Troostwijk real estate selling rules
At an ONLINE AUCTION BY DUTCH AUCTION SYSTEM we apply the following rules:
5 minutes rule
Each time someone bids within the last 5 minutes of an auction, the closing time is extended by another 5 minutes until no more bids are placed. Therefore it is unnecessarily risky to wait with your bid till the last seconds before an auction closes. Most bids are placed on the first days of a sale.
A combination lot is a collection of separate lots which may only be of interest to a user as a package.
You can recognize lots that belong to a combination by the combination symbol. You can only place a bid on a combination when all the separate lots belonging to that combination are closed. The starting bid of a combination is determined by the sum of the highest bids of the individual closed lots plus an addition of usually 10%. If there are bids for a combination, the lots are allocated to the highest bidder for the combination, not to the highest bidders for the individual lots because they have been outbid by a combination bidder.
If there are no bids for the combination, the individual lots are allocated to the highest bidders for each separate lot. Furthermore it is possible to bid for an end combination. End combinations contain separate lots and/or combination lots.
Usually goods are allocated to the user with the highest bid. In this case you see 'reserve met'. Also it can say 'reserve not yet met'. For this lot a minimum price has been set but not yet met. Exceptions to direct allocation are lots which are sold by subject to allocation. The highest bid for this lot will be presented to our client immediately after closing the auction. In two days the user will be informed if the bid for the lot is accepted (“allocated”).
Static or Auto bid
There are two kinds of bids. With a static bid your bid is a fixed amount per lot. With a ‘proxy’ bid you indicate the maximum price that you are willing to pay for the lot. Then the auction system will automatically increase your bid if you are outbid by a third party.
This process continues automatically until your maximum bid is reached. If another bidder places a static bid equal to the maximum of your earlier placed automatic bid, the automatic bid comes first (an automatic bid beats the static bid). You can cancel your automatic bid by placing a static bid at the amount of the next minimum acceptable bid. At this point you are still the highest bidder, until you are outbid. It is not possible to cancel a bid, not with a static or a auto bid.
At an ONLINE TENDERSALE we apply the following rules:
You can place various bids, however the next bid must always be higher than the previous bid.
After the closure of the sale you can no longer bid. Therefore there is no 5-minutes rule with a tendersale. The bids are not visible on our website, and will not be published after the sales process.
Lots subject to allocation are an exception to the direct allocation. We discuss the highest bid on the lot with the seller. Within a few days we will inform the highest bidder whether the bid is accepted and the lot is allocated.