A reserve is the minimum price the seller will accept for a property in auction. If your bid is equal to or higher than the reserve, you have met the seller’s minimum price. If your bid is lower than the reserve, you have not bid high enough to meet their minimum price.
A seller is not typically required to share this price with potential buyers. Often, a seller may still accept a bid below, but close to, the reserve price.
| Pro tip: If a property is set as “sold subject to seller approval,” the seller can accept, counter, or reject your bid, even if the reserve is met. |