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With the rise of online real estate auctions, buyers can submit their bids electronically through dedicated auction platforms. Online auctions may have a specified start and end time, during which participants can place their bids through the auction website or app.
In sealed bid auctions, buyers submit their bids privately and in writing before a predetermined deadline. Bidders are unaware of the other participants’ offers, and the bids are opened at the specified time. The highest bidder at the end of the process wins the auction
Description: Pre-auction bidders are individuals who submit their bids before the official auction event takes place. This can occur through various methods, such as submitting written offers, engaging in negotiations with the seller, or participating in pre-auction sales processes.
Advantages: Pre-auction bidding allows buyers to express their interest early and potentially secure the property without the competition of the auction. It provides a more controlled environment for negotiations.
Description: In-auction bidders are those who place their bids during the actual auction event. This could be in a live auction where participants physically attend and bid in real-time or in an online auction where bids are submitted electronically during a specific timeframe.
Advantages: In-auction bidding offers a transparent and competitive platform. Buyers have the opportunity to react to the bids of others, creating a dynamic and potentially advantageous environment for securing a property.
Description: Post-auction bidders submit their bids after the official auction has concluded. This can happen in various scenarios, such as when the property doesn’t sell during the auction, negotiations with the highest bidder fall through, or the seller reopens the opportunity for offers.
Advantages: Post-auction bidding provides a second chance for buyers who might have missed the initial auction or were outbid. Sellers may consider post-auction bids if the property remains unsold, creating an additional opportunity for buyers to acquire the property.