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Farmers / Bidding FAQs
What is Proxy Bid ( Max Bid ) and how do I place a Proxy Bid?
Proxy Bid is a feature that allows the computer to bid on your behalf in your absence. To set you Proxy Bid, Just enter your maximum bid in the same input box where you normally input your bid, and the system will take it as your Proxy Bid (also called Max Bid). Basically you enter the highest amount you are willing to pay and the system will bid on behalf of you as prompted by other bids. If any bidder outbid you, our system will intimate you by email. You can use the proxy bid feature if you are unavailable to bid at the time of auction closing, For example you can set your Proxy Bid to $100, and if the other bidders only go up to $40, you would win the item for $41. If someone bids higher than $100, then you would lose the auction.
Is your services free to bidders?
Yes, our services are completely free to bidders. If you win an auction, ExtrAcre team will contact you within 24 hours. You will be obligated to sign a lease agreement with landowner if you are selected as the tenant. Please note: Winning bidder will not necessarily become the tenant. All our auctions have this term in place: Winning bidder will be selected as the tenant subject to landowner’s review & approval of winning Bidder’s Renter Profile.
Why does the auction close time keep extending 5 minutes?
This is referred to as a “Soft Close” and is common within the online auction industry. The bidding is extended by 5 minutes from the last bid registered and will continue to do so as long as there is bidding taking place. The item will close once there has been a 5 minute dormant period of no bidding. This is done to prevent bidders from waiting to the very last second to place a bid and “stealing” it from the current high bidder who may have wished to continue the auction process. This method also more closely resembles a traditional live auction in that the auction continues until bidding has ceased.
What does bid price mean for pasture land
If it is a pasture land rental auction, the bid price is the rental per quarter section per year . For example , if an auction lot has 6 quarters, and your bid is $2,500, and you win the auction, then the annual rental will be $2,500 x 6 quarters.
What does the bid price mean for crop land and hay land
If it is a crop land or hay rental auction, the bid price is the rental per cultivated acre per year . For example , if the auction lot says 510 cultivated acres, and your bid is $50, and you win the auction, then the annual rental will be $50 x 510 acres.