What is a bid deposit and how much is it?
A bid deposit is a “good faith” (earnest money) deposit, made in the form of a cashier’s or certified check that a buyer is required to submit with a bid. It is generally equivalent to 2.5% of the bid amount, unless otherwise specified. For example, if one were to place a bid of $100,000.00 the bid deposit would be equal to $2,500.00. Bids that are submitted without a bid deposit are deemed nonconforming and will not be considered.
