suppose there is a phone up at 21 bucks and you bid that money adn you are the highest bidder, is the seller required to sell you teh item even if it's worth 200 dls once the auction ends??
2007-08-14 09:26:36 · 3 answers · asked by Moy 1 in Business & Finance ➔ Personal Finance
well, you know how a lot of bids start at $.01, well i was just wondering if they were binded to sell the items even if there is only one person who puts down teh penny
2007-08-14 11:50:28 · update #1
No, not necessarily.
eBay has a feature called a reserve auction. If the seller pays a little extra in the listing, they can put a reserve on the auction. This means that they reserve the right not to sell if a certain price, their reserve price, isn't met. If I had a pricey item to sell on eBay, I would either put a reserve on it or start the bidding at the minimum I was willing to accept.
If it was a no reserve auction, then yes, they are held to a standard to sell that item at that price. If they are unwilling to do so, negative feedback is warranted.
Hope that helped!
2007-08-14 10:24:34 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Yes, that's how auctions work, go to highest bidder. I would worry about something selling for 10% of its value though. Could be stolen, fake etc.
2007-08-14 09:36:59 · answer #2 · answered by hirebookkeeper 6 · 0⤊ 0⤋
from what ive herd yes.. someone else might have better detail
2007-08-14 09:36:16 · answer #3 · answered by jose a 2 · 0⤊ 0⤋