Services

• Free Consultations: we can help with appraisals and selecting what type of auction will best serve your needs
• Pick-up and Delivery:  call us to make arrangements
• Quick Turn Around:  in most cases, the proceeds from your auction are available within 7 banking days
• Expedience:  we can have your auction ready in as little as 4 days.
• Advertising: we take care of all advertising layouts and designs.
• Documentation:  you receive a detailed listing of all items sold & the price they sold.  No Cash: your auction can be performed with no advance fees from you.
• Sales Tax: we take care of collection and payment of all sales taxes associated with your auction.

Read under the subjects below to learn more about specific types of services.  If you need more information or would like to contact us to schedule an appointment, please send us an email or call 219-973-9240.

Estate Auctions and Sales

Sellers decide to have estate auctions or sales when family members have passed away or when people decide to downsize due to moving or other circumstances.  Often decision makers in these situations find themselves overwhelmed with the responsibilities they face.  Kraft Auction Service has the experience and knowledge to identify the most valuable items and the depth of buyers to achieve the highest prices.  Our estate sale services range from complete house clean-outs and real estate sales to partial estates sales for sellers just looking to downsize.

We recommend sellers use an auction, see Auctions 101 for basics about auctions, to market and sell personal property and real estate.  The auction method allows for items to be sold in a competitive market scenario, ensuring items bring their true value.  Kraft Auction Services can also perform estate (tag sales) if sellers prefer.  Estate Auctions and Sales can be held on-site (at the home).  Kraft Auction Services can also move the items and sell them offsite.  Generally offsite sales are held at the Lake County Fairgrounds or St. Mathias Hall in Crown Point, Indiana.

If you are interested in our Estate Auctions and Sales services, please email us or call 219-973-9240.  We are very happy to discuss our services in more detail or set up an appointment to view the estate and recommend a solution that best fits your family’s needs.  Once we have seen the estate and fully understand the costs, we will quote a commission rate.  In order to offer the best service, we do not quote commission rates over the phone or on the website.

Kraft Auction Services expertise and success in selling antiques, coins, collectibles, cars, guns, farm and construction equipment, fine art, tools, furniture and general household goods will make certain you make the right decisions for your estate and family.

Real Estate Auctions

About Real Estate Auctions

Kraft Auction Service has years of experience selling commercial, residential, and farm properties.  A Real Estate auction is a great way for buyer and sellers to achieve a price that is indicative of the true market value of a property.  Generally properties at auction sell for 80 to 120 percent of what similar properties have sold for through a traditional listing with a realtor.

After a property is sold, the closing process is very similar to a traditional real estate sale. A broker working for Kraft Auction Service handles the contracts and closing.  A key difference between auctions and traditional real estate sales is that properties sold at auction are sold “as is, where as”.  This means there is no warranty and no inspection on the property; however, bidders are free to set up an appointment to inspect the property prior to the sale and do their own due diligence. Though we do disclose any issues of which we have knowledge, the seller does not need to correct these issues to close on property.

At Kraft Auction Services, real estate sales almost always occur on-site and may be sold one of three ways: absolute, seller’s confirmation and published minimum bid.

An absolute or no-reserve auction means the property will sell regardless of price.  Often sellers find the prospect of this type of sale daunting, but absolute auctions generally attract the most buyers.  Also, in this type of auction, both the buyer and the seller can be sure the sale price is the true market value of the property.

At a seller’s confirmation auction, the seller has a right to confirm or deny the highest price reached through competitive bidding at the auction.  We allow sellers 72 hours to decide, which means the highest bid remains valid for that time period.  If a seller immediately confirms the bid, the auctioneer will make an announcement to the bidders and ask one last time for bids.  At that time the bidders can increase their bid, but if no change occurs the home is sold!

If a seller decides to use a published minimum bid, they decide on the lowest price they would be willing to take for the property.  This information is announced in the listing and marketing prior to the auction.  If the published minimum bid is reasonable and in line with true market value, it can encourage more bidders to come the auction because they are certain the home will sell for that price.

For Sellers

Advantages of Real Estate Auctions

• The auction method is ideal for many sellers because the sale occurs quickly, they do not have to perform an inspection or repairs, and do not incur costs of holding the property for an undetermined amount of time.  Holding costs equal around one and half percent of the home’s value according to top national real estate firms. Everyday you hold the home vacant, the more you lose!

• Real Estate auctions add clarity and openness to the process of selling a home.  Sellers do not have to depend on the negotiating skills of a real estate agent to achieve the best price; rather the best price naturally presents itself through the auction’s competitive bidding process.

