Apple Towing Auction

[BCreekDave]

New to this auction. Am I understanding it correctly that you have to pay $1000.00 up front deposit and that it is forfeited if the winning bidder (even if its not you?) reneges?

"All pre-bid deposits will be refunded within 7-10 business days, unless the high bidder defaults payment for a winning bid. If full payment is not received for items successfully won at auction by Wednesday, 10/30/2019 5PM ET, the $1,000 deposit becomes non-refundable at which point the property shall revert back to the government."

[HawkX66]

Originally Posted by BCreekDave

New to this auction. Am I understanding it correctly that you have to pay $1000.00 up front deposit and that it is forfeited if the winning bidder (even if its not you?) reneges?

"All pre-bid deposits will be refunded within 7-10 business days, unless the high bidder defaults payment for a winning bid. If full payment is not received for items successfully won at auction by Wednesday, 10/30/2019 5PM ET, the $1,000 deposit becomes non-refundable at which point the property shall revert back to the government."

I think all they're saying is that if you are runner up and the one in front of you reneges, you become the high bidder and your deposit stands as partial payment. I'm not a lawyer though lol

[JamesinHBCA]

Originally Posted by BCreekDave

New to this auction. Am I understanding it correctly that you have to pay $1000.00 up front deposit and that it is forfeited if the winning bidder (even if its not you?) reneges?

"All pre-bid deposits will be refunded within 7-10 business days, unless the high bidder defaults payment for a winning bid. If full payment is not received for items successfully won at auction by Wednesday, 10/30/2019 5PM ET, the $1,000 deposit becomes non-refundable at which point the property shall revert back to the government."

No. It means if the winner (high bidder) does not pay in full on time their deposit is forfeited.