In a Foreclosure Auction and it says reserves not met, what does that mean

When a foreclosure auction states "reserves not met," it means that the highest bid received during the auction did not reach the minimum price (the "reserve price") set by the seller or lender. The reserve price is the lowest amount the seller is willing to accept for the property. If bidding does not meet or exceed this amount, the property will not be sold at the auction, and the seller is not obligated to accept any of the bids.

In summary:

• Reserve price: The minimum acceptable sale price set by the seller/lender.

• Reserves not met: The highest bid was below this minimum, so the property remains unsold.

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