What is a reserve price?
It is a dollar amount placed on a property by the Government. A reserve price is not released to the public. If you hear the auctioneer say "Bidding closed, subject to the acceptance of the seller," it means the high bid did not reach the reserve price. In most cases, the reserve price is met. In the event the high bid does not reach the reserve price, the Government may open negotiations with the high bidder.