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Exclusively Online Auction FAQ
The currently scheduled auction is
a Hybrid/Live Floor Internet Auction. Please refer to the Hybrid
Auction questions.
This section is currently not applicable.
Questions
What
is a Fixed Lot Window?
Once
you log on with your Client Number and password, you will
be able to view the auction and bid on lots. Lots are offered
in sequential order and appear on the screen in groups of
ten. A Fixed Lot Window is any window of a group of ten lots.
To switch between lot groupings, click on the corresponding
lot numbers at the bottom of the window. You may place bids
from either window.
What
is a Scrolling Lot Window?
On
the last day of the auction, lots will start to close. As
lots close, the Scrolling Lot Window will generally show the
"current" group of ten lots - the four lots that just closed
and the six lots that will close next. The Scrolling Lot Window
will be the window that appears when you first log on. You
may always switch between the Scrolling Lot Window and any
of the Fixed Lot Windows. You may place bids from either window.
In
what order will lots be sold?
Properties
will be closed for bidding and sold one at a time, in sequential
lot order. Generally lots are closed at 6.5-minute intervals.
How
do I place a bid?
You may place a bid from either the Scrolling
Lot Window or the Fixed Lot Window. From any of the Windows,
simply click on the BID button that corresponds with the lot
on which you would like to place a bid. A history of the bidding
for each lot will be displayed at the bottom of the window.
After you bid on a lot, the lot will remain highlighted in
yellow.
When
can I place bids?
You can begin bidding at the posted time
the auction officially opens and may continue bidding until
each specific lot closes.
Can
I create a custom list of lots and watch them through a window?
No. You can watch the activity on lots
only through a Fixed Lot Window or the Scrolling Lot Window.
When
will my bid be reflected on the auction screen?
The Scrolling Lot Window and Fixed Lot
Window attempt to automatically refresh every 6 seconds. Due
to network congestion and other factors beyond our control,
the refresh process might take longer.
When
will lots be closed?
Lot 1 will close at the time posted for
each auction and subsequent lots will continue to close sequentially
every 6.5 minutes afterwards. Your Scrolling Lot Window will
display the time remaining before each lot closes - down to
the second. Beware, however, that if you bid during a refresh
cycle too near the final bidding deadline that your bid may
not be received in time.
Will
the closing of a lot be extended if a bid is placed at the
closing deadline?
Yes. If a bid is placed on a lot within
45 seconds of the scheduled closing time, the closing deadline
will be automatically extended. Bidding will remain open until
such time as no new bids have been received for 45 seconds.
This is what we call the Popcorn Rule.
Can
I see a history of my bids and/or who is bidding against me?
Yes. A history of high bids by bidder
is displayed at the bottom of the Fixed Lot Window and the
Bidder Window for the lot that you have selected. The lot
that you have currently selected will be highlighted in gray.
Does
the Bidder History show all bids submitted on a property in
sequential order?
No. This window shows the bidder number,
the amount of the bid and the actual time a bid was originally
placed by each different winning bidder. If a proxy bid is
submitted, the time shown is when the proxy bid was originally
placed and will not reflect the time at which the auction
engine automatically increased the proxy.
What
is a proxy bid?
Proxy bidding is an alternative to participating
in an interactive bidding process. A proxy bid is the highest
amount a bidder is willing to pay for a property. By clicking
the appropriate box on the Bidder Window and thus submitting
a proxy bid, the bidder grants The Clearinghouse's online
process the right to automatically increase the amount of
your bid, only in increments consistent with the practices
of the auction, as necessary to remain the highest bidder.
A proxy bid will not be placed on your behalf in an amount
higher than one bid increment over the next highest bid, and
in no event will you be responsible for any bid higher than
the highest proxy bid submitted. For more details and examples
click here.
What
happens if another bidder places a proxy bid for the exact same
amount as my proxy bid?
The auction engine will accept a tying proxy
bid, but the tie goes to the first bidder. This is one reason
that the Bidder History Window maintains a recorded history of the
original date/time that a proxy bid is placed.
Can
anyone see my proxy bid?
Absolutely not. In fact, The Clearinghouse is
not even privy to the amount of the proxy. Proxy bids are highly
confidential and are stored in the auction engine database. Although
bidder numbers are disclosed, the identity of bidders and any proxy
bids will remain totally anonymous and confidential. This is one
of the most important components of The Clearinghouse's neutral
marketplace.
What
if my proxy bids exceed the amount of my Bank Letter?
They can not. The automated auction engine will
not allow a bidder to place proxy bids in an aggregate amount greater
than the amount of the bidder's bank letter.
Am
I obligated to pay for all properties on which I place the highest
proxy bid?
This is true with all bids. Although you
have granted The Clearinghouse proxy authority, you remain
soley responsible for all bids submitted thereby pursuant
to your bidder registration form and qualification statement
and the Buyer's Terms and Conditions of Purchase executed
at the time of registration.
Bidding Steps
- To join the auction,
click on the Join Auction button at the top of the page.
Before you can participate in an auction you must have a
Client
Number and must register for a specific auction.
- After you have obtained
a Client
Number, have registered for a specific auction, and
after your registration has been approved, you may join
the auction by clicking on the Join Auction button and logging
on with your Client Number and password.
- From the Scrolling
Lot Window, you will be able to bid on properties currently
appearing in the Scrolling Lot Window. There will generally
be ten properties visible in this window. As lots close,
you will see the last four closed lots, and the next six
lots that will be closing. To bid on or view other lots,
click on the Watch Lots number grouping that corresponds
with your lot. If you wish to bid on lots that do not appear
in the Scrolling Lot Window, based on the lot number, pick
a Fixed Lot Window and place a bid from there. (See details
on the Fixed
Lot Window and Scrolling
Lot Window.)
- When you are ready
to bid on a property, click the BID button and it will take
you to a bid page. From the bid page, you will be able to
place a proxy bid, or a regular bid.
- After you submit your bid, you will be taken
back to your original window from where you can see the
status of the property you just bid on. Your bid will be
made immediately after you submit it.
back
to top
Fixed
Lot Window
Above is a Fixed Lot Window. The bid buttons
are in the vertical row on the left. Your bidder number and
the current date appear on the top row. Toward the bottom
of the Fixed Lot Window, you will see a Bid History window.
When you click on a property's status, the Bid History window
will fill in the bid history for that property.
Scrolling Lot Window
Above
is a Scrolling Lot Window. The bid buttons are in the vertical
row on the left. Your bidder number and the current date appear
on the top row. Toward the bottom of the Scrolling Lot Window,
you will see a Bid History window. When you click on a property's
status, the Bid History window will fill in the bid history
for that property.
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