Here's how bidding works on our system!
- A “Bid Deposit” of $1,500 is required to bid on a property. The deposit is a hold placed on a credit or debit card. We require the “Bid Deposit” to ensure that we have serious bidders.
- A hold authorizes us to confirm that your account is valid and you have a significant amount of credit. The hold will not appear as a charge anywhere on your credit card statement. On a debit card, the hold will appear as a “Pending Charge.”
- At the end of the auction…Only the winning bidder will be charged.
- Winning Bidder will be charge upon “Auction Agreement. “Auction Agreement” charge is “Non-Refundable”
- All non-winning bidder’s holds…We will instruct your credit or debit card issuer to remove the hold within 48 hours following the auction. Each bank, however, has its own policy. Please contact your financial institution to find out how long it will take.
When you place a bid, you enter the maximum amount you're willing to pay for the property. The seller and other bidders won't know your maximum bid amount.
Our system places bids on your behalf starting with the next bid increment for the property. It will bid as much as necessary to make sure that you remain the high bidder (or to meet the reserve price, if there is one). It will keep bidding for you until bidding reaches your maximum amount.
If another bidder has placed the same bid before you or a higher maximum bid, the system will let you know that you've been outbid so that you can place another bid if you want. However, if no other bidder has a higher maximum bid at the end of the auction, you are the winner even if your bid doesn't go as high as your maximum bid. You could pay significantly less than your maximum price. This means you don't have to keep coming back to re-bid every time another bid is placed.
You won't necessarily pay the amount of your maximum bid. Our system will increase your bid on your behalf, using only as much of your bid as is necessary to maintain your high bid position. Your maximum bid is kept confidential (until it is exceeded by another bidder).
In Reserve Price listings, if your maximum bid is the first to be greater than the seller's reserve price, our system will automatically jump the price up to meet the reserve, and bidding will continue from there.
Please make sure you have read and agree to all of the "Terms" of each listing before bidding.
Watch the property listing to monitor the bidding. You may be outbid, especially near the end of the bidding period. The bidding information will update automatically as new bids come in (no need to refresh your browser window)
Any bids coming in near the listed closing time will automatically extend the closing time briefly to make sure that all bids are received.
When the bidding closes, if you are the "High Bidder," you will receive an Email from us verifying your successful bid!
You can view Example Bidding Scenarios
on the right, or to practice bidding, you can visit our demo
|Example Bidding Scenarios|