Property Auctions | What Is A Reserve Price?

Описание: In a property auction, there is a guide price and a reserve price. A guide price is what a buyer will see in the auction catalogue and is a guide to the value of the property. The reserve price, on the other hand, is set by the seller and represents the minimum that they are willing to sell for. For the seller's security, the reserve price is not made public.

*Amy Varle Interviews Andy Thompson from SDL Auctions

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Transcription:

So, a reserve is for the seller, ultimately. So, when you are looking through that auction catalogue, there'll be a guide price and that would usually be - it could be a banded guide price, or it might be 50k to 60k, or could be 50k plus, for example.

That's for Joe Public to see, to give you an idea.

Obviously, you don't know what the bidding is going to finish on in the room, but that's for the buyers to have an idea. For a seller, to give them a bit of security, they'll have a reserve price, which is confidential.

A buyer will never know what that figure is, but it's the minimum price that we can sell the property for.

So, if you were selling a property, and you went to auction, and the guide price was 50k, you might say, "I can't let it sell for anything less than 55".

So, we'd set the reserve at 55 and then you know at least, you know, we're not going ring you up and say, "It's gone for 10 grand", for example.

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