If the highest bidding price is still lower than the reserved price at the end of auction, is the winning bidder obligated (forced) to buy at the reserved price..(since you are in a contract once you bid) I always thought this how it worked. Was this the original way at one time ? This is why i never bid on "reserved auctions"
2007-11-04 14:21:35 · 7 answers · asked by danwlz 2 in Business & Finance ➔ Other - Business & Finance
No, THe Reserve price is a Dollar figure set by the seller that he will not take less than that. If bidding does not reach reserve price it does not sell and nobody wins.
2007-11-04 14:26:18 · answer #1 · answered by Ken R 3 · 1⤊ 0⤋
No, if nobody bids at least the reserve price, the item just isn't sold. You'd never have to pay more that the price you bid (plus shipping) for an item.
That's been how "reserve price" has worked from the start.
2007-11-04 14:49:38 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Reserve price is an amount that you place on an item that you wish to sell, but at a minimum price. If the highest bid does not go over your reserve price, you are not obligated to sell that item to the highest bidder. It only becomes a contract once the bidding is over.
2007-11-04 14:27:35 · answer #3 · answered by Al B 2 · 0⤊ 1⤋
With the reserve value: Say i'm promoting an merchandise and placed my reserve at $50 and you bid $20 and are the winning bidder so some distance yet no reserve met. Say no person outbids you and the standard public sale ends. Even tho you are the optimum bidder the broking has the main suitable to no longer sell it to you. in the event that they agree and say ok i visit enable the item decide for $20 then you certainly will pay for it for that quantity. Reserve is impressive for once you like particular products to pass at a undeniable value or larger yet they do pay extra advantageous expenses to record it that way additionally.
2016-12-15 16:47:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You don't win the bet since you haven't met the reserved price; therefore, you do not pay.
2007-11-04 14:30:34 · answer #5 · answered by lulu 1 · 0⤊ 0⤋
no, you are not forced to pay for more than what you bid.
2007-11-04 14:24:05 · answer #6 · answered by noneofyourbusiness1300 2 · 0⤊ 0⤋
no.
2007-11-04 14:23:44 · answer #7 · answered by dypatgeo1 1 · 0⤊ 0⤋