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If there are a limited
number of houses and hotels available and two or more players wish
to buy more than the Bank has, the houses or hotels must be sold at
auction to the highest bidder.
I don't quite understand this scenario. I thought that in Monopoly you could only build on your property on your own turn. Given that, I don't see how the scenario of two or more players trying to build at the same time could happen. Is my understanding of the rules incorrect? Is building houses on another player's turn allowed? If so, can it be done after the player rolls the dice and lands on your property?
Yes indeed you can buy houses and hotels at any time. If there is a shortage of houses or hotels and more then one player wants to buy them from the bank, they must go to auction and the highest bidder gets them assuming the bid is higher then the purchase price from the bank (I.E. you can't buy a house on Boardwalk with a winning $150 bid as they cost $200 to buy but you could buy a house on Baltic avenue with a winning $150 bid as they cost $50). Once the dice are rolled resulting in a player heading towards a property, the rolling player pays rent on what was there before the dice where rolled. As a home rule procedure in my family, we have added that a player can yell out ''STOP THE GAME'' invest on a property then allow the rolling player to go ahead and roll the dice. This prevents a player from rushing their turn along while another is getting a drink or something.