PRACTICE BIDDING LOT
This lot is used for test bidding and to place sample and practice bids. Feel free to bid on this lot, these are sample bids only and you will not be charged for using the practice bidding lot.
MAX BID AMOUNT
If you are not going to be available when the auction ends you can place a max bid. You can enter the highest amount you are willing to pay and the computer will automatically bid up to your max amount in the increments specified. NOTE: EXAMPLE 1. If the bid is at $200,000 and if you put in a $220,000 max bid, you would be the high bid at $200,050 provided no one else has placed a higher bid. If the auction ends at $200,050 you would be the winner at $200,050, It would take someone else to bid against you to increase your bid. EXAMPLE 2. If the bid is at $200,000 and your max bid is $220,000 and someone else has placed a bid of $209,000, then your bid would be advanced to $209,050. And if the auction ends at $209,050, then that Final Bid Plus the 6% Buyers Premium will determine final selling price/purchase price.
RESERVE: If you see an orange exclamation mark next to the bid amount that signifies there is a reserve on the property and that it has not been met. Up until the reserve is met, you will be bidding against the reserve. Once the reserve is met, then it will have a green checkmark signifying that the reserve has been met. At this point, it will take someone to bid against you to advance your bid, just like a live auction.
Online Real Estate Auction Information
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