North Carolina Jump Bid
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Description
In auction theory, jump bidding is the practice of increasing the current price in an English auction, substantially more than the minimal allowed amount. It is a bid higher than necessary to reach the next bidding level, usually to indicate exceptional strength.
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FAQ
A 10-day upset bid in North Carolina refers to the period during which an individual can place an upset bid after an initial property auction. This allows potential buyers to compete and increase the bid within ten days of the original bid. It's an essential aspect of the North Carolina Jump Bid procedure, fostering more competitive bidding.