how does ebay auctions work? please auction end soon!

[Bayonett Priest]

im planing to buy the rog phone on ebay froma private seller who says its new there is still foil on the phone! and i have now questions he said that ther is a minimum bid( i asked him and he said its 560)! the current bid is 500 so my question if i bid 600 and the one who bids before me has it bid at 540 must i pay the 600 or just the minimum bid?

[dizmo]

Just the minimum bid, but you won't win the auction unless you go over 560.

[it_dont_work]

It's usually called a reserve price in auctions. If the previous highest bid is 540, and you bid 600, then the bid will go to 541 in your favour. and if someone else bigds 550, you'll be auto bid to 551 to keep hold of the auction 

 

Say I've a house i want to sell for at least 1.4mil as comparable properties are around 1.4-1.8mil. No one bids on the day except one person who bids 600k, the auction gets passed in and no one gets to buy it. I keep the property instead of selling it for way below market value. 

 

eBay has something to do the same. Good to see the seller is honest about having a reserve, a lot of users just cancel the auction in the last few minutes if the price isn't high enough for them, this is usually because setting a reserve in eBay is a higher cost for the seller in fees 

[Bayonett Priest]

2 hours ago, it_dont_work said:

It's usually called a reserve price in auctions. If the previous highest bid is 540, and you bid 600, then the bid will go to 541 in your favour. and if someone else bigds 550, you'll be auto bid to 551 to keep hold of the auction 

 

Say I've a house i want to sell for at least 1.4mil as comparable properties are around 1.4-1.8mil. No one bids on the day except one person who bids 600k, the auction gets passed in and no one gets to buy it. I keep the property instead of selling it for way below market value. 

 

eBay has something to do the same. Good to see the seller is honest about having a reserve, a lot of users just cancel the auction in the last few minutes if the price isn't high enough for them, this is usually because setting a reserve in eBay is a higher cost for the seller in fees 

so if the other seller bids 540 and i have a bit to 600 and it goes to my 550 bid, if the minimum price is 560 it wont be sold?

[Andreas Lilja]

2 minutes ago, Bayonett Priest said:

so if the other seller bids 540 and i have a bit to 600 and it goes to my 550 bid, if the minimum price is 560 it wont be sold?

I believe he's given the option of selling the phone below his minimum. 

[Bayonett Priest]

2 hours ago, Raskolnikov said:

I believe he's given the option of selling the phone below his minimum. 

well he could acept and i could pay the difference privatly through paypal if he agrees!

 

2 hours ago, Raskolnikov said:

I believe he's given the option of selling the phone below his minimum. 

wait if he has a minimumbid if my max bid i highter does the minimum cound as a bid in a sense(without raising the 560 bucks so that i pay 560?)?

 

im planing to buy the rog phone on ebay froma private seller who says its new there is still foil on the phone! and i have now questions he said that ther is a minimum bid( i asked him and he said its 560)! the current bid is 500 so my question if i bid 600 and the one who bids before me has it bid at 540 must i pay the 600 or just the minimum bid?

wait if he has a minimumbid if my max bid i highter does the minimum cound as a bid in a sense(without raising the 560 bucks so that i pay 560?)?

or if i have no enemy bidder and the price stays at 505 the item wont be sold!

[it_dont_work]

47 minutes ago, Bayonett Priest said:

wait if he has a minimumbid if my max bid i highter does the minimum cound as a bid in a sense(without raising the 560 bucks so that i pay 560?)?

If the final bid is under the reserve (under 560), the auction item is NOT sold. The seller is given the option to say yes/no to whatever the final bid was, but it is up to them whether or not they allow it to sell at the lower price. 

 

I would not offer to pay outside of the sale even through ebay for two reasons 1: it doesn't leave you with the same paypal protection, and 2: This usually looks like a scam to the seller. 

[Ja Krispie]

1 hour ago, Keith W said:

 There are some people on here who do not seem to know how eBay works.

 

If you bid 600 then that is your bid, so if you win the auction you will have to pay the 600

No that's still not how it works. You can set your "highest" bid to 600. You only pay that IF the bids are driven up to that amount. If your high bid is 600 and the final ends up being $550 then you pay the $550. The $600 was set more of a in case scenario where other people bid and drive it up. It's not like a live auction where the amount you say is the bid you're making

[Ja Krispie]

Just now, Keith W said:

 

That's not what he said, read his first post in this thread, the one that I quoted with my reply.

 

He said if he bids 600

 

He did not say set his maximum bid to 600 and let eBay do the bidding up to that amount

 

There is a difference

Well if he puts in $600 it will be his max bid. Unless the bidding was at that max or another seller had their max at that price point then his bid would be just above the next highest bid. If auction is at $540 and their max is is $550, he puts in $600 then his bid would be around $552 or so. (I don't know the exact price but it has it's minimum increments for bids. It won't go straight to $600 when there is still a $50 gap it will need to cover.)

[Ja Krispie]

1 hour ago, Keith W said:

 

You getting confused

 

A minimum bid amount does not restrict the maximum you can bid in one go, so if he wanted to bid 600 in one go he could and that bid of 600 would stand.

 

Again there is a difference between making a one off bid and using eBays system of proxy bidding where you enter a total you are prepared to go up to - The two are not the same thing.

 

I'm not confused at all. I know how it works. If he puts in a bid that's well over the minimum required to bid on the item, then it would go to that reserving the rest for a max bid. 

 

In the image I've posted you can see the wallet I've bid on. It's minimum bid before I input mine was $179. The minimum bid for me was $181. I put in a bid of $200 and the current bid now is $182.50

 

If no one else bids and I win, I pay $182.50, not $200. I will only pay $200 if the auction is brought up to that amount

 

 

[Ja Krispie]

2 minutes ago, Keith W said:

Yes, you are confused.

 

But whatever, i'll not be discussing it with you any further.

No, no I am not. You're just wrong on this. I've explained it and shown you images as reference to how the system works. (Also to point back I never said a minimum bid would restrict the maximum bid. My point is the maximum bid doesn't mean that will be what you pay. If I wanted to bump my bid again I could do that, but it doesn't mean it will be the price I pay if I win the auction.)