WHAT IS A RESERVE AUCTION OR MINIMUM BID AUCTION?
Reserve Auction:
This is an auction where the item or multiple items for sale may not be sold if the final bid is not high enough to satisfy the seller; that is, the seller reserves the right to accept or reject the highest bid. You may see the term “subject to seller’s confirmation”, this means that the seller has the right to accept or reject any or all offers that are placed. Sellers understand the urgency to move quickly and they want that to happen. However, security in an unknown marketplace, with all of this in mind sellers want to sell or they would not put it on the market.
Minimum Bid:
Similar to stated reserve, however the seller has agreed to sell the property at the minimum bid advertised or to the highest bid received in valid format after the auction has started. Minimum bids may be much lower than previously listed prices and show that the seller has a high motivation to sell.
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