I plan to sell a unique property at auction. Do I have to give the agent a reserve price. I don't trust agents. I don't trust their valuatuions nor their expertise to set a minimum.
If I DO GIVE them a reserve price, do I have to commit to that once auction is underway.
Please give me the best advice. Prefer answers from Victoria (Australia) only. Ta
Kaz
2007-07-06 10:41:37 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You cannot raise your reserve after the auction starts. That would not make much sense now would it.
Just set the reserve at the lowest you will take, then sit back and relax. You could also start the bidding at your low price.
2007-07-06 13:02:22 · answer #1 · answered by frankie b 5 · 0⤊ 0⤋
If you don't set a reserve, it goes to the highest bidder, even if it's half of what you expected. If you do set a reserve and the reserve is not met, the property will not be sold.
Once the auction is underway you are bound by whatever decisions were made prior to its start. Some auctioneers will allow you to lower your reserve during the auction but you can never raise it.
2007-07-06 17:53:48 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You decide what you want to get for it and set that as a reserve. If you don't set a reserve they can give it away for a cent.
2007-07-06 17:46:47 · answer #3 · answered by granny_sp 4 · 0⤊ 0⤋