An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property. More may not A prospective buyer’s indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer. More personally or through an agent. Also known as an auction without The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price. More.