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Updated over 7 years ago on . Most recent reply

Jenny Gremillion's profile image
Jenny Gremillion's profile image
Jenny Gremillion
  • Investor
  • from Covington, LA
  • Member since Apr 8, 2016
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Jenny Gremillion's profile image
Jenny Gremillion's profile image
Jenny Gremillion
  • Investor
  • from Covington, LA
  • Member since Apr 8, 2016
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Jenny Gremillion
  • Investor
  • Covington, LA
12
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Foreclosures

"Buyer Premium" Added to Sales Price?

Jenny Gremillion
  • Investor
  • Covington, LA
Posted

Hi,

We are in Louisiana and made an offer on a bank owned property yesterday.  Our bid was $157k but they added a 4.5% "buyer premium" to this plus a $250 fee.  Weird.  Do you think this is to pay the agent? And did the agent set this up or do all banks operate this way for bank owned properties? Thanks!

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    Brian Pulaski's profile image
    Brian Pulaski's profile image
    Brian Pulaski
    • Flipper/Rehabber
    • from Montgomery, NY
    • Member since Jan 14, 2016
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    Brian Pulaski's profile image
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    Brian Pulaski
    • Flipper/Rehabber
    • from Montgomery, NY
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    Brian Pulaski
    • Flipper/Rehabber
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    Brian Pulaski
    • Flipper/Rehabber
    • Montgomery, NY
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    This is common and would have been disclosed on the auction description etc. Always read the costs and fees associated with any auction you bid on.

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