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Updated almost 9 years ago on . Most recent reply

User Stats

56
Posts
42
Votes
Tim Steele
  • Investor
  • Jackson, MS
42
Votes |
56
Posts

Pre Auction Bidding

Tim Steele
  • Investor
  • Jackson, MS
Posted

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?

Most Popular Reply

User Stats

31
Posts
9
Votes
Christopher Gingras
  • Gainesville, FL
9
Votes |
31
Posts
Christopher Gingras
  • Gainesville, FL
Replied

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 #.

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