How does an auction work?

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.

What is the minimum price in an auction?

What is the "Buy Now" price in the auction?

Buyers take part in the auction by placing their bids. Each subsequent bid must be higher than the previous one by a fixed break amount depending on the current auction price.

What bid must I place to outbid the current winner?

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.

Why was the duration of an auction extended?

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.

How to schedule bids in an auction sniper?

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.

Why didn't the auction end with a sale even though bids were placed?

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.

What is the Escrow transaction?

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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