What is a Buyer's Premium?
Buyers's Premiums are generally used in Auction Sales. The Buyer pays a Commision (or Buyer's Pemium)
based on a percentage of the last bid price. The Sales Price equals the highest bid price + the Buyer Premium.
What is the Difference between an Absolute Aucton and an Auction Sold by Seller Conformation?
In an Absolute Auction the property is going to sell to the highest bidder, regardless of price.
In an Auction Sold by Seller Conformation, the Seller has the right to accept or reject the highest bid at the conclusion
of the Auction.
If I buy a piece of Real Estate at Auction, how much do I have to pay the day of the Auciton?
Terms on each Auction vary, but will generally be between 15 to 20% of the purchase price. (remember to add the
bid price, plus the buyer's premium to get the purchase price)
