Auction.com Reserve Prices

[Stephen Schoon]

Good day all,

I'm looking at auction.com and see an auction that has a reserve of 123k, but the starting bid is 35k.  While I understand the bank may sell to the highest bidder even though it might not reach the reserve, I'm wondering how many of you all have closed on auction.com auctions below the reserve?

I'm also very curious as to why the opening bid is so low compared to the reserve.  Does anyone have any insight on this?

Thanks!

Steve

[Jered Collins]

I bought a house on auction.com in Richmond, VA that was slightly under the reserve price. When the auction ended, I expected them to relist it but within 2-3 minutes of the auction ending I got a call from auction.com informing me that I had won. I was shocked. I got the house about 10k under market value. I was beyond happy.