Thanks for your quick response, Premier.
The minimum bids will be determined by the bidders. When a bidder registers, he/she will write down their minimum bid. We will then take the highest minimum bid and start the auction from there. .
so ... it's an absolute auction?
what if you have 20 bidders register, and they all list their minimum as $1?
what if only one bidder registers?
are there any conditions by which the seller can pull the property prior to (or during) the auction?
I suspect that someday (when the market is right) I'll be traveling to participate in auctions. I would appreciate any wisdom/education on the process that you're willing or able to share.