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No one is dictating to the vendor what price they can sell their property for. I'm not sure how you came up with this point. People can set their reserve at what ever they want. If they want to set a reserve of $1mil on a property worth 500k, let them, just dont advertise it as a 400-450k...

What a crock. REA's use this tactic to avoid getting pinged for underquoting. As a vendor you should have done your own due diligence to know what your property is worth. You dont suddenly wake up on the morning of the auction and think gee I want another $50k for my property today. So what...