Interested in Pre-Auction?
Written by Nyra Smith
Updated over a week ago

What is Pre-Auction?

Pre-auction bidding is a designated time that the Seller will review sealed bids submitted through our website prior to the online auction dates. During the pre-auction/pre-sale period, bids are reviewed and may be accepted by the Seller. If a pre-auction bid is accepted by the Seller, the property will not be offered during the designated online auction dates. All bids are sealed and confidential.

How to Bid

When participating in a pre-auction event, you submit a sealed bid on the Property Details Page of your property of interest. If there are multiple bids on a property, our Bid Review team will request each party’s Highest-and-Best bid. Each party is given the same deadline to respond with their Highest-and-Best sealed bid. Once the deadline has expired, the Bid Coordinator will submit the highest offer to the Seller for consideration.

During this Highest-and-Best process, all bids are sealed and Bid Coordinators may not divulge information regarding any other bids. The property will remain scheduled for an online auction until the Seller accepts a sealed bid. 

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