What is meant by “Hi/Low” bidding? This is a term used by the auctioneer to which all the spectators groaned. After that, he announced the opening bid, which was very high, and the property was sold back to the beneficiary.
The lender has the option to do a high/low bid. This is usually where they have a low opening bid but instruct the auctioneer to bid up to a certain amount if any 3rd party investors bid on the property. That is why you heard the groaning. The lender can actually credit bid up to the published bid amount.