Residential Real Estate Auctions

The bulk auction of 10 home sites in Palmdale, CA has entered LAST CALL®; our patent-pending day-to-day bidding process.  The auction was scheduled to end on Thursday, April 21st at 5:00 PM, but online bidding extended the auction deadline. I’ve described the LAST CALL® process in previous posts, but here’s a brief explanation for those of you who haven’t had a chance to watch this exciting online bidding before.

Like other online auction websites, a lot of the bidding occurs in the final seconds of the deadline. As bidders rush to place their bids, LAST CALL® protects bidders from someone or some program from winning the auction in last millisecond.  This style of bidding at the very end is called “bid sniping” or just “sniping.” With LAST CALL®, the bid deadline extends 24 hours each time a new bid is placed so that bidders can take their time  to calculate their next bid. Bidders now have time to deliberate a knowledgeable and fair chance at winning an extremely strategized real estate purchase.

The current high bid for this auction is $348,333 and the Bid Deadline is scheduled to end this evening at 5:00 PM unless a new high bid is placed before the deadline. There are also a two commercial buildings located in Suisun City, CA that are currently in a Sealed Bid format that are also scheduled to end tonight so check out the auction webpage for more details, documents and photos at www.FRE.com/102.

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• Bulk Auction for 10 Residential Lots
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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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