“So the seller does not have a reserve price ?
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Yes they do. It is their range they are willing to sell at. Or want.
eg. $1m to $1.25m. Hits $1m it is “On the market” Highest bid wins. They may still sell at over $1.25m
It stops wasting peoples time, by going to an auction that is not within their buying range.
eg. Anyone that cannot bid $1m as per above Sellers actual buying range. They do not go to the auction and focus on their price range auctions. Less than $1m.
You are not eliminating potential buyers, as you state. They already being excluded by the seller saying they will not accept less than $1m. They will not show up. Because a bid lower than $1m will not put the property “On the market”.
Do you think people want to turn up to auctions, to be part of theatre for the seller?
Wasting peoples time is what happens with the under quoting going on. Illegal, and not enforced.
Make the seller accountable. Set the range they want. State it publicly. Ensure the property will be “On the market” when it hits the stated range.
Underquoting and time wasting will be stopped over night.
It is completely workable. It creates honesty in the process. It is not a game.
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