This is a case where a registered bidder is deemed the winner of a MultiBID however they do not complete the transaction in accordance with the bidder requirements during the hold period. Delinquent bidders can be the high bidder or any subsequent bidder that fails to fulfill their obligations.
MultiBID reserves the right to charge a delinquent bidder’s credit card for the amount of their preauthorization, as well as to support any of the parties to legal proceedings that should follow in any manner required by law.
Participating in a MultiBID event carries the same binding effect as signing and submitting a traditionally written bona-fide offer to purchase on any given property.
Learn more about the preauthorization amount HERE
