multiple bids on auction.com

[Stephanie Howard]

Hi all,

I have a bit of a silly question... when bidding on auction.com do you just get one bid?  Or do you keep bidding w/ higher numbers until you've hit your maximum?  

Thanks so much!

[Rich Baer]

@Stephanie Howard

You bid until you reach the number you think it is worth. The property doesn't sell until Auction.com's reserve price is met. The starting bid means nothing. If the opening bid is $10,000 and the secret reserve price is $80,000 it doesn't matter what you bid until the $80,000 is reached. Once you reach the price they are looking for it will change color and say "reserve price met". If it doesn't sell they just keep auctioning it until someone thinks $80,000 is a good price. They never drop the reserve price, only the opening bid to attract bidders who think they might get a good deal. In my experience, 97% of their reserve prices are ridiculous.