An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The sellerEntity that has legal possession, (ownership) of any interests, benefits or rights inherent to the r... More may not bidA prospective buyer’s indication or offer of a price he or she will pay to purchase property at au... More personally or through an agent. Also known as an auction without reserveThe minimum price that a seller is willing to accept for a property to be sold at auction. Also know... More.