
Jay earned his auctioneer's license in 2009. As a licensed auctioneer,
he immediately began working with Robert Alexander, Principal Auctioneer
at RARE Auction Group.
The following is a glossary of
real estate auction terms developed by NAR's Real Estate Auction Committee, the
National Auctioneers Association, and the Auction Marketing Institute. While it
is a real estate glossary, most of the terms apply to all types of auctions.
(Accredited Auctioneer, Real Estate) The professional designation awarded by the
Auction Marketing Institute, Inc. to qualified real estate auctioneers who meet
the educational and experiential requirements of the Institute and who adhere to
a strict code of ethics and standards of practice.
Absentee Bid A procedure which allows a bidder to participate in the bidding
process without being physically present. Generally, a bidder submits an offer
on an item prior to the auction. Absentee bids are usually handled under an
established set of guidelines by the auctioneer or his representative. The
particular rules and procedures of absentee bids are unique to each auction
Absentee Bidder A person (or entity) who does not attend the sale but submits,
in advance, a written or oral bid that is the top price he or she will pay for a
Absolute Auction An auction where the property is sold to the highest qualified
bidder with no limiting conditions or amount. The seller may not bid personally
or through an agent. Also known as an auction without reserve.
Accounting of Sale A report issued to the seller by the auctioneer detailing the
financial aspects of the auction.
Advertising Non-personal, paid communication such as newspaper, radio, direct
mail and TV directed toward the general public or, in some cases, specific
prospective client groups to provide information about the time, place,
contents, and arrangements of an auction.
Agent A person who acts for or in the place of another individual or entity by
authority from them.
Appraisal The act or process of estimating value.
Apprentice Auctioneer An auctioneer who is in training, operating under the
supervision of a licensed or experienced auctioneer.
"As Is" Selling the property without warranties as to the condition and/or the
fitness of the property for a particular use. Buyers are solely responsible for
examining and judging the property for their own protection. Otherwise known as
"As Is, Where Is" and "In its Present Condition."
Auction A method of selling real estate in a public forum through open and
competitive bidding. Also referred to as: public auction, auction sale or sale.
Auction Block The podium or raised platform where the auctioneer stands while
conducting the auction. "Placing (an item) on the auction block" means to sell
something at auction.
Auction Listing Agreement A contract executed by the auctioneer and the seller
which authorizes the auctioneer to conduct the auction and sets out the terms of
the agreement and the rights and responsibilities of each party.
Auction Marketer An individual who contracts with sellers for the auction method
of marketing property. In the case of real property, he or she may not actually
conduct the sale
but is directly responsible for all aspects of marketing the property.
Auction Marketing The method of marketing real property utilizing the auction
method of sale.
Auction Marketing Institute, Inc. Founded in 1976, this international
association awards the professional designations CAI and AARE to properly
qualified auctioneers through education, experience, and adherence to a strict
code of ethics and standards of practice. Formerly known as the Certified
Auctioneers Education Institute, Inc.
Auction Plan The plan for pre-auction, auction day and post auction activities.
Auction Price The price of a property obtained through the auction method of
Auction Subject to Confirmation (See "Reserve Auction." )
Auction Value The price which a particular property brings in open competitive
bidding at public auction.
Auction With Reserve An auction in which the seller or his agent reserves the
right to accept or decline any and all bids. A minimum acceptable price may or
may not be disclosed and the seller reserves the right to accept or decline any
bid within a specified time.
Auction Without Reserve See Absolute Auction.
Auctioneer The person whom the seller engages to direct, conduct, or be
responsible for a sale by auction. This person may or may not actually call or
cry the auction.
Auctioneer Subcontractor An auctioneer hired by the principal auctioneer.
Ballroom Auction An auction of one or more properties conducted in a meeting
Bank Letter of Credit A letter from a bank certifying that a named person is
worthy of a given level of credit. Often requested from prospective bidders or
buyers who are not paying with currency at auctions.
