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What is Buyer's Premium?
Buyer's Premium is an added charge to the buyer on each item he/she buys, This premium is used to pay auction expenses.
For example: the buyer wins the bid on an item for $25.00 and the buyer's premium is 10%, he would end up paying $27.50 for the item ($25.00 + $2.50). Buyer's Premium is taken from the buying crowd usually at a 10% rate. We're seeing 18% more and more!
Edwards Auction Service never charges a buyer's premium.
Real Estate Sales: Jim Edwards charges 5% to the seller to auction their Real Estate. When the buyer comes with a high bid amount, let's say it is $275,000.00. (Maybe all the bank qualified him for.) That bid wins. The seller pays James L. Edwards $11,000.00 keeping $264,000.00 versus keeping $250,000.00 and losing $25,000.00 (charge for a 10% Buyer Premium). The Auctioneer is taking $25,000.00. You see the buyer bids no more than $250,000.00 at that auction because of the buyer's premium charged. If you were a buyer - which auction would you rather go to? As a seller we hope you choose us.
(As a realtor, Jim Edwards charges 6% to sell your Real Estate through Bella Vista Realty & Auction Company).