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.