Today we’re announcing our new, fresh faced Auctions System - now part of Place Pages. We’ve created an Auctions Walkthrough and the Auctions FAQ to help answer common questions and provide a detailed breakdown of how auctions work and what happens during the different stages of bidding.
You’ll notice a couple of key changes:
Bidding on an auction will require you have the funds available in your account at the time you place a bid. Your maximum bid amount is immediately taken out of your account and held in escrow.
If you are the winning bidder, the parcel you won will be assigned to you within an hour of the auction closing.
Soon it will be possible for you to create auctions to sell mainland parcels you own (the parcel must be owned individually, not by a group).