auction.com earnest money

[Nathan Riese]

I used auction.com today for the first time.  I won the bid at $600, I was the only bidder, and it says I met the reserve.  I have two questions:

(1) If it says I met the reserve, that means that the Seller has/will accept the offer, right? They can't counter or reject at this point, right?

(2) The contract says that I need to pay a $2500 Earnest Money Deposit.  But if my purchase price is $600, why would I need $2500 in earnest?

Here's what auction.com said about the transaction details:

• "Buyer will not be charged a Buyer's Premium for this property.
• If you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.
• Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property). If buyer does not purchase title insurance, buyer will receive a Quitclaim Deed or equivalent, with no express or implied warranties of title.
• Buyer is responsible for all escrow fees typically ranging from $850 to $1,375."

Thanks for any insight you can give!