What is a Max Overbid?
A Max Overbid is a proxy bid. What this means is that a user will submit a bid for the maximum amount they are willing to overbid. When the parcel goes to auction, the GovEase system will then bid on that parcel in $1.00 increments over the next-highest bidder up to your Max Overbid amount.
Here is an example of how a Max Overbid works:
- I enter my Max Overbid of $20
- The parcel comes up for auction and goes live. I see that I am currently winning the auction with an overbid of $11
- This means another bidder placed a Max Overbid of $10. The GovEase system bids $1 over this bidder so that I remain the winner of this auction.The GovEase system will continue to bid $1 over other bidders until the auction reaches my Max Overbid of $20
- As the auction continues, the winning overbid becomes $21 and I am no longer winning the auction
- This means I've been outbid. Another bidder has placed a Max Overbid of $21 or more. My Max Overbid is $20, so the system will no longer bid for me since I set $20 as my true Max Overbid
- Now I can decide to raise my Max Overbid or let the current bidder win the auction