I am following one of the online tax lien auction in Northern Jersey. I see that the auction start and end date is same. Can someone shed light on how these kind of auctions work. It is allowing me to enter % and premium (in NJ you bring down the Int rate to 0 and then if you badly need that lien you pay premium) and I can see number of bids on each property. But what I was expecting is that at the start of auction it is going to show me lowest interest rate bid (or premium) in real-time. How is that possible if auction start and end at the same time ? I am really confused. Without knowing what others are willing to offer, it is not open auction. Am I completely off.
They usually have an online tutorial.
Probably they will have training right before the auction start date ? realauction is the company conducting it.
Thank you @Jerry K.
Yes I looked at the practice site and that is helpful but I am more looking to know how the auctions are conducted. Seems like these are best and last offer auction as you mentioned in your other reply.
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