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Does The Owner Have To Take The Highest Bid That Day?

April 26, 2017bid Highest owner

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Does The Owner Have To Take The Highest Bid That Day?

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A. It depends. Almost all of our real estate auction sales have “reserve” numbers that are determined by the seller. The reserve number is not disclosed before the auction. If the high bid the day of the sale exceed the seller’s reserve number, then it is automatically “confirmed” and the buyer must proceed to the closing. If the high bid does not meet the seller’s reserve number, the seller has 24 – 72 hours to decide whether to accept the lower number.