Understanding the Highest Bid in a MultiBID.
When you have the highest bid during a Live MultiBID Event or an Open Bidding Event on MultiBID, it means your offer is the most competitive at that moment. However, having the highest bid doesn’t automatically mean you’ve secured the property.
After the bidding phase ends, there’s a Hold Status where the seller considers the final bid amount and has the choice to decide if that amount would be enough to let go of the property. They then decide whether to accept the highest bid or explore other options. The seller’s decision and right to accept the highest bid is always reserved and a choice.
If your highest bid is accepted, the process of formalizing the transaction begins.
The seller’s representative will notify MultiBID in writing that the seller will accept the highest bid and MultiBID will then connect the selling and buying parties in order to move forward with the next steps in completing the required paperwork and deposit submission.
While having the highest bid puts you in a favorable position, the seller’s decision during the Hold Status will determine if the deal is finalized. If you have any questions or need further assistance, our support team is here to help.
