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Example: You
can Start your auction at $600.00 but have a Reserve
Bid of $800.00 and a Buy Now bid of
$1,000.00
The first bidder can bid $600.00 but as a seller your are not obligated
to sell your item, If another bidder bids $800.00 your auction will
continue for the duration of time left but at this point you are
obligated to sell the item at the close of your auction. If
another bidder does not want to wait until the end of the auction and
wants to buy this item immediately this bidder can place a Buy
Now bid and claim the item at the Buy Now
price and your auction will be closed even if the end date has not
arrived.
You may also have an auction
with an Starting Bid only and have your
auction end on the end date and time. Then the item will be
sold to the bidder with the last / highest offer. The Seller and
Bidder are both obligated to perform the sale. |