Guide & Reserve
Reserve Price
The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. It is the figure that bidding must reach before the auctioneer can sell the property in the room. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. The reserve price for any lot is not usually set until just prior to the auction and can be subject to change up to and including the day of the auction. A change in a reserve price may also lead to a change in the published guide price.
Guide Price
The guide price or a guide price range is given by the auctioneers as a guide as to how much the property is expected to achieve at auction and to assist potential bidders in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a guide price or guide price range is agreed between the seller and the auctioneer at the start of marketing. The guide price can be adjusted by the seller at any time up to and including the day of the auction and typically might be adjusted during the marketing period in the light of interest shown in the property. The guide price (or guide price range) is usually an indication of the minimum price at which the seller might be prepared to sell. The last published guide price will normally be at or above any reserve price, unless the seller fixes the final reserve just before bidding commences. A guide price is different to a reserve price (see “Reserve Price” above). The guide price can be subject to change up to and including the day of the auction and any last minute changes will be notified from the rostrum before bidding commences.
Please contact SVA Property Auctions Ltd on 0131 624 6640 or by email info@sva-auctions.co.uk for details of any guide prices that are available.