Passed In

'Passed in' is a term used when the highest bid on a property does not meet the reserve price set by the vendor. In this situation, the vendor usually sets an asking price immediately after his property is passed in. The highest bidder has the option to further negotiate with the vendor. If no agreement is reached, the vendor or his agent will start entertaining offers from other bidders, including those who are absent. This is a popular means of buying property, as it lets buyers set the price and make negotiations.