Frequently Asked Questions
Auction Questions
What is an auction?
Auctions are not like auctions on Ebay. They’re authentic auction experiences that often take place in real time as well as online. Just like you have probably seen on television, people arrive at the auction’s location, browse the lots or property, and place their bids. The difference is that the auction action takes place online as well as on location.
Some auctions are online-only. These auctions are not taking place live, and all bids are accepted online.
Some auctions are live only. These auctions do not accept any online bidding, but prospective bidders can view details about the auction online such as the auction location, catalog, and details surrounding the auction.
How do I register for an auction?
Creating your account will provide bidding access to all auctions within the MarkNet Alliance network. Some auction companies may require additional registration, and bidding will not be enabled for that auction until this process is completed.
Where can I find the terms and conditions for an auction?
Terms and Conditions are located both on the main auction event page and on individual lot pages.
How does an auction end?
An auction only ends when bidding has stopped. The auction company hosting the auction will specify the amount of time that must pass before an auction is considered closed. Some auction companies allow time extensions on individual lots if bidding is still active (called “staggered closings”) and some auction companies elect to have all lots within their entire auction go in to extended bidding if any of the auction’s lots are still being bid on.
Auctions close in a few different ways. Some auctions close at a set time, pre-determined by the auctioneer. Some auctions have a staggered closing. This will be specified in the auction terms with a start time. The first lot or group of lots will close at the specified time and subsequent lots will close after a certain amount of time has passed, either one by one or in defined groups of lots.
Either of these two types of auctions can also have dynamic or extended bidding. The auction will close only when bidding has stopped for a specified amount of time. If dynamic/extended bidding is active it will be mentioned in the terms and conditions along with the amount of time between bids necessary for an auction to close.
How do I know if I’ve won an auction?
You will receive an invoice via email when you are the winning bidder.
How do I pay for my items?
Payment terms are specified in the auction’s terms and conditions.
How can I contact an auction company?
The “Ask the Auctioneer” form on the auction event page and on each lot page allows you to send a message to the hosting auctioneer. Questions that other users have asked can also be viewed on these pages. The auction company’s contact details (address, phone number) are also available on the main auction page.
How can I search for a specific item?
Use the search bar at the top of the page to find a specific item in all auctions. You can narrow your search by category or view all lots that match your keyword in all categories. You can also save a search to revisit it later in your account under “Saved Search.”
How do I print an auction’s documentation?
On the auction event page and lot pages, there are links to download PDF files of the auction’s brochure and packet.
How can I find an auction in my state?
All search results can be filtered by state or multiple states. These filters can be found in the left hand side bar on all search results pages. To view all auctions and then filter by state, simply select “Auctions by State” from the “Browse By” drop down on every page, and then filter by your state(s) on the left.
Bidding Questions
Are there fees for bidding on an auction?
There are no charges to bid. Charges are only incurred if you are the winning bidder. Some auctions may be subject to a buyer’s premium charge, which will be outlined in the terms & conditions of the auction.
How can I see the status of the items I’ve placed a bid on?
Click on My Items in the top right of every bidding page. That will bring up a list of the items you’ve placed bids on. Each item will list the time left in the auction, the current bid, your maximum bid and the status of the auction.
Can I raise my maximum bid (even if no one has outbid me)?
You may increase your maximum bid at any time before the auction has ended. If you decide to increase your bid while you are still the high bidder, the current bid will not increase (you will not be bidding against yourself).
How can I make sure I’m seeing the most up-to-date bids?
Remember to refresh often to be sure the bids on display are the most recent. Either use the refresh button next to each item in the catalog view or use the refresh button in your browser.
Why can’t I place a bid?
To place a bid, you must be registered and approved for the auction. See how to register for an auction.
How do I remove a bid?
Once a bid has been placed, there is absolutely no way to cancel it under any circumstances.
Account Questions
For Bidders:
Create an account by clicking the Login link in the upper right hand corner of your screen, or begin creating your account.
Fill in your information on the secure registration page
Read and agree to the Bidding Terms
Click Submit and now your account is created.
How can I update my credit card or account information?
Access your Profile Settings by logging into your account.
