What if the Winning Bid Amount ends up LESS than the Reserve Amount?
If no one hits the reserve price then its unlikely that the seller will accept the winning bid because it was less than desired amount. Winning bidders whose winning bid is LESS than the reserve amount are not required to submit a contract – they can simply walk away — however if they desire, they are still welcome to still submit a contract to the seller for review at their winning bid amount – perhaps the seller needs to realize that the current market price IS the true value of their house no matter what their desired reserve may be.
