Definition: A type of auction or sale in which the winning bidder (also known as the high
bidder) chooses a property from among a grouping of similar or like properties.
The remaining properties are offered in subsequent rounds of bidding, with the
high bidder in each round choosing a property. This process continues until
all properties are sold or there are no more bids.
Also known simply as bidder's choice.
Terms, Definitions, and Concepts: Auction, Real Estate