That's correct. Someone has to bid on your domain, then you have the options to start an auction, accept the offer, reject it, or reject it with a counter-offer to the bidder.
frankiethepet said:
And the minmum price you want to sell it for, does that have to be what that person bidded... ?
It's up to you to decide whether to start the auction. If you don't like the offer, it's probably best to reject it with a counter-offer to the bidder.