Talk to the seller's real estate agent and ask the appropriate questions.
I found a house in my area that I am really wanting to buy, however you have to bid on it. My question(s) is as follows
1. Do you need to be pre approved by a bank for a loan before bidding?
2. What happens if you are the highest bidder but your bank no longer approves your loan and or you can't afford it any longer (do they just re-list the house).
3. What if nobody bids on the house once their bid time runs out? Do they start the time to bid over again?
*This is online bidding by the way
Talk to the seller's real estate agent and ask the appropriate questions.
If this is ebay, I understand real estate listings are *not* binding contracts, just a starting point to negotiate. I mean you don't paypal someone $300k and move into your house the next day.