Bidding here works exactly like the Houses tab of the in-game Cyclopedia, and your character does not need to be online.
The auction ends one hour after the first bid. Later bids do not extend it.
Your bid is the most you are willing to pay, your bid limit. Only you can see it. The price is set by the next-highest bid, not by your limit, and never goes above your limit.
Your bid limit plus one month of rent is reserved from the character's bank account. If you are outbid, it is all returned. When you win, the part of your limit you did not need is returned.
Houses
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