How does the bidding process work?

Last updated on July 2, 2024

Bidding Process

The online tender platform will commence at a predetermined time, which will be posted in advance on the online page for that specific auction. The bidding page will also indicate the bid increments for each specific auction. The clock will indicate the time remaining in the auction for that specific parcel.

Please note: encourages you to place your bids well in advance as each Parcel has a start and end time.

In auctions involving multiple parcels, each parcel will either:

A) Have a different expiration time to allow you to focus on one parcel at a time, OR B) Close universally thus every parcel will expire at the same time.

Please note: The expiration time on any Parcel being sold has a refresh setting. If a bid is placed in the last two minutes of the auction, an additional two minutes will be added to the clock. Parcels will close only when there have been no bids for the last two minutes.

Other bidders are not privy to who is the highest bidder on any parcel.

The chronological order in which the parcels sell will be displayed on the parcel details page of the website. If there are any questions at all regarding a sale or the time expiration thereof, please do not hesitate to call us at +1 (866) 263–7480.

For tips on how to register, please visit the following page: How do I register to bid?

Starting Bids

The designated Starting Bid for each Parcel is a number set by and the Seller prior to each Auction being posted online. The Starting Bid number is the minimum amount that bidding may commence at for that specific Parcel. The first bid will be the Starting Bid number.

If a Starting Bid is not obtained the Parcel will not sell. The Starting Bid is not what is commonly known as a Reserve Bid. The Starting Bid is set at what is perceived as a discounted amount from what the current Fair Market Value (‘FMV’) of the Parcel has recently been valued at and what the Parcel is likely to sell for on Auction Day. The Starting Bid doesn’t in any way purport to be FMV.

The Starting Bid is meant in part to encourage only serious bidders to bid and hopefully speed up the entire bidding process. The Starting Bid number may be adjusted prior to Auction day so potential bidders are encouraged to check the website for any changes prior to the commencement of the Auction.

Closing The Sale

Closing will occur as per the terms of the Purchase Agreement that is located in the ‘document’ section of the parcel. Your bid encompasses your monetary bid amount plus the terms as set out in the designated Purchase Agreement. In the event a potential bidder has any questions about the terms, they are encouraged to seek input from their independent legal advisors. Bidding means you are in agreement with the designated Purchase Agreement for that parcel.

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