How does an auction work?
An auction of a domain or of an option starts when the seller lists an auction. Each auction has a starting price at which the bidding starts and the auction end time. An auction may also have a minimum price and a "Buy Now" price.
Purchase offers are accepted until the end of an auction. If a bid is placed in the last 5 minutes of an auction, the duration of an auction will be extended by another 5 minutes. This prevents making bids in the last seconds of the auction when other participants have no time to react.
Bids can be placed directly on the auction page or scheduled in advance. Scheduling bids in auctions allow you to enter the amounts of bids to be placed at the end of the auction. The automated bidding system will place your bids until you win the auction or until there are no more bids on the list.
The person whose bid is the highest becomes the winner of the auction. If the seller has set a minimum price, the auction will only end with a sale if the amount bid exceeds this price.
Once the auction is over, a secure Escrow transaction between the seller and the winner of the auction starts automatically. The winner must pay for the domain they have bought within 7 days.
If a fixed "Buy Now" price has been set in an auction, the buyer can also use this option at any time and buy a domain at a set price. In this case, the auction ends immediately.
Tags: buying on auctions
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