How does Hubzu's highest and best bid work?

[Chen Weng]

Hello!

I've bid on a house on Hubzu and was the highest bidder when the auction ended. The reserve price wasn't met, but it's set very overpriced, and I don't think anyone would meet that price.

The day after I won the auction, I received an email stating that the seller is offering all eligible bidders the chance to place another bid. There were three bidders on the property, so all three of us received the email to submit our "highest and best bid."

My question is: if other people place another bid, would I see the price increase when I try to make a bid? Or does everyone just blindly put down the highest they can offer without knowing how much the others have bid?

Although I think my winning bid was a fair price and would not want to go higher, I would hate it if someone came in with $100 more and won the house.

Thank you for answering!