• At Kraft Auction Services, we generally achieve 80-120% of the price of comparable properties sold by listing with a Realtor.  When carrying and holding costs are included, our real estate auctions almost always achieve 100% of the prices achieved through a real estate listing!

General Information

A real estate auction works much like a regular estate sale, except there is only one item for sale.  Often, if we are also handling the sale of the personal property, the real estate sale will occur on the same day as the personal property sale. At Kraft Auction Services, we charge a 5-10% buyers premium instead of charging a commission to the seller.  As a seller, you may sell your property absolute, with seller’s confirmation, or with a published minimum bid.  See About Real Estate Auctions (link to About Real Estate Auctions) for more information on these three methods.  We perform open houses by appointment to allow buyers an opportunity to view the property before the day of sale, and require buyers to present a non-refundable deposit for purchase of the property.  We work with a local broker and title company to complete the closing of the sale, a process very similar to a sale through a traditional real estate listing.

Interested or Need More Information?

Please contact us by email (Link to contact us) or phone at 219-973-9240.  We are happy to set up an appointment to visit the property, give you more information on the process, and advise you on whether or not a real estate auction right for you.

For Buyers

Advantages of Real Estate Auctions

• Assurance of a clean title at closing, with no liens or back taxes.

• Buyers have the ability to name your price; you can bid at whatever level you wish.  Even if you see a published minimum bid that is higher than your price, we strongly encourage you to come to the auction and bid.  For sellers, cash in hand is often greater than a price in the future.

• Openness and clarity in negotiations.  You will only have to pay the top competitive bid between you and other bidders.  The open marketplace created by a real estate auction ensures the price you pay is the true value of the property.

• Speed!  If you are the highest bidder you will almost always know immediately if you have been able to purchase the property.  In the traditional real estate market, negotiations can drag out for weeks or months.

General Information

Kraft Auction Services will set up open houses by appointment for any property sold at real estate auction.  All properties are sold “as is, where as”.  This means there are no guarantees on the property and it is your responsibility to inspect it before purchase.  At the sale, real estate buyers must register with their driver’s license and fill out a separate form for the real estate auction if there is a personal property auction occurring in conjunction.  Please indicate you are interesting in purchasing the real estate when you register. A buyer’s premium of 5 to 10% will be charged on top of the top bid.  The top bidder is expected to produce a non-refundable down payment with cash or check of $2,500 or $5,000 and close within 30-45 days of the auction.  These are general terms, so please check the Upcoming Auctions (link to Upcoming Auctions) for the exact terms for each sale.  Please feel free to contact us at by email (link to contact us) or phone at 219-973-9240 if you have any questions, would like more information about a particular property or to set up an open house appointment.

Key Real Estate Terms

1. Contract of Sale: The successful high bidders (Buyers) at every auction are bound by the written terms and conditions as publicized for each sale. For personal property buyers, this is limited to the Bidder’s Card which will be signed at time of registration (a driver’s license is required to register). The act of bidding at the sale by anyone will be deemed a representation and warranty to the Seller and Kraft Auction Service that he/she has read the Terms in their entirety, together with any amendments and/or attachments, prior to bidding. Attachments to the Contract of Sale may include a Seller’s Disclosure Form prepared by the Seller, a Title Exam or Title Insurance Commitment prepared by a third party closing or title firm. If a potential bidder has not read and agreed to be bound by all of these documents prior to the auction, he/she should not bid.

1. Inspections: Homes, Buildings and Personal Property are generally open by appointment and immediately prior to the sale unless otherwise advertised. See property detail page for specific times/dates. Vacant land and lots may be inspected at your convenience. Registration is required at the Auction for a Bidder’s Card (a driver’s license must be presented). All properties are sold “AS-IS” (contracts are not contingent on any buyer or lender inspections) so Buyers should make any and all desired inspections during these viewing hours. All auctions are on-site unless otherwise indicated. All properties are made available solely at prospective buyers own risk and expense, including without limitation all dangers inherent, known, or unknown; and Sellers and Kraft Auction Service expressly disclaim any “invitee” relationship which could be construed and therefore any liability incurred by any person inspecting, viewing, or attending the sale of any property.

1. Title: A title insurance commitment for each property is prepared and available prior to closing. The Seller warrants insurable title per the terms of the Contract of Sale, and will evidence same by obtaining the title insurance commitment from a third party title/closing firm identified in the Contract of Sale as amended. The third party title examiner issues the title policy, and Buyer is welcome to retain their own counsel to review title and/or policies. Prior to bidding, potential buyers should review and understand the restrictions and obligations placed on the Property, whether disclosed in the Contract of Sale or otherwise of record in city/county records or announced. Such restrictions may be found at the county courthouse where the property is located, the county and city planning and zoning commissions or departments, and by consulting with an attorney. At closing, the Buyer shall be given insurable title as the property is transferred by a deed prepared by Seller, clear of liens or encumbrances (taxes, HOA dues, transfer fees, etc. will be prorated between the Buyer / Seller).

