Auction:
A public open forum sale at which a property is offered for sale, under specific terms and conditions, and is sold to the person who offers the highest bid at or above the reserve price.
Vendor:
The person who is selling the property.
Reserve Price:
The lowest price the Vendor will accept for the property.
E.P.R:
Estimated Price Range.
“On The Market”:
When the Auctioneer announces that the property is now “on the market” it means that the bidding has reached the reserve price and the property will be sold to the highest bidder.
Passed In:
This means that the highest bid at auction did not reach the reserve price and the highest bidder will have the first opportunity to negotiate.
