bidding
process

Online Bidding

Before you bid on a property, make sure you’re prepared. Study the property details page carefully and do your due diligence. You should also prepare your Proof of Funds. After you are satisfied with your research, follow these steps to begin bidding:

• Log onto your Auction.com account.
• Go to the property details page. Take note of the auction dates because you will need to place your bid within the online bidding period during the auction.
• When you register to bid, you’ll need to have your ID verified. Buyers can only use one ID with one account that is linked to their Bidder Profile. This one-time process is done to ensure a secure and smooth buying experience for buyers.
• You’ll have an opportunity to sign up for helpful “Action Item Text Alerts.”
• When the auction begins, type in the amount you would like to bid within the bid box and click the “Bid Now” button.
• You will be required to bid at or above the increments stated on the property details page. The increments, which may change throughout the auction, will be shown when the auction begins.
• Check in often, especially in the final minutes of the auction. Bids that are placed within the final minutes will trigger an overtime bidding period to allow all interested parties to keep bidding. This extended period gives everyone a chance to place last minute bids.
• When the auction is over, we’ll send you an email letting you know if you were outbid or if you were the highest bidder. If you are the highest bidder, we will let you know if the seller accepts your bid. Sometimes, the highest bid is still too low for the seller to accept. If the seller accepts your bid, you won the auction!

Max Bid

Max Bid lets you tell Auction.com the highest amount you’re willing to pay for a property, then we’ll automatically bid for you up to that limit. You can set a Max Bid before the auction begins or anytime while it’s live. Once the auction starts, we’ll place bids on your behalf, starting at the opening bid and following the set bid increments.

If another bidder outbids you, we’ll automatically place the next available bid—just enough to keep you in the lead—until you either win or your Max Bid amount is reached.

Please note:

• A Max Bid is only placed after you’ve been outbid, and only if the next bid doesn’t exceed your maximum amount.
• If your Max Bid has been reached, you can still place a new Max Bid or continue bidding live.

Counter Bidding

• Counter Bidding is a common practice used by all major auction houses. Auction.com will counter bid on behalf of the seller in order to move the price closer to the Reserve Price, or minimum price that a seller will accept.
• When the bidding reaches the Reserve Price, Auction.com will no longer counter bid. Counter bidding is designed to help the buyer and seller reach a price that works for both parties so the auction will be successful. Please note: The exposure of counter bids is not required in every state.

Disclosing the Reserve Price

• The Reserve Price is disclosed in certain instances. It’s up to the sellers to decide whether to disclose the Reserve Price (or minimum amount that they will accept for a property). The sellers have the option of accepting an offer that is less than the Reserve Price, but once the Reserve Price is met, the sellers should be agreeable to sell the property.
• When the Reserve Price is disclosed, you can find it on the property details page under the number of beds/baths or under the Current Bid or Starting Bid. You can also search the site to find properties that disclose the Reserve Price.