Reserve not to Exceed?

fredchest

Hi,
For e.g. Reserve not to exceed 5000 euro
Does this mean, at an auction, the bidding CANNOT go past 5000 euro?

thanks,
fred

jsd1004

fredchest wrote: »

Hi,
For e.g. Reserve not to exceed 5000 euro
Does this mean, at an auction, the bidding CANNOT go past 5000 euro?

thanks,
fred

Oh Lord..Use Google first to avoid embarrassment.

erkifino

jsd1004 wrote: »

Oh Lord..Use Google first to avoid embarrassment.

Why do people insist in replying 'use google' on a forum where people ask questions?

OP.
"Reserve not to exceed" means that an auctioneer wants you to think that it is unlikely to be sold for much more than the price.

The reserve price is the lowest price that a seller is willing sell for so if you are willing to bid as much as the "not to exceed" price, you get the chance, but be prepared for it to go over.

jsd1004

erkifino wrote: »

Why do people insist in replying 'use google' on a forum where people ask questions?

OP.
"Reserve not to exceed" means that an auctioneer wants you to think that it is unlikely to be sold for much more than the price.

The reserve price is the lowest price that a seller is willing sell for so if you are willing to bid as much as the "not to exceed" price, you get the chance, but be prepared for it to go over.

Because it is much easier to use google than to ask a forum.

sonny.knowles

erkifino wrote: »

Why do people insist in replying 'use google' on a forum where people ask questions?

Agreed, he should Bing it instead.

delahuntv

"Reserve not to exceed" means that if price hits that figure and no-one bids any higher, then the property will be sold at that price.

As the market has moved on from the slump, you will probably find that the price will go beyond the reserve, but sometimes it doesn't and you can be lucky.

If you are interested in an auction property get a solicitor to check all the paperwork first as if you bid and the hammer goes down you are legally obliged to complete the purchase and its nigh on impossible to cancel it, even if you find the place is about to fall down.

fredchest

jsd1004 wrote: »

Oh Lord..Use Google first to avoid embarrassment.

get over yourself

fredchest

erkifino wrote: »

Why do people insist in replying 'use google' on a forum where people ask questions?

OP.
"Reserve not to exceed" means that an auctioneer wants you to think that it is unlikely to be sold for much more than the price.

The reserve price is the lowest price that a seller is willing sell for so if you are willing to bid as much as the "not to exceed" price, you get the chance, but be prepared for it to go over.

Cool, I understand, with your layman's language...

thanks

mickzer

jsd1004 wrote: »

Oh Lord..Use Google first to avoid embarrassment.

Ridiculing people who ask genuine questions will stop them asking at all.Not exactly what a forum should be .

rocks1981

I just used google, and landed here. :-)

whiterebel

3 years later.......