Updated at: 2 years ago
Reserve Price in a Property Auction
What is the Reserve Price in an auction?
The purpose of reserve prices is to safeguard the seller of an auctioned property from a negative unfavorable outcome. A reserve price is the lowest amount a seller is willing to accept from a bidder. In a nutshell, the reserve price is the lowest amount that a seller will sell an item for. If the reserve price is not met by the end of the auction, the seller is not obligated to sell. Bidders will not be able to see the reserve price, but they will be able to understand whether they have reached the reserve price or not during the auction.
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