FALLING ONE LOT Meaning and
Definition
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"Falling one lot" refers to a phrase commonly used in auctions, particularly in real estate or property sales, where the lot being auctioned fails to meet the reserve price set by the seller or the auctioneer. In an auction, a lot is a specific item or property that is up for bidding, and it is assigned a reserve price, which is the minimum acceptable price set by the seller.
When an auctioneer says that a lot is "falling one lot," it means that the highest bid received for that particular lot did not meet the reserve price. As a result, the lot fails to be sold during that auction. This situation can occur if the bidding does not reach the predetermined minimum price or if there is not enough interest from potential buyers.
"Falling one lot" essentially implies that the lot did not generate enough bids to reach the reserve price, and therefore remains unsold. Auctioneers may use this phrase to indicate that the lot will be either re-auctioned at a later date, negotiated privately with potential buyers, or withdrawn from sale entirely.
It should be noted that the specific use and context of "falling one lot" can vary depending on the auction practices and industry. Nonetheless, the general concept of the phrase remains consistent, indicating that a lot in an auction did not sell due to not meeting the reserve price.
Common Misspellings for FALLING ONE LOT
- f alling one lot
- fa lling one lot
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- fall ing one lot
- falli ng one lot
- fallin g one lot
- falling o ne lot
- falling on e lot
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- falling one lo t
