LAST CALL® for the Online Auction in Peoria, Arizona
Yesterday, April 1st, was the Bid Deadline for the online auction of a luxury home in Peoria, Arizona. However, the property’s seller has invoked LFC’s patented LAST CALL® process in order to extended the Bid Deadline until Monday, April 5th. The auction’s current high bid is now published and every bid hereafter will be displayed in real time. If another bid IS taken before Monday’s deadline, the auction will be extended until Tuesday. These twenty-four hour extensions will continue until no more bids are placed.
I recently explained the LAST CALL® bidding process (which is currently running) in the online auction for commercial property in Orland, California and in that post, I wrote about the LAST CALL® bidding in another one of our commercial real estate auctions in Columbus, Ohio. In short, LAST CALL® was created to prevent people from losing an auction due to someone placing a bid in the final seconds before the deadline. Here is how I explained LAST CALL® in previous posts:
LAST CALL® protects bidders from auction sniping. If you are familiar with other online auctions sites such as eBay, you know that everyone interested in the auction waits until the very last second to place their bid. There is even software that will automatically enter a bid in the last millisecond of the auction, what we call “auction sniping.” LAST CALL® protects bidders by eliminating the possibility of “sniping.” Real estate is a rather large investment to make online and we strive to give all bidders a fair chance at winning. Understanding that real estate is a rather [heavily strategized move] to make online, we made the LAST CALL® extension increment 24 hours to give bidders plenty of time to deliberate.
I invite you to follow this auction closely as bidders compete for the property. You can join in the conversation and stay informed about this online auction by following us on Twitter. If you have any questions pertaining to LAST CALL® or this auction, feel free to leave a comment.
Happy Friday and good luck bidders!
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About The Author
cflynn
Thanks for reading our blog, ResidentialRealEstateAuctions.com! Your readership is appreciated. Casey Flynn is the Communications Manager for the LFC Group of Companies. He also coauthors on www.CommercialAuctionListings.com and www.RealEstateNoteAuctions.com. You can also follow him on Twitter @LFC_Auction.
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Author his web sitehttp://www.fre.com
Thanks for the post it was very interesting and informative. I enjoyed reading it and look forward to more in the future.