Buying a property at auction...
What is the vendor reserve price?
The "vendor reserve price" indicates the minimum price the vendor is willing to sell the property for.
When bidding has reached the vendor reserve price, the property will be sold at auction - if it does not reach this level, the property may not be sold.
If you are bidding at auction, it is essential to be aware that negotiations with the highest bidder often begin immediately, so it is essential you are prepared.
What is a vendor bid?
The vendor can make a bid to help move the auction process along - or to help push the property towards the reserve price.
This bid can either made by the vendor themselves or by the auctioneer on their behalf.