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How does the bidding work? What is a proxy bid?

April 26, 2017bid bidding proxy

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How does the bidding work? What is a proxy bid?

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Auction participants enter their highest acceptable bid for a property. The auction system then checks all other bids and enters a bid on your behalf at $100 more than the next highest bidder (proxy bidding). The system stops entering bids for you when your highest acceptable bid is reached. When an auction closes, each property is awarded to the participant with the highest bid.