International Realty Auction Network uses an automatic bidding system to make bidding on auctions more convenient and less time-consuming for bidders.

There are two types of auctions that International Realty Auction Network will be hosting.

(To review the LIVE auction methods refer to the LIVE AUCTION tab under Auctions on the menu.)

TIMED ONLINE-ONLY AUCTIONS

Review the catalog of properties that International Realty Auction Network offers.
Add them to your favorites to keep an eye on the date and time of TIMED auctions.
There are three options available for bidding on a TIMED auction.

• Buy it Now means the property is offered at a fixed price for immediate sale. Click on the Buy it Now button to purchase the property without competitive bidding. This type of bidding is available for most properties.
• PRE-bid/Proxy Bid , Pre-bidding may be done anywhere and at any time.  You may elect to pre-bid as an absentee bidder. See Absentee Bid.  Locate the property on which you wish to pre-bid and enter your minimum and maximum bid amounts on the details page. The system will bid for you in predetermined increments up to your maximum as though you were present at the auction.  You will be notified when your maximum is reached to determine whether you wish to raise your maximum bid to stay in the auction.
• Bidding at TIMED ONLINE-ONLY AUCTION The Timed Online-Only Auctions have a specific start and end date and time. When the auction begins, you will place your "Auction Time Bids" on the detail page of the property being auctioned. As you bid, you will receive messages from the system to inform you when your bid has been accepted. If your bid is too low, you will have the opportunity to bid again. Each bid is recorded and as you are outbid you will receive an email alert asking you to return to bid again.
• If you are the high bidder, you will be notified and you will need to immediately tender your bid deposit and sign a purchase and sales agreement.  The auction team and the local Realtor managing that property will be available to help with the details leading up to the closing date, which will occur within 30 days or less. You may want to consider such things as a termite clearance letter, owner's title insurance, a homeowner's warranty on the property, etc.
• Please familiarize yourself with our site prior to bidding and don't hesitate to let us know how we may be of service to you. Questions regarding this process may be directed to info@intlrealtyauction.com
  
  

Here's an example of PRE BIDDING:

The current bid for an property is $100,000.00. Tracey is the high bidder. (Tracey has placed a maximum bid of $120,000.00 on this property, but his maximum bid is kept confidential from other International Realty Auction Network members.)

Katie views this property and decides to place a maximum bid of $150,000.00. Katie becomes the high bidder because her maximum bid is greater than Tracey's maximum bid.

A bid increment is added to Tracey's maximum bid of $120,000.00. That means that Katie's current bid is now $120,500.00, if $500.00 is the appropriate increment for that sale. Tracey is sent an email that he has been outbid.  Tracey may elect to raise his maximum bid.