Many auction properties are listed as "absolute" or "auction without reserve". This means that the property will be sold on the day of the auction, regardless of price. This is the most effective auction for both the seller and the buyer, and generates the maximum response from the market . If a property is listed with a "reserve price" it simply means that if the highest bid received is below a seller's 'minimum amount accepted' then the seller will decide whether or not to accept the bid. Many sellers, including financial institutions and government agencies, have begun using the "absolute auction" method, since a sale is guaranteed.