When participating in a pre-auction event, you submit a single sealed offer on the Property Details Page of your property of interest. If there are multiple offers on a property when the pre-auction period ends, our Bid Review team requests each party’s Highest and Best bid to determine the most viable offer. Each party is notified and given the same deadline to respond with their Highest and Best. When all parties have provided their Highest and Best or the deadline has expired, the Bid Coordinator will submit the highest offer to the Seller for consideration.
During this Highest and Best process, all parties are blind and Bid Coordinators are not allowed to share information regarding any other offers. The property remains available for bidding until the Seller receives an “Accepted Offer”.
Please note that most properties in online auctions have a “reserve”, the unpublished minimum price a seller is willing to accept. The seller reserves the right to accept bids below reserve. Although the reserve is the ideal price a seller wishes to get for their property, it is not set in stone.
If you are the highest bidder upon auction close and you have not reached the seller reserve, you may receive a call from our Bid Review team for your Highest and Best offer. Your Highest and Best offer should be the maximum amount you are willing to pay for the property. Bidders are encouraged to do their due diligence before placing offers on our platform. The Bid Coordinator assigned to the property will communicate your Highest and Best offer to the seller. The seller reserves the right to counter your Highest and Best and begin negotiation to reach a mutually agreeable price. The contract process begins upon seller approval of the offer.