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I think this process may also prompt emotional bidding, especially for a PPOR & someone 'really not wanting to miss out'

I don't 'get' this process either. To me, it seems that all the power is in the vendor's hands & I'm forced to show them all my cards. At least at an auction I can see what's happening around me & what the other bidders are doing. I don't think I'd ever like to have to deal with this.