What is the Buyers Premium and what is it used for?
The Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies. Buyers premiums will run from a minimum of 5% and can be as high as 10%. Please check all the terms and conditions carefully. As an example: You are the winning bidder on a property at $300,000. If the buyers premium is 5%, this amount will be added to the sales price, thus making the final selling price $315,000. Remember, for all live auctions: You will need to register for the auction and bring a $5,000 cashiers check for each home you desire to purchase, made payable to yourself in order to bid at the auction. In addition, if you are the winning bidder, you will need a personal check or cash to make up the balance of your earnest money deposit on auction day as well as a valid I.D. for all parties wishing to
