On the bid screen, auction participants enter the maximum premium amount they are willing to pay. At the close of a batch when winners are determined, the system will automatically enter bids on your behalf until you are either the highest bidder OR the maximum premium dollar amount that you entered has been reached. If you are the winning bidder, the premium amount that you owe will be $1 greater than the next highest bidder (provided there are no ties). For example: If a lien face amount is $500.00 and Bidder A enters a premium amount of $20 and Bidder B enters a premium amount of $40, then at the closing of that batch the lien will be awarded to Bidder B and the total amount due will be $521.00 (Face amount of $500 plus $21 of premium).
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