Quote:
Originally Posted by BCreekDave
New to this auction. Am I understanding it correctly that you have to pay $1000.00 up front deposit and that it is forfeited if the winning bidder (even if its not you?) reneges?
"All pre-bid deposits will be refunded within 7-10 business days, unless the high bidder defaults payment for a winning bid. If full payment is not received for items successfully won at auction by Wednesday, 10/30/2019 5PM ET, the $1,000 deposit becomes non-refundable at which point the property shall revert back to the government."
|
No. It means if the winner (high bidder) does not pay in full on time their deposit is forfeited.