Minimum bid – The smallest opening bid that will be accepted. A minimum bid can be as little as USD$0.01 (one cent) depending on the auction. If no one bids at the initial minimum bid, the auctioneer may lower the minimum bid so as to create interest in the item.
Alternatively, the seller can tell the auctioneer to get as close to the reserve price as possible. In this instance, the auctioneer will announce the home sold subject to owner confirmation, and the owner has a few days in which to decide whether to accept the price.