Do Auctions have a Reserve Price?

[James W.]

When they start at $100 i assume the bids bump it up to a bigger number - and the trustee might not like the highest number - and cancel the auction - correct?

But then I see some auctions open at a big number - 250K. Is this the total of all loans and liens? If I make an offer of 250K and there's no better offer - does the bank typically accept it? Is there again a bid price above 250K?

If theres a bid price above the big open price - whats the point of putting something like 250 at open. Why not put the Reserve at open?