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No. You place a $200,000 deposit to bid. If you win, instead of reimbursing the $200k deposit, they simply subtract that from what you owe. So, if you deposi
by bmelton 12y ago
No. You place a $200,000 deposit to bid. If you win, instead of reimbursing the $200k deposit, they simply subtract that from what you owe.
So, if you deposit $200k, and the winning bid is for $15,000,000, so, less the $200k you've already given, you owe $14,800,000.