At a Florida foreclosure property auction, what percentage payment is required by the winning bidder by the end of the day?

In Florida, when a property is sold at a foreclosure auction, the winning bidder is required to pay a minimum deposit of 5% of the final bid amount by the end of the day on which the auction takes place. This requirement helps secure the bid and demonstrates the bidder's commitment to completing the purchase of the property.

The 5% payment serves as an initial deposit, with the remaining balance typically due at a later date as specified in the auction terms. This process ensures that the auction is taken seriously and that the funds are secured promptly.

Other options reflect common misconceptions about auction terms. For example, a higher percentage like 50% or 100% would not be feasible or practical for most bidders, as it could discourage participation. A lower percentage such as 10% is also not the standard requirement in Florida's foreclosure auctions, which is why the correct answer is 5%, aligning with the established rules for these transactions in the state.