BUYERS PREMIUM??

Where does this buyers premium come from? Here, in the upper Midwest when there is an auction, doesn't matter what kind, such as farm, business, estate whatever. The seller, yes the seller pays. It is a percentage of the total sale. Now it's between 7 and 10%. There is no fee to get a bidding number or anything like that. So is this buyers fees for buying something a reward for good bidding? Or is it a punishment to the seller for not getting their fair share? I don't know, just asking. I am sure I will hear all about it. I hope so anyway. Maybe it's an East Coast, West Coast thing. Or maybe it is something new some Joe Schmoe thought up just to be different.

Any how, let me hear it good friends of the NGC family. I want to know. Well maybe I don't need to know.

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