Bid A prospective buyer's indication or offer of a price he or she will pay to
purchase property at auction. Bids are usually in standardized increments
established by the auctioneer.
Bid Acknowledgment A form executed by the high bidder confirming and
acknowledging the bidder's identify, the bid price and the description of the
property. Also known as Memorandum.
Bid Assistants Individuals who are positioned throughout the attendees at the
auction to assist the auctioneer, spot bidders and assist prospective bidders
with information to help them in their buying decision. Also known as ringmen,
bid consultants, bid spotters, or groundsmen.
Bid Caller The person who actually "calls," "cries or "auctions" the property at
an auction, recognizing bidders and acknowledging the highest bidder. Commonly
Bid Rigging The unlawful practice whereby two or more people agree not to bid
against one another so as to deflate value.
Bidder Number The number issued to each person who registers at an auction.
Bidder Package The package of information and instructions pertaining to the
property to be sold at an auction event obtained by prospective bidders at an
auction. Sometimes called a bidder packet or due diligence package.
Bidder's Choice A method of sale whereby the successful high bidder wins the
right to choose a property or properties from a grouping of similar or like-kind
properties. After the
high bidder's selection, the property is deleted from the group, and the second
round of bidding commences, with the high bidder in round two choosing a
property, which is then deleted from the group and so on, until all properties
Bookkeeper or Clerk The person who is responsible for the accounting and
paperwork at an auction sale.
Broker Participation An arrangement for third-party brokers to register
potential bidders for properties being sold at auction for a commission paid by
the owner of the property or the auction firm.
Buyer's Broker A real estate broker who represents the buyer and, as the agent
of the buyer, is normally paid for his/her services by the buyer.
Buyer's Premium An advertised percentage of the high bid or flat fee added to
the high bid to determine the total contract price to be paid by the buyer.
CAI Certified Auctioneers Institute. The professional designation awarded to
practicing auctioneers who meet the experiential, educational and ethical
standards set by the Auction Marketing Institute, Inc.
Caravan Auctions A series of on site auctions advertised through a common
Carrying Charges The costs involved in holding a property which is intended to
produce income (either by sale or rent) but has not yet done so, i.e.,
insurance, taxes, maintenance, management.
Catalog or Brochure A publication advertising and describing the property(ies)
available for sale at public auction, often including photographs, property
descriptions, and the terms and conditions of the sale.
Caveat Emptor A Latin term meaning "let the buyer beware." A legal maxim stating
that the buyer takes the risk regarding quality or condition of the property
purchased, unless protected by warranty.
Certified Auctioneers Education Institute, Inc. Now known as the Auction
Marketing Institute, Inc. See Auction Marketing Institute, Inc.
Clerk The person employed by the principal auctioneer or auction firm to record
what is sold and to whom and for what price.
Collusion The unlawful practice whereby two or more people agree not to bid
against one another so as to deflate value or when the auctioneer accepts a
fictitious bid on behalf of the seller so as to manipulate or inflate the price
of the property.
Commission The fee charged to the seller by the auctioneer for providing
services, usually a percentage of the gross selling price of the property
established by contract (the listing agreement) prior to the auction.
Conditions of Sale The legal terms that govern the conduct of an auction,
including acceptable methods of payment, terms, buyer's premiums, possession,
reserves and any other limiting factors of an auction. Usually included in
published advertisements or announced by the auctioneer prior to the start of
Contract An agreement between two or more persons or entities which creates or
modifies a legal relationship.
Cooperating Broker A real estate broker who registers a prospective buyer with
the auction company, in accordance with the terms and conditions for that
auction. The broker is paid a commission only if his prospect is the high bidder
and successfully closes on the property. Also known as a participating broker.
Critical Path Sequence of key tasks to be done by auction contractor or other
designated parties on specified dates, leading to desired goals.
Dual Agency The representation of opposing principals (buyers and seller) at the
Due Diligence The process of gathering information about the condition and legal
status of assets to be sold.
