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What does 10% buyer’s premium mean and is that added to the price I pay for the property?

April 26, 2017added buyer mean pay Premium price Property

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What does 10% buyer’s premium mean and is that added to the price I pay for the property?

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A. 10% buyer’s premium means 10% is added to the bid price at the auction and that total is the actual purchase price. Example: the bid price is $100,000 and 10% ($10,000) is added to the bid price so the actual purchase price is $110,000.