AUCTION RESERVED PRICE?

[Noah Olay]

Did anyone know what Auction's reserved price mean and how to handle the process? Did bidders pay more than Auction reserved price or pay below it? Could experts please explain to me how to bid on reserve price demand?

[Ned Carey]

I will add to what Wayne said. Usually the reserve is not stated in advance. The bidding may start at less than the reserve. Sometimes the bidding stops before the reserve price is hit and the top bidder may believe he or she is the winner but the property does not sell becuase the reserve amount was not reached.