September 28, 2021
An auction listing on NorthstarMLS must specify the type of auction (Absolute, Minimum Bid or Reserve) and the license number of the auctioneer. NorthstarMLS requires that a listing entered as an auction be run by a state licensed auctioneer.
An absolute action (or auction without reserve) is a property that will be sold to the highest bidder regardless of the price.
A minimum bid auction is when the auctioneer will accept bids at or above a published minimum price. This minimum price is stated on the listing and is announced in advertising and at the auction.
A reserve auction is when the high bid is reduced in effect to an offer, not a sale. A minimum bid is not published, and the seller reserves the right to accept or reject any bid within 72 hours of the conclusion of the auction.
Auction properties are often entered with a list price of one dollar because a minimum bid is not published (for reserve and absolute auctions). When searching auctions, do not enter a minimum list price so that you capture all the Auction properties that meet your other search criteria.
Note: All active auction properties must be available for showings. If showings are not allowed, the listing must be moved to TNAS.
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