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Real Estate Auction Options Principal Gary Gilbert discusses luxury real estate auctions for both sellers and purchasers.

Buyer's Premium at Real Estate Auctions

By Gary Gilbert on
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Oct 15 in Luxury Home Auction

 

A buyer's premium in the luxury real estate auction world and other types of auctions is simply an amount the bidder pays above and beyond their high bid price.  You can look at it like a sales tax.  I often hear people say that they will factor into their bid the buyer's premium by discounting their bid.  However, saying this and doing this are usually two different things when it comes to real estate auctions.  When a bidder is adamant about winning the bid for a property offered at auction, a buyer's premium is usually not a bidding deterrent.

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