Reserve Price

Some listings have a reserve price (that is, a hidden minimum price), on the offered item.

How it works:

1. A reserve price is the minimum price a stock lot seller is willing to accept for the item.

2. Reserve price is hidden to the bidders.  They can know only whether the reserve has been met or not.

3. The seller is not obligated to sell the item if the reserve price is not met.

4. The winning bidder must meet or exceed the reserve price and have the highest bid.

5. When there is a reserve price, buyer has to bid as usual, entering the maximum amount they are willing to pay for the item.

6. Label next to the current price will show whether the reserve price has been met.

7. Once the reserve has been met, the item will sell to the highest bidder when the auction closes.

8. If the highest bid is below the reserve price at the time of  auction is closed, seller will have the option either to accept or reject the highest bid.

This entry was posted on Monday, September 6th, 2010 at 7:59 am and is filed under FAQ. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.