Enter
the maximum amount you are willing to bid on a property,
then sit back and watch!
DubaiPropertyAuctions (DPA)
uses a helpful 'automatic bidding' system to make bidding
on auctions more convenient and less time-consuming for
Buyers. It is called the 'DPA Automatic Bidder' and is a
computer system which bids on your behalf upto a maximum
amount that you authorise.
Here's how it works:
When
you place a bid, you enter the maximum amount you would be
willing to pay for the property. This amount is your Maximum Bid. Your Maximum Bid is
kept confidential from other bidders and the Seller.
The
DPA Automatic Bidder system compares your bid to those
of the other bidders.
The
system places bids on your behalf in increments of AED 1000, bidding ONLY ENOUGH to outbid others and maintain your high bid position (or
to meet the Reserve Price). The system will bid for you
up to your maximum authorised amount.
If
another bidder has a higher maximum, you will be outbid.
BUT, if no other bidder has a higher maximum, you win
the property. And you could pay significantly less than
the maximum you authorise!
This means you don't have to keep coming back to re-bid
every time another bid is placed!
Note: If your Maximum Bid is the first to be greater than the
Seller's Reserve Price, the DPA Automatic Bidder system will automatically
jump the price up to meet the Reserve Price, and bidding will
continue from there onwards. The system does this on your behalf to give you the best opportunity to win the property (Remember: the Seller is only obligated to sell the property to you if the Reserve Price is met).