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Auction Question

ndbillyndbilly Member Posts: 1,573 ✭✭✭✭✭
edited February 2003 in Ask the Experts
If an item has a reserve and you meet the reserve but the auction has several days yet to run, does your meeting the reserve amount guarantee that you're the winning bidder or can someone still outbid you?
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    ndbillyndbilly Member Posts: 1,573 ✭✭✭✭✭
    edited November -1
    If an item is listed with no reserve and an opening bid floor from the Seller of, say, $399.00 with a "Buy it Now" price of $499.00, would you win the auction if you were the only bidder and your bid was the $399.00 minimum? Could the buyer renege for any reason assuming he/she didn't have any disclaimers about selling it while the auction was ongoing, etc.?

    Thanks.
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    timbromantimbroman Member Posts: 1,164 ✭
    edited November -1
    Billy, You can still be outbid. You only win the lot if you're high bidder at the close of the auction.

    timbroman@aol.com
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    ndbillyndbilly Member Posts: 1,573 ✭✭✭✭✭
    edited November -1
    Thank you, sir. Since I'm only the high bidder by a small % of the total price, I suspect those after the same item will wait until near the close and then throw a slightly higher bid in. I guess they can have it at that point since I won't go any higher. Thanks again.
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    TED GARTED GAR Member Posts: 389 ✭✭✭
    edited November -1
    Sometimes if the seller wishes to do so..he will end the auction, and it will be yours at that reserve price. That happened to me. I personally like the BUY NOW PRICE, because if you bid BUY NOW..it is yours, and the auction ends.
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    martzkj@msn.commartzkj@msn.com Member Posts: 582 ✭✭✭✭
    edited November -1
    Billy, Ask the seller to end the auction early. You never know, some will do it. I have snaked some great deals by doing this.
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    MikeinScappooseMikeinScappoose Member Posts: 71 ✭✭
    edited November -1
    For My Information..
    why would the seller want to end the auction early if the reseve is met and people are bidding?seems he'd lose money that way.
    Now,if people aren't bidding,that would make sense.
    just curious to see if I'm missing something.......again.
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    gravediggergravedigger Member Posts: 945 ✭✭✭✭
    edited November -1
    ndbilly,

    If you're worried about getting sniped ant the last minute, have no fear, Gunbroker has a 15 minute rule. If there is bidding on an item in the last 15 minutes of the auction, the auction is extended 15 minutes. This continues until thee have been no bids for 15 minutes. Here's a link to the page with the info:

    http://www.gunbroker.com/user/glossary.asp#auctionend

    -Marcus

    ***When the Second Amendment falls, the First will be sure to follow.***
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    martzkj@msn.commartzkj@msn.com Member Posts: 582 ✭✭✭✭
    edited November -1
    Most times people have the price set at what they are happy with getting. If you ran the auction for say 14 day and the third day in you only have one bid. If that bidder contacts you, you may just end the auction and sell it to them just to be done with it. That is why it never hurts to ask. I lost a good deal on a gun like this. I was waiting till the end to bid, the sell ended the auction early to his only bidder. That is why if I really want the gun I always ask!
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