Live Real Estate Auction Events for Government Land in the US
Live auctions are held at a set time and are conducted by an experienced online auctioneer. This usually generates a lot of excitement and bidding activity. Just prior to the beginning of a live auction, you join the auction online and place your bid. You will be bidding against other online bidders at the auction website.
The auction house may set a starting price set for each parcel of US government land for sale through auctions. The auctioneer receives all online bids, including absentee bids. Online bids appear next to the land for sale. The auctioneer will give fair warning prior to closing a parcel of land – whether it is seized, unclaimed or foreclosed government property, and call for last chance bids. Once all bids have been received, the auctioneer will close the item and announce the winning bid.
Absentee bidding is often used for live auctions. Here is an example of absentee bidding for an item in a live government land auction:
- The starting price for a parcel of government land is set at $200 by the auctioneer.
- You entered an absentee bid of $250 and a maximum bid amount of $900.
- Another bidder bids $300.
- Your pre-bid automatically increases to $350 (bid increments are set at $50).
- Each time someone bids an amount higher than your pre-bid, your bid automatically increases, up to your maximum bid.
- After accepting bids from the floor, online bids and absentee bids, the auctioneer land auction closes at $850.
- You win the auction for $850 because you placed a maximum bid of $900.