Most properties are sold subject to a 'reserve' which is the minimum price at which the auctioneer will sell the property. The amount of the reserve is not normally disclosed to potential buyers. The reserve will be discussed and agreed with the seller 2 or 3 days before the auction once there has been some feedback from the marketing of the property. It is important to note that the level of the reserve should not be set above the lower end of the guide price.