If the horse has failed to reach its reserve price at auction.
A property will be passed in at Auction if it does not meet the set Reserve price.
The highest bid fails to meet the reserve price of a property at an auction and consequently does not sell.
When a property fails to sell at auction, it is said to be 'passed in’ at the highest bid.
Property is "passed in" at auction if the highest bid fails to meet the reserve price set by the vendor
A property is “passed in†at auction if the highest bid fails to reach the reserve price
A property is "passed in" at auction if the highest bid is less than the vendor's reserve price. The person making the highest bid has the first option to negotiate further with the vendor.