Home  Departments  Finance  Surplus Real Estate Property for Sale  5 - Minimum Upset Bid Calculation

5 - Minimum Upset Bid Calculation

Each upset bid received must raise the advertised bid ten percent (10%) of the first One Thousand dollars and five percent (5%) of the remainder 9Re:NCGS 160A-269)

An example of this calculation follows:

  1. Advertised Bid = $100,000
  2. To Calculate Increase
    1. 10% of $1,000 = $100
    2. 5% of $99,000 = $4,950
    3. Increase = $5,050
  3. Add Increase to Advertised Bid
    1. $100,000 + $5,050 = $105,050

Upset bidder must bid a minimum of $105,050 or higher