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What are the differences between an absolute and reserve auction?

There are two different type of auctions: those with reserve and those without reserve (sometimes referred to as absolute). NAA Auction Professionals should consult with their seller(s) to determine the best method suited to the seller.

Absolute Auction: An “absolute auction” is an auction where the property is sold to the highest bidder. There is not a minimum or reserve price that must be met to complete the auction sale.

Reserve Auction: A “reserve” auction means that a price has been set between the seller and the auctioneer that must be met to complete the sale. Reserves are often used to provide the seller with security that they receive at certain amount of money to meet their sale goal.

Related Blog Post: Should I Sell My Home by Reserve or Absolute Auction?

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