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Auction bidding in more detail

This article will cover bidding, bid increments, reserve price, starting bid, and end times. At auction.co.th we use what is often referred to as “Timed Auctions.”

Bidding

A timed auction takes place only online. There is no “in the auction room” bidding. The auction runs for a set period, and our auctions usually end on the first Wednesday of each month. The following auction usually starts the day after the previous auction closes.

Lots start closing at 11 am Thailand time, and they close at 5-minute intervals, so Lot 1 closes at 11 am and lot two at 11.05 am. Exception for the end time of a lot is extended by 10 minutes (that’s 10 minutes from the last bid) if there are any bids in the previous 10 minutes. This process repeats, and the auction is extended until there are no bids during the last 10 minutes.

The bidder who has the highest bid when the countdown timer ends wins the auction provided that the bid price exceeds or is the same as the reserve price.

Reserves

There are two types of “Reserve Prices”. The first type is A disclosed reserve, where the seller sets a low reserve, and this reserve price is disclosed to potential buyers. The starting price is also the reserve price so that the highest bidder will be the buyer.

The second type is an undisclosed reserve where the Seller does not reveal the reserve that has been set and the starting bid is below the reserve price. If the highest bid is below the reserve price, then the lot is unsold.

The procedure for bidders is:

  1. Find a lot on which you wish to bid. You can view our current lots now.
  2. Register online (you only need to provide your email address).
  3. Make an appointment and view the property.
  4. Download and view the legal pack.

To make an offer before or after the auction or make a bid, you need to register and pay any required deposit. (At auction.co.th the deposit usually is THB 100,000 but see the legal pack, which may specify a higher or lower deposit for your chosen lot.

After registering and paying any required deposit, you can choose to make an offer before the auction ends or enter a ‘Maximum Bid’. If there are no other bidders, you will buy the lot at the starting bid if that exceeds the reserve price. However, your maximum bid will automatically bid against them if there are other bidders until one of you has the winning bid. Bidding follows a set pattern of ‘bidding increments’. These bid increments are the minimum amount for the next bid.

We will notify you by email if you have been outbid and allowed to counter the other bidder. Any bids placed in the last 10 minute extend the entire auction by ten minutes so that everyone has a chance to bid again. The winning bidder is notified by email, and please refer to the legal pack included with each lot for details of how and to whom you should make payment.

Good luck, and we at auction.co.th wish you every success in buying your dream property or business at a bargain price.

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Maximum Bid (Auto)

Sale Price

3,750,000 THB

Buyers Fee

Deposit Paid

Balance Remaining

401,250 THB

100,000 THB

301,250 THB

Total Price

4,151,250 THB

Place Bid

Sale Price (payable to seller)

3,600,000 THB

The Buyers Fee is payable to auction.co.th

Buyers Fee Total

385,200 THB

Deposit Paid

100,000 THB

Balance Remaining

285,200 THB

Total Price

3,985,200 THB

Make an offer

Sale Price

3,750,000 THB

Buyers Fee

Deposit Paid

Balance Remaining

401,250 THB

100,000 THB

301,250 THB

Total Price

4,151,250 THB

Buy Now

Sale Price

4,200,000 THB

Buyers Fee

Deposit Paid

Balance Remaining

449,400 THB

100,000 THB

349,400 THB

Total Price

4,649,400 THB

Pending Deposit

We require you to place a deposit to enable this function. The deposit will be refunded if your bid or offer is unsuccessful. Learn More

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