What is the difference between an absolute auction and a reserve bid auction?
An absolute auction generates the most competition and leads to the strongest buyer interest in your property. An absolute auction means that the highest bidder wins the right to purchase the property. In a “reserve bid” auction, the seller retains the right to reject any bid less than an agreed upon minimum price. A foreclosure, on the other hand, is a forced sale by creditors. These auctions are sight-unseen and are generally held in county offices or common pleas court buildings.
