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Updated about 2 years ago, 09/13/2022

Jackson Tate's profile image
Jackson Tate's profile image
Jackson Tate
Pro Member
  • Investor
  • from Brevard, NC
  • Member since May 25, 2017
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User Stats

54
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8
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Jackson Tate's profile image
Jackson Tate's profile image
Jackson Tate
Pro Member
  • Investor
  • from Brevard, NC
  • Member since May 25, 2017
Connect
Jackson Tate
Pro Member
  • Investor
  • Brevard, NC
8
Votes |
54
Posts
Foreclosures

Buyer's Premium at an Auction?

Jackson Tate
Pro Member
  • Investor
  • Brevard, NC
Posted

I'm currently negotiationg to buy a home that is being auctioned. The auctioneer states that if we ratify a contract, the earnest money and 10% buyer's premium are due at that time. If I default at any point from then on, I not only lose the EM deposit, but I also lose the 10% premium. Is this standard?

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