Pre Auction Bidding

[Tim Steele]

I noticed some online auction sites offer pre bidding a couple of weeks  before a property actually opens for auction. What does this mean? How does it work? Can I buy the property before it go to auction?

[Christopher Gingras]

Hi Timothy, I just did this for a property and all I did was submit a pre auction bid through auction.com. It was a low number, they responded that multiple pre auction bids were received (not entirely sure that was true) and they asked for a final pre auction bid. I raised mine slightly and won the property prior to it ever going to auction.

My concern was that if it went to auction it would get bid up. I am not exactly certain why they do the pre auction bid and not all seem to offer that possibility.

Overall it was a great deal and easy experience but my suggestion would be to place a low but reasonable #.