Auction With Reserve: 

  • A minimum bid is not published.
  • The seller reserves the right to accept or reject the highest bid within a specified time.
  • The seller predetermines the price and is not obligated to confirm a sale other than an entirely acceptable price.
  • The seller bears a reduced risk because the sales price must be an acceptable price.

 Absolute Auctions:

  • The property is sold to the highest bidder, regardless of price.