What is an If Sale?
What is an If Sale?
If Sale Definition
An "if sale" is when the reserve price or reservation price has not been met or exceeded during an auction.
What is a Reserve Price?
The reserve price is the minimum price a seller is willing to accept for the car at auction. Typically, a seller is not required to reveal this price to potential bidders.
What Happens During an If Sale?
If the reserve price has not been met or exceeded by a high bid, it triggers an if sale. The vehicle will not be sold immediately, and the highest bidder is considered the contingent winner. This means that we will contact both the buyer and the seller and try to negotiate a sale. The vehicle will sell to the highest bidder if they decide to pay the minimum price the seller asks for, or if the seller decides to accept the highest bid, or if buyer and seller agree on a price somewhere in between.
It can and does happen where the seller refuses to sell the vehicle if the reserve price was not met and negotiations fail between the buyer and seller. The vehicle then is relisted at the next scheduled auction.
Some buyers don't like reserve prices and if sales since minimums may be more than buyers are willing to pay or raise the value beyond what it actually is. The If Sale has benefits for both parties, however. It protects the seller's interests by ensuring that they aren't forced to sell for less than they want for the vehicle. It also allows buyers to make offers and attempt to negotiate when the reserve price is not met.
How Long Does an If Sale Take?
An If Sale may take several days to resolve as we have to contact the buyer and seller, and negotiations can drag out before a sale is reached. Even during an If Sale, you are bound by the terms and conditions of the auction. Therefore, if the seller agrees to your bid, you are still responsible for the purchase of the vehicle.
If Sales do happen at our auction lot in Kyle, Texas. We always work diligently to ensure a productive experience for both our sellers and buyers.
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