Reducing a bid is a bit dodgy, I have seen some auctions where I think what the hell. Auction finishes at 9 but bids will be accepted up until 905 but not 905.00 it is 905.59 which to me is 906. Confusing as hell. If an auction finishes at 9pm last bid accepted is 9.00 PM (9.00.00pm) Agreed there has to be rules with auctions.
Your right HiHo it's all in the terms and conditions? If there is no terms and conditions every man and woman for themselves Unfortunately until the seller says sold and the buyer transfers the funds I believe it is all just an "invitation to treat"
I still believe more honourable to withdraw/ reduce that renege on the deal when the seller has closed the auction. I find it best to treat people how I would like to be treated. Many people can get carried away with auction bidding. Possibily the terms and conditions could include a cooling off period?
This kind of behaviour is not limited to auctions, buyers are also rescinding on straight-out buys and trades. I had a very reputable SS trader and site sponsor pull a deal after the money was in my account and the goods were shipped because they had found the same round for sale somewhere else cheaper. And I was told by said buyer that this was perfectly accepted behaviour. I confirmed with site admin that this was not acceptable trading policy, but did not pursue the issue any further. To me a bid is a bid and a deal is deal. The only exceptions maybe where one of parties involved suffers an exceptional circumstance, such as fire, illness, etc and thus has a justified reason to request that the transaction be annulled. But until both parties agree to annul the transaction, it still stands.
Impossible, it would turn into a joke. You could spoil any auction by reneging every time spot drops.
A cooling off period ? its a few coins not a house lol . imo if you need a cooling off period for a few hundred bucks you shouldnt be bidding
Better off to negotiate with the vendor to remove your bid altogether in a timely manner rather than trying to play both sides in the middle of a live auction. Realise that the guy who is trying to poach you probably has dubious ethics and is not worth your attention. Also don't reveal publicly that someone PMd you and then try to use that as an excuse for your actions, makes you look unreliable.. better to keep that part to yourself, offer an apology and move on. As for trading rules, that is all well and good but they would be at most guidelines*. In the most cut down form a bid (post on the form) and acceptance of the bid (by the vendor "Thanking" the post) forms a contract between vendor and buyer. If the buyer wants to remove or reduce their bid they are obliged to re-negotiate that contract (that means both meeting of minds again not just a unilateral decision.) In the end I'm sure most vendors here are reasonable and may accept a retraction with a simple "I'm sorry I made a mistake" but it should be rare as it is is in ones best interest to not have this happen in order to maintain a clean trading record. I think this situation was just a simple case of inexperience. No one really lost anything substantial and we have all learned something *"Silverstackers" has no part in the contract that's why I say that any rules/T&Cs would be guidelines, however anyone who exhibits habitual bad behaviour could result in being shunned by the community in trades or even being suspended from the forum for breaking the forum rules.
Usually in any auction the price goes in increments. In this case whole dollars. If the current bid is $100 I put in a my max bid that I want to spend of $150 The bid should be at $101 so I am the winner, if no one else bids. Or they need to bid higher than $150 so a bid of $151 would be the winner. Again if I bid $200 in theory that should give me a winning bid of $152 ? This can bring confusion to some and hence why some may drop down there prices. I can see both sides of the story and there are gaps in both.
Only works that way on ebay and kind of works that way with absent bids in real auctions. On ebay the 'system' knows your maximum and places bids for you - but buyers and the seller cannot see your maximum. In real auctions, the auctioneer knows your maximum and places bids for you - but other buyers do not see your maximum. In this case you trust the auctioneer to be honest and not use vendor bids to push you up to your limit. As the auctioneer is not the vendor and the auction house reputation is at stake, they are usually honest. On SS there is no way to make a maximum bid that is hidden from others. If you placed a bid of $150, then the vendor or another disgruntled buyer could make a bid at $149 just so you pay your maximum.
I personally prefer slow reverse (Dutch) auctions. there is nothing ambiguous about Buzz That said, I would expect in any auction, anywhere, that my bid is my word is my reputation. If I say $x, then that is what I will pay, regardless of what other bargains turn up after the fact. Anyone that pulled a stunt like that on me would go straight on my blacklist.
afternoon, imo, once you bid ------------ that's it, end of story. You have made a contract. The only thing that can change is if the conditions of the sale or item change -- eg. your bid on a new Mercedes turns out to be a bit on a 20 year old rust bucket. Or, you have bid on a horse and the bastard dies before the fall of the hammer. When you bid at an auction live - you make a contract, same same when you step into a taxi - just entering and sitting down and saying a destination - that is a contract. In the taxi you can vary the destination - in an auction, you cannot change your mind. to change your mind is bullshit. Any who think otherwise should learn this rapidly. gazza
Correct!! Its a legally binding contract. Of course you wouldnt pursue it in the courts if it were a matter of a few hundred dollars.....not worth the effort but yeah, very poor form. There have been many times I have bid on items on ebay and found something better and purchased both items. Its best to honour your bid.
Once I made a mistake overbidding on eBay...i asked the seller to sell it to the second highest bidder, and I cover the differences. Luckly the second highest bidder agree to buy. People just need to man up sometimes...own up to their mistake. I did...and we all can move on.
I believe that they do have a cooling off period in WA for many contracts ie door to door salesperson etc Why not silver stackers?
There's no cooling off period when you buy a new car from a dealership. Cooling off period is just going to complicate things...next thing we know there is an wxit clause to cancel a trade because spot drop by 50cent. Lol
