How does bidding work in tax title sales on this site?

Louisiana tax title sales hosted by this site employ a "bid-down" auction of the percentage of ownership interest in the property a bidder is willing to accept for payment of the purchase price. The lowest percentage of ownership interest bid wins the property. The purchase price does not increase or decrease. A bidder is not bidding on the interest rate of return on purchase price. The rate of interest a winning bidder may receive on the purchase price upon redemption after the sale is not affected by the competitive bidding process in the online auction. Bidding begins at 100% of the ownership interest in the property and you outbid competitors by decreasing the percentage of ownership interest you are willing to accept down to 1%. You may not bid in fractions of a percent. You may not bid the percentage of ownership interest down any lower than 1%. If there are multiple bidders, the lowest percentage bid wins. There are no ties. If there are multiple winning bids (i.e. multiple bidders submit the identical lowest percentage), the first bidder to submit the winning bid prevails over the other identical bids. The following is provided as an illustration of the above: Assume the purchase price is $10,000.00 for the property If only one bidder submits a bid, this single bid would be the winning bid at the conclusion of the auction. The purchase price will remain $10,000.00 for the property. If there are two bidders, A and B, and A bids 100%, B may outbid A by bidding 99%. This process continues down to 1%. If A and B both bid 1%, the first of the two that submitted the bid of 1% will be the winner at the conclusion of the auction. The purchase price will remain $10,000.00 for the property.