1. Closing Costs: The Seller typically pays for certifying base abstracts (if necessary); curing any title defects (as determined by the third party title examiner); revenue stamps or other taxes customarily due from Seller upon filing of a deed; and 1/2 of the closing fee. The Buyer pays the third party title examination fee (typically $150-250); the title search fee (if required, typically $150); the title insurance premium (based on sales price, typically a minimum of $250 plus approximately $5 additional for each $1,000); and 1/2 the closing fee. Current year’s real estate taxes are usually pro-rated through day of closing. These costs to the Buyer will usually total a minimum of $1,500 (consult the Contract of Sale as amended for the auction and/or other documents or announcements regarding the sale for each property’s specific instructions regarding closings costs and tax prorations). Kraft Auction Services charges a Buyer’s Premium of 5-10% or an auction service fee of $2,500 per property. Please see the specific Property Detail Page Terms of Sale to determine fees, if any, for a particular property. In addition, Buyer may have additional closing costs relating to any loan secured by Buyer; any inspections ordered prior to the auction; and any survey, plat or other fees announced for the sale. Potential Buyers and Sellers should consult his/her lender and/or the closing company for a more detailed estimate of closing costs.

1. Closing Date: Most auctions will require the Buyer to close (pay the balance of the purchase price plus closing costs) within 30 days from the date of the auction. Sellers will usually offer a Buyer reasonable extensions if more time is needed, but this decision is solely that of the Seller, and will include a per diem charge for each day the Buyer is late (.0005 x Sales Price Per Day, $150 per day minimum). By bidding, each potential Buyer is representing and warranting to the Seller and Kraft Auction Service, their agents, employees, and officers, that Buyer is accepting the Property in its current condition, including fixtures, equipment and appliances; is accepting the title per the title insurance commitment and is prepared to close with cash immediately.

1. Down Payment: Most auctions will require the Buyer to make a cash deposit at the auction (personal checks are accepted and electronically processed for immediate deposit) for $5,000.  Please check upcoming auctions for exact details. The down payment is non-refundable. If for any reason Seller does not perform per the terms of the Contract, the sole remedy shall be the return of Buyer’s down payment.

1. 7. Financing: If a potential Buyer plans on using financing to close, then they should take all steps necessary to secure some prior to bidding, since auctions are never contingent on financing. There are many lending institutions that offer pre-approval for their financing before an auction, including for example sources found at Farm Credit Links or the National Mortgage Loan Directory. A list of local lending sources may be available at the Open Houses or by calling the offices of Kraft Auction Services, and/or may be found in the Yellow Pages of the Telephone Book under “Banks” and “Mortgages”. All explanations, representations, and disclosures concerning the terms, conditions and provisions of a commitment for financing are the responsibility of the Buyer’s lending institution and not of the Seller or Kraft Auction Service.

