Is the high bid always the total amount paid for the property?

Although not used in all regions or at all auctions, a buyer’s premium may be added to the high bid to reach the final sale price. The buyer’s premium is a percentage or an amount added to the high bid to determine the total purchase price to be paid by the buyer. For example, if the the high bid is $100,000 and the buyer’s premium is 5%, then the buyer’s premium is $5,000 ($100,000 x 5%). The $5,000 buyer’s premium is added to the high bid of $100,000. The total purchase price on the property is $105,000. Closing costs, as applicable, are the sole responsibility of the buyer unless otherwise stated by the seller. Refer to the Terms and Conditions of Sale in the marketing information to verify if a buyer’s premium and/or closing costs are applicable.