Comment Re:Initial Offer (Score 1) 232
Perhaps you're looking for "judgment-proof".
The problem arises not just from wasting the auctioneer's time, although that is certainly a problem. Allowing people not serious about paying also wastes the seller's time, the other bidders' time, the time of the banks and accountant of the other bidders if the price is high enough, and potentially the time of the courts. Another big problem is that it tends to waste the money of the winning bidder in favor of the seller as the only real reason to bid without the means to buy is to shill and run up the price.