Commercial Building/Business

This auction is being held to settle the Estate of the late Betty Crews who ran a business known as Baker’s Easy Pay Store. We will be selling her personal residence and all the contents of 1412 Wildwood on Friday, November 19, and then on Saturday, November 20, we will be selling the business Baker’s Easy Pay Store plus all inventory, two delivery trucks and accounts receivables.

DAY TWO: Saturday, November 20 @ 10:00 A.M. 200 N Main, Nashville, AR. Baker’s Easy Pay Store. This was a going business until the recent death of Mrs. Crews. The store is stocked with new washers and dryers, cookstoves, refrigerators, chest freezers, 50" and 47" flat screen TVs, computer desks, bedroom furniture. There is also an office area, a work area, and an upstairs full of a little bit of everything. Glass display counters, old floor safe dated 1883, large commercial air compressor, air jack, air tire changer, metal cabinets, old bottle Coca-Cola box, Craftsman 42" riding mower. The upstairs of the building is full of stuff - some is old and there is no telling what we will find. There are two delivery trucks that have been used in the business: 1999 Chevy 2500 w/Tommy lift and 2005 Chevy Silverado ext cab w/only 16,300 miles.

Real estate consist of a 3542 sf two-story retail store building on a corner lot w/parking on front and side w/a concrete loading dock. Building has been well maintained and looks to be in good condition. If there is interest, we will offer the real estate with all inventory except the two delivery trucks. There is approximately $30,000 of accounts receivable that will convey with the business. We will also offer just the real estate and piece out all of the inventory. It will sell the way it brings the most.

Viewing of property: Auctioneer will be on hand Saturday, November 13 from 2 till 4. Info packets will be available on site at each property. Doors will open 8 am on auction day.

TERMS: There will be a 10% Buyer’s Premium charged on both real estate and personal property. The successful bidder on both pieces of real estate will be required to have $5,000 earnest money down day of auction (per property) with balance due at closing on or before 45 days. Cash, good check, Visa, MasterCard, or Discover.

QUESTIONS AND ANSWERS

200 N. MAIN, NASHVILLE, AR

BAKER’S EASY PAY STORE

REAL ESTATE WILL BE SOLD AT 10:00 AM

1.Q. How will the real estate be offered?

A. The real estate will be offered in two ways.

1) First, it will be offered as a business with all inventory including the approx. $30,000 in accounts receivables. This bid will be noted and then we will move on to the second way it will be offered.

2) Second, we will then take bids on the real estate only. We will then take bids on the accounts receivables only. These two bids will be noted. We will then take bids on separate pieces of the inventory.

If the price of the (a) real estate, (b) accounts receivables, and (c) pieced out inventory is more than the noted bid for the business and inventory combined, then it will sell that way. Everything will sell, and it is our job to sell it the way it will bring the greatest for our clients.

2.Q. What items are not considered part of the business and will be sold off separately if the real estate and business is sold together?

A. The two trucks will be sold separately. There is a lot of misc. old and used items in the upstairs and shop part of the building that will be sold. Only new items and things needed to run the business will remain with the business (if it is sold as a business).

3. Q. What is the amount of the accounts receivables (that is items that people are paying for on credit - most are paying weekly)?

A. Approximately $30,000 at this time. A true figure will be provided on auction day.

4. Q. What is the size of the building?

A. Approximately 3542 sf on first floor w/approximately the same on the second floor.

5. Q. What are the real estate taxes?

A. Approximately $239.24 .

6. Q. Was there any damage to the building due to the recent fire on the same block as the building?

A. There was smoke and soot, however, the insurance has paid to have this cleaned. The insurance is also putting on a new roof.

7. Q. If the accounts receivables are sold with the real estate and inventory, how will they be collected until the closing of the real estate?

A. The owner will continue to have someone there two days a week to continue to collect just as they have since the business was closed. All money collected from auction day forward will go to the new owner at closing. Currently, a little over $1,000 per week is being collected on the accounts receivables.

8. Q. Is there an inventory list of all new inventory that will convey with the business if it is sold together?

A. Yes, and this will be provided to interested bidders upon request.

9. Q. Do you offer any warranties or guarantees on this real estate?

A. Owner will guarantee you good, clear title by providing title insurance and warranty deed. Other than that, the property sells "as is, where is."

10. Q. Is there any special financing offered?

A. No, this is a cash sale. We will require $5,000.00 earnest money day of auction. Balance due at closing in 45 days. The earnest money is non-refundable so please make your financial arrangements prior to bidding on this property. If you can not get the balance needed by closing, you will lose your earnest money.

11. Q. What will be the Buyer’s closing costs?

A. Buyer will pay ½ of closing fee plus $3.30 per thousand for stamps (State Transfer Tax), and $20.00 to record the deed.

12. Q. When and where will closing take place?

A. On or before 45 days after the auction at the offices of Henry Abstract & Title.

13. Q. Is there a Buyer’s Premium and what is it?

A. Yes, a 10% Buyer’s Premium will be added to the bid price to determine the total contract price.