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What is a Back-up Bid?

back-up bid
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What is a Back-up Bid?

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FMV reserves the right to accept back-up bids during the auction. Once a successful bidder is recorded, the highest previously submitted bid would be recorded as the “back-up bidder. In the event that the successful bidder does not close on the property the back-up bidder will be sold the property subject to the same approvals as all other bidders at the auction.

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