What is a Reserve Bid?
A reserve bid is the minimum price agreed upon by the Seller (usually real estate). At Hands Auction, the auctioneer will announce if there is a “confidential” reserve bid. If the reserve bid is met then the real estate is sold. If the bidding reaches close to the reserve bid, the seller, auctioneer and bidder may have a brief recess to discuss the potential sale. If no price has been agreed upon the property is returned to the owner. Reserve bids are rare to none at outdoor & in-hall auction sales.