Estate Sale The sale of property left by a person at his or her death. An estate
auction can involve the sale of personal and/or real property.
Groundsman See Bid Assistants.
Hammer Price Price established by the last bidder and acknowledged by the
auctioneer before dropping the hammer or gavel.
Listing Agreement See Auction Listing Agreement.
Listing Broker A real estate broker who has a listing on a property and
cooperates with the auction company by allowing the auction agreement to
supersede his/her listing
Market Value The highest price in terms of money which a property will bring in
a competitive and open market under all conditions requisite to a fair sale, the
buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by
Memorandum Sometimes also referred to as a "Bidder Acknowledgment," or "Broker
Acknowledgment," the memorandum is signed by those parties either on the auction
floor or in the contract room.
Minimum Bid Auction An auction in which the auctioneer will accept bids at or
above a disclosed price. The minimum price is always stated in the brochure and
advertisements and is announced at the auctions.
Minimum Opening Bid The lowest acceptable amount at which the bidding must
Multi-Property Auction A group of properties offered through a common
promotional campaign. The properties to be auctioned may be owned by one seller
or multiple sellers.
Multi-Seller Auction Properties owned by many sellers, offered through a common
promotional campaign are auctioned in a single event.
National Auctioneers Association An association of individual auctioneers united
to promote the mutual interests of its members; formulate and maintain ethical
standards for the auction profession; promote the enactment of just and
reasonable laws, ordinances and regulations affecting auction selling; make the
public more aware of the advantages of auction selling; and generally improve
the business conditions affecting the auction profession.
National Real Estate Auction Committee A national committee developed by the
National Association of REALTORģs in April, 1990 to provide education to members
concerning real estate auctions,
identify issues and monitor, review and analyze trends affecting the real estate
auction industry. The Committee was sunset in November, 1999. All auction
activities hosted by NAR now fall under the purview of the Auction Forum.
No-Sale Fee A charge paid by the owner of property offered at a reserve auction
when the property does not sell.
Opening Bid The first bid offered by a bidder at an auction.
On-site Auction An auction conducted on the premises of the property being sold.
Participating Broker See Cooperating Broker.
Preview Specified date and time property is available for prospective buyer
viewing and audits. Also known as Open House or Inspection.
Referring Broker A real estate broker who does not have a listing on a property,
but refers the auction company to a potential seller for an auction. Usually
earns a flat fee
commission for referring product to an auction company.
Regroup A process used in real estate auctions where a bidder has the
opportunity to combine several parcels of land previously selected by other
bidders, thereby creating one larger parcel out of several smaller parcels. This
process is often used in conjunction with bidder's choice.
Reserve The minimum price that a seller is willing to accept for a property to
be sold at auction. Also known as the reserve price.
Reserve Auction An auction in which the seller reserves the right to establish a
reserve price, to accept or decline any and all bids or to withdraw the property
at any time prior to the announcement of the completion of the sale by the
auctioneer. See also Auction With Reserve.
Sale Manager The person designated by the auction company who is responsible for
organizing the details of an auction. Also known as project manager.
Sealed Bid A method of sale utilized where confidential bids are submitted to be
opened at a predetermined place and time. Not a true auction in that it does not
allow for reaction from the competitive market place.
Seller Entity that has legal possession, (ownership) of any interests, benefits
or rights inherent to the real or personal property.
Subject to Confirmation See Reserve Auction.
Tax Sale Public sale of property at auction by governmental authority, due to
nonpayment of property taxes.
Terms The period of time that an agreement is in effect.
Terms and Conditions The printed rules of the auction and certain aspects of the
Purchase & Sale Agreement that are read and/or distributed to potential bidders
prior to an auction
Tie Bids When two or more bidders bid exactly the same amount at the same time
and must be resolved by the auctioneer.
Trustee's Sale A sale at auction by a trustee.
Upset Price Commonly known as the reserve price.
Failure to reach the reserve price or insufficient bidding.
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