In this example, we have a parcel that has a minimum upset price of $10,000. The auction day cash requirement is 20% of that, equaling $2,000. These amounts are listed in the auction brochure.

Let's assume that the property sells for a high bid of $15,000. The high bidder would be required to immediately pay the City the $2,000 cash requirement in the form of official bank check, certified check, cash, travelers check, bank money order or postal money order. Personal checks will not be accepted for this payment. If paying in cash, please use $100 bills only.

The purchaser is also required to make a second payment on the day of the auction. This payment is referred to in the brochure as the "Additional Deposit" and is the difference between the $2,000 cash requirement and 20% of the high bid price. In our example, 20% of the $15,000 high bid price is $3,000. The purchaser has already paid the $2,000 cash requirement. They would then owe an additional $1,000 ($3,000 minus $2,000) which is payable to the City as their additional sale day deposit.

This second payment can be made in the form of official bank check, certified check, cash, travelers check, bank money order or postal money order. We would also accept a personal check for this second payment.

In this example, the remaining balance of $12,000 is due within 45 days of the auction.

FINANCING

WITHDRAWAL BOARD - parcel checklist to be updated prior to auction.

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