The reserve price is the minimum amount you are willing to accept for the house at auction, you should factor in the legal fees and auction fees when setting this amount, but if you set it too high, you may not sell at all. Guide and reserve prices The reserve price is kept private. The guide price is either listed as a figure within 10% of the reserve, or a price range from somewhere below, to somewhere above the reserve price. It is a starting point from where the bidding process begins. If the auction house has marketed the property effectively to generate interest from as many potential buyers as possible, then competitive bidding should result in a higher price.