Auction process

Can anyone tell me how the auction process works, financially?

Lets say I'm willing to spend 50,000L on a parcel, does this mean I have to deposit this amount into my account before bidding? And is the process any different for US$ auctions? Thanks...

No one knows? I just want to know if I have to buy the amount of Linden dollars I plan to bid for, prior to auction close. I would hate to do that, and then not even win the auction.

Um did you read the directions?

How do the auctions work?
Just click on a parcel link below and it will show you more detailed information (including a SLurl location). Once you find the parcel you like, you are ready to bid on the auction. Then bid the maximum amount you wish to pay for the parcel and the auction will bid for you until you reach the maximum bid amount you entered.

Within 24 hours of the auction's end, your account will be charged accordingly, your tier will be increased if necessary, and the land will be assigned to you in-world. That's the whole process, simple and easy!

We recommend you read the Auction FAQs carefully, as they have more detailed information. You can also view completed auctions for recently completed land auctions.

um why yes i did read the directions and it is still not clear to me.



"Your account will be charged accordingly". What does that mean? L$ dollars in world, or credit card off world?

Then there is this statement on that same page:

Can I bid with L$ that I don't have?
No, the auction program checks your account to make sure you have adequate L$ to cover your bid.

i suppose this means that i DO have to purchase the lindens to support my bidding. that sticks. What if I lose? Now I would have to sell all those Lindens, potentially at a lose...

The auction process is divided into two distinct parts.

1) If you are bidding for a plot or sim that is priced in US dollars your credit card will get billed if you are successful

2) If you are bidding for a plot priced in Linden Dollars (usually below 4096 in size) you will get billed in Linden dollars. You must have the Lindens on your account.

If the additional plot causes you to increase tier levels your credit card will be billed at the new tier rate when applicable.

If a failure to bill on a credit card occurs I believe Linden Labs can potentially regard it as a serious breech of good faith. Consequences can happen in extreme circumstances. If you value your SL experience that’s a place you do not want to be at.

My own personal view is only enter an auction if you are 100% confident your credit card can pay either the US dollar cost, and/or tier cost

Unofficial reply of course, do your own research, hope this helps

Regards

John

Thanks John, I appreciate it... I am wanting to bid on a Linden dollared auction... So I have to buy all these Linden dollars huh? What a pain... I expect a fairly expensive auction, and my only reason for buying the Lindens is to pay for it, what a bitch if I don't win

To anyone that is ever curious about the same question that I asked, and was as unfortunate as i was to get an answer, both in these forums, and SL tech support (not a word I have heard from linden labs). You have 24 hours to get your finances in order and pay for an auction after you have won it. That is for Linden auctions. Don't know about USD auctions, but I would bet John Horners post can be helpful for those auctions.

Wish someone would have been able to answer my questions before I bid and won my auction, as i could have saved time and money...

US Dollar auctions are billed in about a day or two, based on my experience in June.

Be careful what you wish for... I identified an abandoned parcel, got it placed in the auction queue, purchased a bunch `o L$ in preperation... only to find the parcel listed as a US dollar auction!!

Luckily I bought when L$ were at an all time low, got em at L$340/US$. I'm still living off those L$!!!

I hope all went well, Jake, and sorry I didn't spot this thread earlier!!

Max