What is a stated minimum bid auction?
A. An auction where the Seller announces the reserve or minimum bid and generally will sell the property absolute at or above the stated minimum. Example: This property shall sell at absolute auction at or above a minimum of $41,237. If any one bids the stated amount or more the property will sell.
It is an auction at which the seller announces the minimum bid before the auction starts and will sell the property once that bid is reached or exceeded. For example, if a property “shall sell at absolute auction at or above a minimum of $100,000,” if anyone bids $100,000 or more, the property will sell.
