Unpublished reserve pricing or URP means that the seller has pre-established an “un-published” minimum selling price. All homes at the upcoming auction have URP. The starting bid, although low and very attractive is not the reserve price. This is a trick or sales tactic to get more people in the door. Don’t worry. This is not a deal breaker for me if I’m buying. I don’t necessarily care what they “need” in terms of a minimum price. I just want to be focused on what I am willing to pay.
In order to become the winning bidder of a unit, a bidder must have the highest bid and meet or exceed the unpublished reserve price. The highest bid is subject to acceptance by the seller. If a bidder has the high bid, but it’s less than the seller’s reserve, the high bid, resulting in purchase documents is subject to the seller’s acceptance. It may also be countered or simply rejected during the auction, in the contract room and/or within five (5) days following the auction.
If you have any questions, please feel free to contact me.