If i have an item that worth about £200 pound and i out it in auction with starating bid £1.. and the auction finished with someone who bid £25.. Do i HAVE TO sell it for the bidder for £25 or i can cancel coz its too low?
I read that there's something called reserve. Do i have to use this for the above example?
Explanation of all of this will be very appreciated..
2006-12-01 03:44:10 · 9 answers · asked by Beav!S 2 in Business & Finance ➔ Small Business
It is called an auction because the highest bidder wins
you have to sell for the price bid.
minimum reserve is £50
put it in at the lowest price you are willing to let it go for.
2006-12-04 06:23:52 · answer #1 · answered by Amanda K 7 · 0⤊ 0⤋
OK, a few facts:
1) while something may be WORTH £200, doesn't mean Ebayers would be willing to pay that. By nature, they're hardened bargain hunters and so generally pay between 25% - 70% of what something's RRP is.
2) If your auction has closed, you have entered into a legal contract to sell the item for £25.
3) If you REALLY cannot afford to sell for that amount, write to the buyer, grovel and let them know that you're a novice Ebayer, you meant to set a reserve and you really can't let it go for that amount. If they're nice (or practical), they'll agree to your cancelling the auction (go into the Help section and look up how to get your Final Value Fee back). If they're hard nosed, they'll insist you sell it to them.
4) They are NOT going to come round your house if you refuse to sell it to them! The worst that can happen is that Ebay may suspend your account and you'll still get charged your Final Value Fee. Try option 3), most people are reasonable.
5) Next time (assuming you don't get suspended), do and Advanced Search first and look for Completed Items like yours. That will tell you how much something generally goes for on Ebay. And set a reserve OR just do a 'Buy-It-Now' listing for the amount you want.
Suggest you take the Ebay tutorial on selling if you DO decide to do it again
Best of luck
2006-12-01 06:50:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can put a reserve on an item but believe its only mutiples of £50 or your other choice is to start the item at a higher price but this tends to put people of from bidding. U can cancel the item before the end of the bidding usually with an excuse of you have sold it elsewhere, but the main bidding on ebay usually happens in the last few minutes and therefore u may cancel the item when it may have reached what you want in the last few minutes.
So its up to you its possible to put a high starting bid on or reserve and risk nobody buying your item or sell it without but risk that it might not reach what you want for it.
2006-12-01 03:54:13 · answer #3 · answered by sarah_newby86 2 · 0⤊ 0⤋
Unfortunately, because you didn't put a reserve you have to sell for £25 otherwise you will get negative feedback. Next time if you want to get a decent price put a sensible reserve or put the starting price up near to what you think the item is worth (eg if its worth £200 start at £180) Ebay does charge for reserve prices or for higher starting prices but at least you won't lose as much as you did this time. You set reserves and starting prices when you fill in the online form. Better luck next time.
2006-12-01 04:01:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you can withdraw an item upto 12 hours before it finishes, after that you are obliged to sell it, or suffer negative ratings and still be charge a FVF regardless (Final Valuation Fee). if your item sells for £200, eBay will immediately charge you about £15 for the privilage of selling it! plus the £3 for listing it! - then, if you use PayPal to take payment, another 3.5% gets taken off your total!!
OPTION ONE: use the reserve price as you have mentioned (will cost about £2 to reserve at £200) - reserve price must be above £50.
OPTION TWO: wait for an eBay 10p day (where you can start an auction at any starting price for no more than 10p!) they recently had one of these days last week for 15p.
2006-12-01 03:49:54 · answer #5 · answered by seriocomic_fusion 2 · 0⤊ 0⤋
why not read the simple instruction on the ebay site , a reserve price is the minimum you will sell it for ,if you did not place a reserve then you just sold it for £25
2006-12-01 03:48:31 · answer #6 · answered by . 3 · 2⤊ 0⤋
Yeah you put a reserve on it or start it at £200
2006-12-01 03:48:32 · answer #7 · answered by Sir Sidney Snot 6 · 0⤊ 0⤋
Put a reserve on your auction. If it does not reach this level, you are not obligated to sell.
2006-12-01 04:22:10 · answer #8 · answered by VATreasures 6 · 0⤊ 0⤋
yes, you have to do the reserve thing. If you don't, then what it sold for is it, and you have to accept payment for it. If you didn't want it so low, you should have put a reserve on it, or priced it higher.
2006-12-01 03:48:57 · answer #9 · answered by Judith O 3 · 0⤊ 0⤋