Auction FAQs

What triggers an 'Extended Auction'?

Auctions are extended if there is any bid placed within 5 minutes of the auction's end. Users are notified automatically on screen.

What is a 'Max Bid'?

A 'Max Bid' is the amount you are willing to pay for a property. By setting a Max Bid, the system will 'bid' on your behalf up to your Max Bid. Because Current Bid is equal to the the Second-Highest Bid plus one Bid Increment, you can place a high Max Bid, but you will win the property at one Bid Increment higher than the Second-Highest bidder's Max Bid (or the Reserve, whichever is higher).

What is a 'Reserve Price'?

A reserve price is the minimum price the seller will accept. This price is hidden from bidders. To win, a bidder must have the highest bid and have met or exceeded the reserve price. Bidders are automatically notified on screen when the reserve has been met.

What constitutes the 'Winning Bid'?

Winning Bids are calculated as 1 Bid Increment higher than the second-highest Bidder (or the Reserve Price, whichever is higher)

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