What is the minimum bid?
The audience begins the bidding so there are no set minimum bids. If the Auction is stated as Absolute, the final sale price for each property is subject to approval by the seller. In some cases, the sellers are present at the auction to make an immediate decision. If the Auction is Absolute, then the final bid (or ‘bids’ in the case of multiple parcels) will be the price used to calculate contract price.
The audience begins the bidding so there are no set minimum bids. The final sale price for each property is subject to approval by the seller. In some cases, the sellers are present at the auction to make an immediate decision. Recently, over 70,000 properties have been offered in similar auctions. Unless the properties are offered “absolute”, the seller reserves the right to accept, reject or counter the final bid!
Related Questions
- Is there a minimum number of members that can make up a Consortium bid and is there any reason why it would be looked on unfavourably if a Consortium only had 2 members?
- My company has received a delisting notice for a compliance concern other than the minimum $1.00 bid price requirement. Can we still submit a transfer application?
- How is the minimum bid determined on a parcel?
