BidAssist™ is an automated bid process designed to assist with bidding even when you are away from your computer. It is also useful if you are bidding on several properties and want to ensure all of your bids are placed properly during the close of the bidding. To use BidAssist™, determine the top price you're willing to pay for a particular property. When submitting your bid, enter into the BidAssist™ box the maximum amount you'd be willing to pay. The BidAssist™ system then compares your bid to those of the other bidders. The BidAssist™ system places bids on your behalf, using only as much of your bid as is necessary to maintain your high bid position. BidAssist™ only bids one bid increment at a time against an opposing bidder and will bid up to your maximum amount.
Please note that if you choose to end the use of BidAssist, our system will stop bidding for you but CANNOT delete bids that have already been made for you using your previously chosen BidAssist amount.
If the bidding for a property is moving rapidly and you try to place a bid that is lower than the current leading bid, but your BidAssist™ amount is higher than the leading bid, your bid will be taken at the next available bid increment above the current leading bid. For example, if the current leading bid is $100,000 and you place a bid of $99,000 with a BidAssist™ amount of $105,000, the computer will reject the $99,000 but will accept and place your bid at the next bid increment of $101,000 (assuming a bid increment of $1,000). You will then be protected up to your maximum Bid Assist™ amount of $105,000 against any other bidders.
BidAssist™ is used as a tiebreaker. For example, if two bidders end in a tie for a property, the bidder who placed the bid first through BidAssist™ will be declared the winner because the BidAssist™ was the first bid placed and has priority over the other bidder; however, if your BidAssist™ pushes another bidder to their maximum BidAssist™ amount, you will be required to top that bidder's amount by the next bid increment. The system will not allow you to just match another bidder's maximum bid unless both BidAssist™ amounts are exactly the same. In this rare case only, the first BidAssist™ amount entered into the bidding system wins.
BidAssist™ is now active for the highest bidder after bidding ends if that bidder has chosen to carry over BidAssist™ into the Post Bid phase. For many properties, if the property's reserve price is not met prior to the conclusion of bidding, a Post Bid period will ensue. Post Bidding activity for the property can be monitored at that property's Bid Page under “View Post Bid History. “It is the bidder's responsibility to monitor the activity on the website regarding Post Bids during that time. For the highest bidder at the conclusion of the bidding, the BidAssist™ feature will remain active and protect that bidder to his maximum amount even during the post bid period if he so chooses. This feature is only activated during the initial bidding period if, when a bid is placed, the bidder checks the box to indicate that he wants his BidAssist™ to remain in effect during the Post Bid process. This required box reads:
"Would you like to carry your BidAssist into Post Bid negotiations if you are the High Bidder at the end of the auction and the reserve price has not been met?"