Once you are logged in, click “Account” in the upper right hand side of the screen.
Click “Credit Cards”. Here, you will be able to update your credit card information.
How can I change my notification settings?
Access the Preferences within your account settings by selecting which method you would like to be notified
Save your settings.
Security Questions
Is my information secure?
Yes, all personal information and credit card information is stored on a secure server and transmitted with 128-bit encryption.
How To Bid
Log In
You must be logged in to place online bids. If you do not have an account created, click the ‘Login/Register’ link in the upper right hand corner of your screen, the click on ‘Create an Account’ in the bottom of that window to begin creating your account. Once your account has been created, you will need to log into the catalog of your choice and agree to the terms and conditions. There will be terms and conditions you’ll have to accept at account creation as well as the auctions terms and conditions you’ll have to accept on registering for EACH auction. After the auction company approves your registration, you can place your bid(s).
Place Your Bid
Once you have logged into either or the affiliate companies website, you may place a bid from an individual lot on the catalog or lot detail page.
Verify Your Bid
Before your bid is finalized, you will be prompted to confirm your bid amount.
Submit Bid
“You are about to enter a legally binding contract. Once a bid is placed it cannot be retracted. Do not bid unless you intend to buy this item at the amount of your bid.” This is the prompt from the window that appears when you click on ‘Bid Now’. There will also be text box where you can enter in your bid amount in the form of $ X.XX. You can enter in a max bid here as well, and the window has a blue (?) that explains what a max bid is. Once you have verified the amount you wish to bid, click ‘Confirm Bid’.
If the Ultimate Choice Bidding Platform is being utilized there is no max bidding feature. Once you have clicked on the lot or combination of lots and click get price you then have two options. You can simply click submit bid to enter the bid at the amount displayed or you can enter a higher bid in the space provided. Your bid will be implemented at this amount. This is not max bidding, so the bid will be placed at the exact amount you enter.
Keep Track of Your Bids
You will receive an email notification if you have been outbid (if elected, you can also receive a text notification). Notifications can be configured from your Account Settings under the preferences tab.
Terminology
- Absolute Auction: An auction where the highest bidder wins the auction, regardless of the price of the bid. There is no reserve price.
- Bid Increment: The minimum dollar amount that the current bid increases in price after each new bid.
- Buyer’s Premium: An additional charge to cover administrative expenses. This is a percentage of the purchase price, which is specified in the auction terms and is in addition to any taxes owed. Not all auctions will have a Buyer’s Premium.
- Extended/Dynamic Bidding: Auctions may extend the bidding time on any lot that gets a bid within a certain amount of time of its scheduled closing time. The auction will remain open for those lots until no bids are placed in the allotted amount of time. All lots not receiving a bid in the final minutes will close at the normal time. The auctioneer will determine the number of minutes necessary to activate dynamic bidding ahead of time.
- Internet Only Auction: A timed auction where bids can only be placed over the Internet by {{ siteCompany.name }} bidders. No live bidding is taking place at a physical location.
- Live Auction: An auction that takes place at a designated place and time, where bidders can browse the auction lots and place their bids in person.
- Lot: A group of items or a single item that are sold together at auction. Lots are determined before the auction and only the auctioneer can divide a lot. Each lot in an auction is numbered.
- Maximum Bid: The maximum amount you are willing to pay for a lot. The price will only increase by the minimum increment, but will automatically raise to your maximum bid as others bid up the lot over time.
- Reserve Price: The lowest price the seller is willing to sell the item. If the reserve price is not met at the auction, the item will not be sold.
- Simulcast: Live and online interactive bidding at the same time.
- Staggered Closing: Auctions that begin to close and progress at a certain rate of lots instead of at one specific time. For example, an auction will close five lots every five minutes beginning at a certain time. This will be listed in the terms of the auction.
- Ultimate Choice bidding system: The “Ultimate Choice” system is a web-based bidding system that allows selling in a combination format. It allows bidders to bid on individual lots or a combination of lots (usually parcels of land) throughout the auction. No other company has been able to successfully develop and implement multi-parcel software that allows auction companies to consolidate multiple bidding combinations and provide interested buyers the ability to configure their combinations and bid online.
