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Can there be a reserve or a minimum bid on an item or piece of property?

April 26, 2017bid minimum piece Property Reserve

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Can there be a reserve or a minimum bid on an item or piece of property?

1 Answer

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Yes, the seller has the right to execute a reserve or minimum bid. This figure is discussed with the auction professional during early negotiations of the contract and is not disclosed to any potential buyer under any circumstances. When a high bid is reached at the auction the seller has the right to accept of reject the high bid.