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Auction Process
During the auction process, this web site imposes several rules/restrictions to both the Auctioneer and the Bidder so as to make the process fair to both parties.
For Auctioneer
This web site prohibits the Auctioneer to change the auction house information and the auction parameters for the following condition :
1. There is a bid on that auction house and the auction hasn't closed yet. The Auctioneer need to wait until the auction close date expired.
2. Auction expired but a payment has been submitted for the auction. The Auctioneer need to wait for 30 days for the auction to settle.
3. The Auctioneer have suspended a Bidder for the auction house item.
The Auctioneer need to wait for 30 days.
Please note the Auctioneer can always add/change Open House for the auctioned house so as to allow the Bidder to come to inspect the house.
For the Bidder
This web site prohibits the Bidder to add/increase bid on the auction house item for the following condition:
1. The Bidder's address is not verified.
2. The Bidder is suspended by the Auctioneer. The Bidder need to pay $100 reactivation fee to ListARealestate.com before he can place bid again.
3. The bid amount is less than the current highest bid amount plus bid increment.
4. The bid amount reaches the maximum limit for the auction house item that set by the Auctioneer.
5. The bid amount exceeds the Bidder's pre-qualifying loan amount when the Bidder tries to place a bid on Mortgage Type Auction house.
6. The Bidder has placed a bid on Mortgage Type Auction house. The Bidder can't place any bid on either Cash or Mortgage Type Auction house after that. The assumption is that it will affect the Bidder's credit rating and the pre-qualifying loan condition.
The Bidder is allowed to delete a bid on the auction house item so that the Bidder can place bid on other auction item for the following condition:
1.
The current time is within 60 minutes since the Bidder has placed the bid for first time, not the time for increasing the bid amount.
2.
The bid rank is lower than the "allowed" rank position (please see "Rank of Winning Prospect/Bidders can pay" definition on the How To Auction House page).
3. Auction expires and the Bidder's bid rank ranks lower than 3.
4. Auction expires and another Bidder whose bid rank higher than you has submited a payment on line.
5. Auction expires and time of action expired. It passes time (the above "allowed" rank multipied by 2 days plus the auction close date) that gives chances to every Bidder to pay plus 14 days, and the Bidder is not suspended. After that time, the Auctioneer's option to suspend the Bidder expired.
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