What is the minimum bid?
The minimum bid is the amount from which the system allows a bid to the user. It is calculated based on the value of the property going to auction, and is established to avoid bids that do not adjust to the real value of what is auctioned.
What is the best posture / Bid ?
It is the highest price that a bidder has offered for the acquisition of a property.
What is the auction approval?
The auction is the money that remains to be paid from the deposit up to the final price offered at the auction. It cannot be said that the result of such auction is final until the Court approves the auction.
If there is no problem, it is usually done the same day or the next, but as we have seen before, in many cases, both the performer and the executed have a few days to improve the positions, so the court will not decide the auction approval until you have studied all the offers, that is, you may have offered the best price in the auction, but you cannot say that the good has been awarded until the auction is approved in your favor.
What is the posture / Bid reserve?
The law grants a period of time to the highest bidder to pay all the price that has been offered at the auction.
If the best bidder does not pay the rest of the price, the law allows the sale to be approved in favor of those who have made the so-called reservation of best posture or / best Bid.
The posture or bid reserve can be made by any participant in the auction, and whoever asks for it, the deposit to `participate will not be refunded till the title has been granted to the highest bidder and he pays all the price that has been offered.
If the term elapses without the best bidder paying the entire price, the auction will be approved for the same amount that the highest bidder has offered in favor of who has reserved his position or best bid.
In the event that there are several reserved bidders who have reserved their posture or best bid, the property will be offered in the order of the receipt of reservation of the best bid.