The ForSaleByBids™ bidding system uses proxy-bidding to bid incrementally on behalf of bidders. Here is how Proxy-Bidding works:
Proxy Bidding Scenario: Buyer1 bids $100,000.
Buyer2 really wants this property and bids $280,000 with bid increment set at $10,000
System will bid $110,000 for Buyer2 to outbid Buyer1 and become the highest bidder assuming Reserve Price is met.
Buyer3 sees the $110,000 and really wants the property too and bids $300,000
System will keep bidding for Buyer2 and Buyer3 until Buyer2's $280,000 maximum bid is reached and system will then bid $290 for Buyer3 to become highest bidder.
Of course other Buyers can always join and submit bids, and also Buyer2 can always return and increase his or her bid amount to again become highest bidder.
The maximum bid submitted by a bidder is never revealed to other bidders, and in the case of a tie, the earliest bid takes precedence.
Please Note: Proxy bidding assures that the bid winner is paying competitive fair market price.