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Old 01-28-2006, 10:08 PM
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Real Estate bidding

North Carolina.
I am planning to sell my house through bidding. Is there any requirement to accept the highest bid if it is not what I want? My plan is to do the bidding process over if I do not recieve bids that are high as I need them to be.
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Old 01-29-2006, 01:08 AM
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Location: I don't know. The guys with the keys won't say. I think it's top secret info.
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Yes, it is called a "reserve". It is an amount the you would predetermine. It does not need be disclosed to anybody besides the auctioneer. Look on eBAy, you will see on the bid page where it states "reserve met" or not, if there is a reserve.

You would have to talk to the aution house as to the expenses you will have even if the property does not sell. They don't like to do things for free.
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Old 01-29-2006, 12:05 PM
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Location: Catatonic State
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Quote:
Originally Posted by Nichome
North Carolina.
I am planning to sell my house through bidding. Is there any requirement to accept the highest bid if it is not what I want? My plan is to do the bidding process over if I do not recieve bids that are high as I need them to be.

**A: you should disclose the upset price so that the bidders do not waste their time and your time.
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