What are the possible outcomes of my bid?

When you place a bid on an auction, it can have one of the following 3 outcomes:

• Winning: If the full amount of a Investor's bid is being used to fund the Real Estate Option, it will be considered "winning". If another Investor offers a price per share, however, the winning bid could become outbid.
• Partially winning: If only a partial amount of a Investor's bid is being used to fund the Real Estate Option, it will be considered "partially winning", and the outbid portion of the bid will be returned to the Investor's account immediately. If a Investor is partially winning, it is also an indication that he or she is the next Investor who will be outbid as new bids come in.
• Outbid: If none of a Investor's bid is being used to fund the Real Estate Option, it will be considered "outbid", and the full amount of the bid will be returned to the Investor's account immediately.

If my bid is "winning", will I definitely get the Real Estate Option share?

Not necessarily. If the auction is still active and did not end your winning bid could be outbid at any time by an Investor with a better price per share.

• For Real Estate Call Option, a higher maximum price per share wins.
• For Real Estate Put Option, a lower minimum price per share wins.

What does it mean to be "partially winning"?

Because there are cases, such as the case of the other Investor with the bid with a better price per share are preventing other Investors from participating fully in a Real Estate Option, we allow Investors to be "partial winners" in an auction. This means that only a portion of the Investor's bid was used in funding the Real Estate Option.

• For Real Estate Call Option, a higher maximum price per share wins.
• For Real Estate Put Option, a lower minimum price per share wins.

Investors with "partially winning" bids can place new bids to get more participation in the Real Estate Option auction.

If my bid is partially winning, can I use the non-winning amount to bid again?

Yes, you can use the remaining available bid funds to make a new bid on any auction, which is return to your cash account immediately.

What if two Investors bid the same price per share? Who wins?

If two Investors bid the same price per share and there is only room enough for one to participate in the Real Estate Option, priority for Real Estate Option funding will be given to the Investor who bid earliest.

What if I was outbid?

If you were outbid, it means that there were other Investors who bid a better price per share.

If you were outbid and still want to participate in the Real Estate Option, you should place a new bid on the auction with an even better price per share.

• For Real Estate Call Option, a higher maximum price per share wins.
• For Real Estate Put Option, a lower minimum price per share wins.

Why am I always outbid by others who bid the same price per share?

If you were outbid, it means that other Investors bid at a better price per share than yours.

• For Real Estate Call Option, a higher maximum price per share wins.
• For Real Estate Put Option, a lower minimum price per share wins.

Other Investors' prices per share are not displayed, so even though it might look like they are bidding at the same price you bid, that is not necessarily the case. This hidden bid auction style guarantees the best price per share for everyone involved.

If you notice that the price per share on the auction has change since you placed your bid, you may still participate by placing a new bid.

Can I bid again on an auction that I have already bid on?

Yes, you can always add more bids to an auction, even if you have already bid in the past. Each of your bids will be judged separately, so it is possible that you will win some and lose some.

Can I cancel my bid?

No. Bids cannot be cancelled or withdrawn at any time.

How can I find out whether I'm winning or losing?

If you are signed in, the status of your bid on a particular auction can be found by going to the auction page itself. A message at the top of that page will indicate whether you are winning or not.

You can see the status of all your bids at a glance. Go to "Home > My IRESE > Investing > Bids". Take me there

I'm a winning Investor and the auction has ended. What happens next?

As soon as a listing ends with bids totaling 100% of the requested Real Estate Option auction amount, it goes to IRESE's underwriting team for pre-funding review. During this time, the status of the listing is shown as "Review". Learn more about auctions in review.

IRESE's pre-funding review can take up to 10 days from the date the bidding period for the auction ends.

Real Estate Call Options Auction

In case of Real Estate Call Options, the final purchase shares is calculated by dividing the amount of your bid by a winning price per share. The purchase price will be withdrawn from your IRESE account and transferred to IRESE in exchange for the shares. Learn more about Real Estate Call Options disbursement and Real Estate Call Options payments.

If the Real Estate Call Options fails pre-funding clearing, the Real Estate Call Options is cancelled and the amounts of all winning bids are released to the IRESE accounts of the Investors who placed them, and are available for further bidding.

Real Estate Put Options Auction

In case of Real Estate Put Options, the final amount of sold shares is calculated by multiplying the amount of shared you bid by a winning price per share. The final amount will be deposited into your IRESE account. Learn more about Real Estate Put Options disbursement and Real Estate Put Options payments.