When participating in a pre-auction event, you submit a sealed bid on the Property Details Page of your property of interest. If there are multiple bidders on a property, our Bid Review team will request each party's Highest-and-Best bid to determine the most viable bid to submit to the seller. Each party is given the same deadline to respond with their Highest-and-Best bid. When all parties have provided their Highest-and-Best bids or the deadline has expired, the Bid Coordinator will submit the highest bid to the Seller for consideration.
During this Highest-and-Best process, all bids are sealed and Bid Coordinators are not allowed to share information regarding any other bids. The property will remain scheduled for auction until the Seller accepts a bid.
Please note that most properties in online auctions have a “reserve”, the unpublished minimum price a seller is willing to accept.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. If you are the highest bidder upon auction close, but your bid did not reach the seller reserve, you may receive a call from our Bid Review team to discuss your bid further.