"Seller bidding" is a common auction practice that allows the Auctioneer to place a bid on behalf of the seller if the reserve price has not been met. This can only occur in a Reserve Auction. During a Reserve Auction the seller has the right to bid on their properties up to the reserve amount, as long as it is fully disclosed at the time the bid is placed.
Please note the following Terms and Conditions that a customer agrees to when registering for an online auction:
"The seller of the property may instruct the Auctioneer to place bids on any property up to the amount of the reserve price. If Bidder is the high bidder but the reserve price is not met, the property has not been sold to the bidder."
The following is disclosed at the bottom of each Bank-Owned, Newly Foreclosed and Short Sale Property Details Pages:
- Hudson & Marshall reserves the right to place bids on behalf of the seller up to the seller’s reserve price. This provides buyers and sellers more flexibility to reach a mutually agreeable price. Hudson & Marshall will not bid on behalf of the Seller once the seller’s reserve price has been met.