posted on September 26, 2001 02:45:01 PM new
Need some quick info on vrane snipe. If my snipe beats the other hi-bid, and is over the reserve, but the other hi-bid does not meet the reserve, will I buy at the reserve? I think not, since vrane doesn't know the reserve, but am not sure. Thanks very much if you can help. Dave.
posted on September 26, 2001 03:25:23 PM new
In order to win a reserve auction, you have to enter an amount equal to or above the reserve or you will not win because the seller does not have to sell for less than the reserve. The least you will be able to pay for this item is the sellers set RESERVE price.
Let's say the reserve is $100 and current high bid is $75, but since it hasn't met reserve the auction will not close with a winner if nobody else bids.
If at the last possible moment you enter a price of $99.99. You will not win the auction and it will close without a winner.
Let's say you entered $200 to be sure and get over the reserve. If nobody else enters a last minute bid, you will win and you will pay $100 which was the reserve.
Good luck!
[ edited by sulyn1950 on Sep 26, 2001 03:45 PM ]
posted on September 26, 2001 03:41:31 PM new
Thanks. I kind of forgot that vrane isn't trying to beat anyone or the reserve. Just a simple proxy bid. Same old story- snipe or bid your max and walk away. lol.
