Sale of Estate Property

Statement of Sale. The statement of sale of estate property conducted under FED. R. BANKR. P. 6004 shall contain the following information for each sale type: SALE TYPE All sales On-site auction1 On-line auction2 Private sale3 On-site auction On-line auction All sales Private sale On-site auction Securities sale4 On-site auction On-line auction All sales On-site auction On-line auction All sales INFORMATION a. Itemized statement of property sold b. List of bidders c. Number of participating bidders d. Name of each buyer e. Price received for each item or lot f. Date(s) of sale g. Time & place of sale h. Opening & closing dates & time of sale i. j. Calculation of compensation allowable under appointment order Copies of sale advertisements, summary listing of advertising expenses, itemized mailing costs and expenses k. All other costs and expenses, itemized 1 With or without simultaneous telephonic or on-line bids. 2 Accepts bids only via the internet. 3 With or without assistance of an agent.

4 Requires a registered broker dealer. 33 6005-1 Appraisers, Auctioneers & Real Estate Agents (a) Qualifications of Auctioneers and Real Estate Agents. Applications to employ auctioneers (including on-line) or real estate agents shall detail the auctioneer’s or agent’s qualifications, including any professional licenses held. (b) Compensation of Auctioneers.

An auctioneer’s commission may be deducted from the gross proceeds of sale and/or added to the sale price as a buyer’s premium. Except upon motion filed pursuant to the LBR 9013-1 Motion Practice Procedures, compensation shall not exceed: (1) Ten percent (10%) of gross proceeds for real property and vehicles—including cars, trucks, trailers, all-terrain vehicles, boats, aircraft, farm machinery and implements and earth moving equipment; or (2) Twenty-five percent (25%) of the first $40,000 of gross proceeds for other personal property and fifteen percent (15%) thereafter. (c) Compensation of Real Estate Agents. Compensation of a real estate agent shall not exceed six percent (6%) of gross proceeds except upon motion filed pursuant to the LBR 9013-1 Motion Practice Procedures.

Any variance above 6% requires a court order and is excluded from the “if objection” process of the LBR 9013-1 Motion Practice Procedures. Expenses of a real estate agent shall only be reimbursed upon motion filed pursuant to the LBR 9013-1Motion Practice Procedures. (d) Retrieval of Sale Items. Auctioneers and agents who ship sale items at buyers’ expense must allow buyers to arrange for retrieval of sale items without charge.

(e) Reimbursement of Credit Card Fees. Auctioneers and agents who accept payment by credit card may charge a buyer’s premium to offset credit card processing fees only if that charge is disclosed in the application to employ and in the notice of sale.