What means Bid and discount?

Property auctions typically consist of two phases: initial bidding followed by a descending auction. The initial phase starts with a base amount on which higher bids are placed. The highest bidder usually receives a bidding premium of 1%. Then, the descending auction begins with the auctioneer calling out decreasing amounts. The person who declares 'mine' at a certain amount wins the auction at that price.

The method of bidding may vary by region. In cities like Amsterdam and Almere, the system starts with a lower amount followed by upward bidding. Resolutive conditions such as financing are not applicable in auctions, and the seller can reject the highest bid without reasoning.