The auction consists of “Batches”. They bundle a bunch of parcels together in batches to process.
They process one batch each hour. If you don’t get a property you wanted in one batch, you can bid more on parcels in a later batch.
To make a bid, you define the amount of interest you want to receive if they pay off the tax lien, up to a maximum of %16.
They limit the amount of interest that a property owner has to pay if they do pay off the lien.
Of course you want the most money you can get, but the “bidding” part of the auction is that the LOWEST amount of interest WINS the tax lien.
If you bid 16%, but I bid 12%, then I win the bid.
If that other guy bids 5%, then he beats both of us. I hate that guy.
Bidders are only known by their bidder number, but you can see when one person is bidding on multiple parcels.
You can get an idea of what they are trying to do so you might bid against them successfully.
Personally, I’ve targeted specific properties I’ve wanted to own and bid a lower rate so I can get the property.
Investors will bid 16% on every parcel they want, knowing they’ll only win a few, but the ones they do win will pay them a great interest rate on their investment.
You won’t be able to see how many bids on a parcel, or how much they are. That’s why it’s an auction.
As a batch closes, you’ll be able to see what you’ve won or lost, then you can run and adjust bids in later batches.
I must say that one year, I only targeted a few parcels, but I lost them all to lower bids.
You never know what will happen. Bid accordingly.