1. Disclaimer: Neither Kraft Auction Service, nor any of our agents, officers, or employees are experts regarding any property offered, including without limitation (a) the value, nature, quality or condition of the property, including without limitation, the water, soil, geology, (b) the income to be derived from the property, (c) the suitability of the property for any and all activities and uses which buyer may conduct thereon, (d) the compliance of or by the property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body, (e) the insurability, habitability, merchantability, marketability, profitability or fitness for a particular purpose of the property, (f) the manner or quality of the construction or materials, if any, incorporated into the property, (g) the manner, quality, state of repair or lack of repair of the property, (h) the flood or water damage history of the property, or (i) any other matter with respect to the property. BUYER IS THEREFORE STRONGLY ADVISED TO SEEK FROM INDEPENDENT SOURCES OF BUYER’S CHOOSING EXPERT ADVICE AND/OR INSPECTIONS, INCLUDING LEGAL ADVICE, TO BUYER’S COMPLETE SATISFACTION CONCERNING ANY PROPERTY AND THE TERMS OF SALE PRIOR TO THE AUCTION. Every potential Buyer should satisfy him/herself regarding all possible defects, if any, that might have been caused to structures or improvements to the Property as the result of soil movement, water conditions, settlement, storm damage, fire, or any other possible causes. Inspections every potential Buyer should obtain prior to an auction include, but are not limited to, those concerning structure and soils (from an architect or professional engineer), roof (including structural members, decking and shingles, fire history), plumbing (including well, sewer lines, septic system), heating/cooling systems (including duct system), electrical systems, built-in appliances, security system, pool/spa, appraiser valuations, surveyor information, flood and hazard insurance availability and costs, and a HUD approved infestation (termite) report. All such inspections should be conducted by a qualified and experienced expert of Buyer’s choosing and each potential Buyer is advised to accompany the inspector(s) during the inspection(s). Potential Buyers should not rely on Seller, Kraft Auction Service, a friend, or him/herself to make these or any other inspections. The costs of all inspections, including all liability attendant thereto, are the potential Buyer’s sole responsibility. To locate experienced and qualified inspectors, potential Buyers should consult the Yellow Pages of the Telephone book under the various headings listed herein, and verify appropriate licenses and all references given. If Buyer asks and is given recommendations, by Kraft Auction Service or any other person, Buyer should be sure to receive the names of at least three inspectors for each such inspection to select from. These may be provided by an attorney, lender, or other informed sources. If a potential Buyer has any objection to the Property based on any defects or information disclosed or learned about the Property per the recommended inspections herein, he/she should not bid. INFORMATION AS MIGHT OTHERWISE BE PROVIDED IS FROM SOURCES DEEMED RELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE AS TO ITS ACCURACY. KRAFT AUCTION SERVICE AND THE SELLERS EXPRESSLY DISCLAIM ANY LIABILITY FOR ERRORS, OMISSIONS OR CHANGES REGARDING ANY INFORMATION PROVIDED. POTENTIAL PURCHASERS ARE STRONGLY URGED TO RELY SOLELY UPON THEIR OWN INSPECTIONS AND OPINIONS IN PREPARING TO PURCHASE ANY PROPERTY AND ARE EXPRESSLY ADVISED NOT TO RELY ON ANY REPRESENTATION MADE BY THE SELLERS OR THEIR AGENTS. PROPERTIES MAY BE ADDED OR DELETED AT THE DISCRETION OF KRAFT AUCTION SERVICE.

1. Lot Lines, Easements and Dimensions: If a potential Buyer has any questions or material needs regarding exactly where lot lines, tract boundaries, or any easements are located, as well as the dimensions of land and/or buildings, Buyer may choose to have a staked survey made by a licensed surveyor prior to bidding at Buyer’s expense. Buyer may request that the survey show the location of utility easements and driveways, proximity of buildings to lot lines, and the dimensions of improvements. Any survey or plat provided by the Seller or Kraft Auction Service may include fees to be charged to the Buyer, but is provided for general information purposes only and is not warranted as accurate or in any other way meeting Buyer’s material needs.

10.  Equal Opportunity: Kraft Auction Services staff are of many legal, auction and real estate organizations, including the National Association of REALTORS, the National Auctioneers Association and the Indiana Auctioneers Association all of which espouse a firm commitment to providing professional services to any person, regardless of race, color, religion, sex, handicap, familial status, or national origin. Our firm shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of these or any similar prejudices.

Wednesday Night & Antique Consignment Auctions

Kraft Auction Service has a huge range of experience is selling items on consignment including antiques, coins, collectibles, furniture, fine art, toys, equipment, collector cars, and much more.  We hold consignment sales several times a month.  Three times a year we have larger consignment sales focused on a particular types of items.  In January, we hold our anniversary which is composed of high quality antiques and collectibles.  In February, we focus on modern, Danish, and mid-century art and furniture.  In March, we conduct a “yellow iron” sale that includes heavy equipment, semi-tractors, trailers, and trucks.

In just the past few months, we have attracted bidders from all 50 states and 10 countries.  We have sold items to buyers from Canada, Puerto Rico, Haiti, Spain, UK, Norway, Belgium, Germany, South Africa, and states all over the US.  Our personalized internet marketing services ensure we will find interested buyers for the items you consign.  We also use traditional marketing in local newspapers, trade journals, antique magazines and much more.  We have 300 permanent bidders who watch our auctions every week.  At large sales, we will run Online Auctions in conjunction will live auction to open another avenue for bidders. Check out Our Results to see prices realized for specific items.

We are always taking consignments for auctions.  Commission rates vary by the type of item being consigned.  Please Email Us or call 219-973-9240 if you are interested in consigning items to a sale.  Once we learn more about the items you have to consign, we will quote a commission rate.  We are also happy to just answer questions and give more information about the process.

Find here a map to the Lake County Fairgrounds in Crown Point, IN, where we hold a majority of our consignment auctions.