Bidding

How Bidding Works -

So You Know -

In an auction style listing, the seller chooses a starting price & auction duration and then you bid against other buyers. When the auction ends, the highest bidder wins the auction and then completes the order bymaking payment for the item.

A bid is considered a binding contract. That means when you bid on an auctioned item, you are comitting to buying said item if you win.

Automatic Bidding -

Automatic bidding is the easiest way to bid on an auction-style listing. Just enter the the maximum price you’d be happy to pay and we do the rest, up to that limit of course.

If someone oubids you, we’ll let you know so you can decide if you want to increase your maximum bid.

Why you've been outbid immediately -

So You Know -

If you get outbid immediately after placing a bid its likely that another bidder is using automatic bidding and has a maximum limit that is higher than yours.

You’ll need to place a bid again in order to be the highest bidder.

Bidding on items can be exciting, but it is a contractual obligation. When you’re deciding on your maximum bid, make sure that you’re happy to pay that amount should you win.

Bid Increments -

When someone creates an auction for a product they are also given the option of choosing a bid increment. This means that the bid must be increase by the amount chosen. We chose to use this option to avoid auctions being dragged out. However using this feature is solely down to the discrection of the vendor.

How Reserve Prices Work -

So You Know -

Sellers can choose to add a reserve price when listing an item on Modstop. A reserve price is the minimum that the seller is happy to sell the item for. so if the reserve price isnt met, the item wont sell.

Sellers don’t have to make buyers aware what the reserve price is unless they state it in there listing description. You won’t know what the reserve price is until you meet it or the highest bid surpasses it.

If the item page shows ‘Reserve not met’ after placing a bit, you wont win the item, even if you are the highest bidder when the auction comes to and end.

So You Know -

When bidding always double check the amount that you’ve entered before confirming. Especially when making a bid in the last few seconds of an auction.

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