For Sale Domain coming up on auction how does it work

[EUROPEAN]

Ive never used a provider like snapnames before and a domain Ive being keeping an eye on is ending up on snapnames in about 2 weeks so I placed a $79 opening bid.
Can someone tell me what actually happens as Ive noticed another bidder has bid on it but Ive no idea how much he has bid.
On the date they mention will there be a live auction or will whomever has the highest bid in prior to that date win the domain?

Any advice appreciated

 

[silentg]

it goes to a private auction. You should always wait until deadline date to place bids.

 

[EUROPEAN]

Private auction so that means I will get a chance to outbid who ever else has bid?
My original plan was to wait till the auction date but another domain I was keeping an eye on which had a date just went backorder even though its still showing pending delete on the whois.
Im sort of wary of them keeping the good domains for themselves that dont get bids.

 

[silentg]

Yeah you and other bidders will be part of the private auction.

 

[EUROPEAN]

do you have to be pre approved for high bids like sedo?

 

[silentg]

I only verified my account when I first opened it up at Sedo.