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Buying is inherent in business transactions. However there are multiple ways of conducting such transactions. Leiloes (in Portuguese language, meaning auction) or auction is one of the ways where one bidder outbids others by bidding the buying price for the object or property that is put to auction. Very often the process is deployed by financial institutions and lenders on the mortgaged properties that are pledged with them by the borrower in lieu of some financial supports extended to him or her. Auction Basics Leiloes or auction is a method whose origin can be traced back to 500 B.C. It basically indicates that the price of the commodity put to auction is undetermined and can end up anywhere. Such auctions could be with or without the minimum reserve price fixed. Leiloes or Auction Types There was a time when auctions invariably meant the presiding officer conducting it in the open in the premises of the auction properties or in his office in person. Advent of Internet and World Wide Web has completely transformed the scenario. Today many auctions are conducted online. For instance eBay is one of the largest online auction markets across the globe where transactions are carried out in terms of billions of dollars everyday. Leilao online (online auction in Portuguese language) has thus become the current trend since many people prefer to conduct their business sitting at the cool comforts of their own home instead of getting involved in the crowd in a busy market. Leiloes or Auction Process Bidders use to be present and participated in bidding. A base price was often set up and any bidder was supposed to bid higher than the base price or in any case they could not bid below the base price. Most of the times they were also required to deposit some earnest money that could be confiscated after they won the bid but failed to deposit the balance amount which was bid price minus the amount deposited. In such cases the second highest bidder got the chance to buy the property on the auction price quoted by him or her. The process could go on till the auction was completed or the entire process could be shifted to be conducted once again to a date fixed by the presiding officer if he was not satisfied with the auction process. It is the same with local leiloes as well as the leilao online. Leilao De Electronics or Electronic Auction Leilao de Electronics or electronic auction was pioneered by eBay in 1995. Many others like Amazon.com, Yahoo, and Priceline.com, bid shielding, snipping software and many others joined the rank quickly. One of the major variations in the process was introduced when some of the leading online auction sites started asking the buyers for price they can afford to pay and searched fro sellers to match it.
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