I have noticed that the lab has changed the payment process for land auctions and it makes it a little discouraging to participate in auctions.
In the past, when you bid on the land, you did not need to pay your bid amount unless you won the auction. If you won, you would pay the winning bid amount in full in order to take possession of the parcel. Which seemed pretty straightforward.
Now you have to front the entire amount of your bid in your account in order to participate in an auction. As I was planning to bid on several large lots, it would have entailed me bringing in and converting $1000.00 USD into lindens. If I win, no problem. But, if my bids do not win, I am not about to leave $1000.00 USD in my account. I would then have to pay a transaction fee and 3.5% conversion rate to take the money back into the real world. This would amount to having to pay out $40 just to have had the privilege to bid in an auction. Not a very enticing proposition.
I can understand why the Lab may have changed it. I am guessing many people would win an auction and never pay, making some auction wins bogus.
But, unless I am misreading it, the above mentioned new auction procedure acts as a deterrent to bidding on large mainland parcels. (unless you are filthy rich of course). Maybe buying a private sim is a better bet for me?
Has anyone else been discouraged from the land auctions for the same reason?