What are the possible outcomes of an auction?
There are four possible outcomes to an auction: 1. The item is sold to the highest bidder 2. The item is not sold because no bids were placed 3. Bidding did not meet the Reserve Price or minimum acceptable bid 4. A winning bidder did not complete the purchase. In situations 3 and 4 above, a seller may choose to activate “Bidder On Deck”. (Click Here) for information about “Bidder On Deck”. What steps follow a completed auction? If the Reserve Price is met, emails from Bid4Homes outline the auction details to the seller and the winning bidder. The email includes: * Auction ID * Winning bid price * Contact information – to help the seller and winning bidder communicate with each other and make settlement arrangements. Ultimately, the seller and buyer must identify a settlement company. Depending on the jurisdiction, this is negotiable between the buyer and the seller. If a property is bought through Bid4Homes and that property is bought through “Make an Offer”, the settlement details are
