Bidding the reserve amount at an auction?

[FrugalOne]

Without considering the reasons why or why not as I am sure there will be lots of opinions on it...

Would it be acceptable to bid at an auction by stating "The reserve amount" as your bid? Would it have to be accepted? What obligations does the auctioneer have, if any, to declare publicly the reserve if asked?

*EDIT* Spelling in title for all you eagle-eyed individuals

 

[HD_ACE]

The reserve price is not documented anywhere.

Your effectively giving the auctioneer a blank check to put anything on it.

Cheers

 

[travelbug]

Even if this was an option it wouldn't be wise. Some properties are passed in due to unrealistic sellers.

I went to an auction this morning. Price guide $750K+ It went to $874K then the auctioneer spoke to the owners. He came back, whispered to the high bidder then announced the house was ion the market with her bid of $882K. So he'd talked her up $8K. Everyone was gobsmacked. Several neighbours were going home to tidy up to sell. LOL

 

[TMNT]

Without considering the reasons why or why not as I am sure there will be lots of opinions on it...

Would it be acceptable to bid at an auction by stating "The reserve amount" as your bid? Would it have to be accepted? What obligations does the auctioneer have, if any, to declare publicly the reserve if asked?

*EDIT* Spelling in title for all you eagle-eyed individuals

1. Very very rarely will an agent tell you the reserve,
2. Its absolutely pointless, you bid what you think its worth/prepared to pay and if you get it, you get it, if you get outbid, you get outbid, if its unrealistic reserve, then you dont get it
3. a bid has to be accepted as long as its higher then the previous, and reasonable and at the increment the agent is saying
4. Agent doesnt have to declare any reserve if he doesnt want to