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Reservation not to exceed

  • 21-06-2015 1:41pm
    #1
    travist
    Registered Users Posts: 251 ✭✭


    Hiya. What does Reservation not to exceed mean?


Comments

  • #2
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Reserve not to exceed.

    A reserve is the minimum price something sells for at auction. So if a house is reserve not to exceed 100,000 if a bid of 100,000 is made an no other bids are made it will sell. If only a bid of 90,000 is made it may not sell and may be withdrawn.


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    MarkAnthony wrote: »
    Reserve not to exceed.

    A reserve is the minimum price something sells for at auction. So if a house is reserve not to exceed 100,000 if a bid of 100,000 is made an no other bids are made it will sell. If only a bid of 90,000 is made it may not sell and may be withdrawn.

    Or- the reserve could be lower- and it could sell at 85 or 90k.......
    Its a damn annoying way of saying they're not telling you what the reserve is- but that its lower than 100k.


  • #4
    travist
    Registered Users Posts: 251 ✭✭travist


    thanks
    Auction prices are interesting to read in the newspaper alright..


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