Yes, a live auction buyer could back out and the auctioneer would be able to sell the unit RIGHT THEN to the 2nd highest buyer (if the 2nd highest bidder hadn't left the scene)
The auctioneer won't realize that the buyer has left until everyone has finished paying. Everyone is gone at that point. The chances of the second highest bidder still being there are slim. At least with an online storage auction the facility has access to the second and third place bidder's email addresses and phone numbers.
On the other hand the online auction buyer could possibly wait a bit (day or two) to decide to pay or not? Is THAT possible? If he backed out two days after the auction ended, then then the 2nd or 3rd bidder had changed their minds as well, the day count starts to add up.
Sure it's possible, just like it's possible for a live bidder to change their mind and leave without paying. Just like it's possible for a second a second or third place bidder at the live sale to change their minds as well.
I think the TIME FACTOR here is an important issue for facilities which the point one of the posters above was making.
In your quote directly above, I just don't understand how the online auction is happening just as fast a regular auction. It has a 5 or 10 day spread as opposed to the one hour live auction. Again, maybe I'm just dense.
The auction online auction would begin before the auction date and end on the auction date. Remember, these notices are sent out 3-5 weeks in advance. Maybe the following example will help you understand. This is an actual legal notice.
Legal Notice of Public Sale
To be held at:
StorageBattles.com
Begin Date: March 30th,
2013 1:00pm
End Date: April 8th, 2013
at 1:00pm
American Mini Storage;
pursuant to Chapter 59,
Texas Property Code, will
hold a public auction online
at StorageBattles.com of
delinquent storage units to
satisfy operator’s lien: Unit #
2008 Douglas Crisp; Unit #
2048 Ernest Ramirez; Unit
# 3048 Jean-Marie Ruddy.
Unit contains contents of
household goods. All units
to be, sold in entirety to
highest bidder: All contents
must be removed same day,
Payment due immediately
upon bid acceptance. American
Mini Storage reserves
the following rights: (1) to
refuse any and all bids; (3)
to cancel the auction at any
time for any reason. Contact
Jennifer, Manager at 713-
957-3666.
3-21-2013 & 3-28-2013