This house is sold at an auction.
So, you give your highest price, then somebody else gives another price, and no one
knows until the end who is the winner. Often, buyers overpay for houses when they buy them at the auction.
This particular auction has additional (on top of the winning bid) 5% that is called "buyer's premium".
This is to the person who is doing the auction.
You decide to pay 110K.
The price you pay to the auction house is $115,500 (5% more than your bid).
Additionally, you'll pay for regular closing costs, which should be no more than 2.5-3K at this price point, if you buy cash.
Let me know if I can help you to buy this or another house.
Hope this helps,
Beachfront Realty, Inc.