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What is Buyer's Premium?

Buyer's premium (BP) is a percentage that is added on top of the final bid price.  BP will be collected on every item sold on K-BID. The terms of each auction will notify you what BP percentage will be charged; most auctions on K-BID will charge a 13% BP with all NON-credit/debit card payments receiving a 3% discount.  Sales tax will be calculated based on the entire price of the item (bid price + BP).   

Example:  

  Credit or Debit Card Payment Cash or Check Payment
Final Bid Price $10.00 $10.00
Buyers Premium $  1.30

$  1.00

Total before Sales Tax $11.30

$11.00

 

Buyer’s Premium – Personal Property

A 13% buyer’s premium is collected on every lot purchased on the K-BID.com website; buyer’s premium is capped at $2,500 for individual lots. The sales price of a lot is equal to the winning bid + the buyer’s premium.  The buyer’s premium is subject to sales taxes.

 

Buyer’s Premium – Real Estate

The buyer’s premium on real estate auctions is not capped and varies by auction.  The buyer’s premium for a real estate auction will be listed in the terms for that auction.

 

Credit Cards

Credit card payments are not accepted for more than $5,000; unless otherwise stated in the auction terms.

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