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What is the difference between For Sale by Private Bid and a Public Auction?

April 26, 2017auction bid for sale private public

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What is the difference between For Sale by Private Bid and a Public Auction?

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In a For Sale by Private Bid method there isn’t any public pressure on the bidders to increase their bid (also known in the auction world as a “bidding frenzy”). Each prospective bidder has ample time to consider their bid and an opportunity to increase their bid until they choose to no longer do so. Each bidder is also allowed to be represented by the Realtor of their choice.