I recently attended a real estate auction whereas the auctioneer stated that the winning bid would be "subject to the owner's confirmation." Was this really a "reserve" auction?
There is really no difference between selling real estate at an auction with a reserve or selling real estate at an auction "subject to owner's confirmation." In essence, both of these auctions are "reserve auctions." Unless a property is advertised as an "absolute", meaning the property is sold to the highest bidder with no limiting conditions or amount, it is a reserve auction.
In the reserve or subject to owner confirmation auction, the seller may not personally or use an agent to bid for him or her.
For more information on real estate auctions, go to my website at http://www.cansellnow.com/.
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