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In order to promote opening bids, the following incentives are offered to buyers .  These amounts offer initial security for sellers and build intensity as bidding begins.
 
Note:  Buyers and brokers must submit opening bids on or before March 14th by 5:00 p.m. in order to be eligible for the incentives.

Buyer Incentive

One and one half percent (1.5%) of the buyer’s opening bid amount will be deducted from the buyer’s 10 % premium, should the buyer be the successful purchaser of the property for which he/she has provided an opening bid.

Example #1:  

• A property was previously listed on the market for $1,000,000.
• A buyer submits his/her paperwork on time, with an opening bid of $500,000.
• During the auction the same buyer secures the highest bid on that property at $800,000.
• Buyer Incentive = $500,000 @ 1.5% = $7,500
• $7,500 shall be deducted from the buyer’s 10% premium.

Example #2:  

• A property was previously listed on the market for $500.000. 
• A buyer submits his/her paperwork on time, with an opening bid of $250,000. 
• During the auction the same buyer secures the highest bid on that property at $400,000.
• Buyer Incentive = $250,000 @ 1.5% = $3,750
• $3,750 shall be deducted from the buyer’s 10% premium.  
  

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