What are my obligations on a property where I am the winning bidder but the sellers minimum reserve price was not met?
The high bid in the auction is a binding and valid offer even if the seller’s minimum reserve price is not met, so long as the seller accepts it. If the seller makes a counter offer to your high bid in the auction, as in any negotiation, you can increase your offer, stand firm, or walk away. It is EnergyNet’s protocol to negotiate with the high bidder in the auction to work out a deal before moving to the second highest bidder. If you choose not to bid during an auction, you minimize your chances of negotiation after the lot has closed.
