You must bid at the second highest price, but your bid must be at least the price at which the property can be purchased (generally 80% of the standard sales price), your bid must be at least the highest bid price minus the amount of the bid deposit, and you must file a notice of "next highest offeror" at the opening of the bidding at that court. In other words, at the time of the opening of the bidding at the courthouse, the bidder himself/herself or a proxy with a letter of attorney from him/her must be there.