Frequently Asked Questions
Generally, an auction is complete when the bid is accepted. A binding contract is created by the auction. The seller can also set a reserve price in advance. If the final bid does not reach the reserve price, the property remains unsold..
Often prior to "closing the bidding" and selling an item, auctioneers will announce: "Going once, going twice, sold!" or "Going, going, gone!", followed by announcing the winning bid..
The best tactic is to bid late and bid high. Bid the maximum you'd be willing to pay as late as possible. In the example (bids pictured above) I have to admit I placed my bid too early. I bid with 30 seconds left on the auction and I should have kept my nerve and bid later..