Does A BID Mean SOLD ? Newbie Question

[Niche-Sites]

Hey guys,
I'm pretty new to website flipping.. and especially to sitepoint.

I've listed a website.. received an offer (under my BIN or reserve price) and I accepted it.

Then, I let the timer run out, up until right now. (listing ended)

BUT

It seems like for some reason my website did not SELL for the bidding price..
Am I missing something here ?

Is my website actually "sold" but I just don't see the "red alert" ??
Or was I supposed to LOWER my reserve price BEFORE the listing ends..so I can sell the website for the price of the bid ??

Please, enlighten me here !
Thanks

[Dan Grossman]

The reserve price is the minimum amount you're willing to sell for.

If the high bid is less than the reserve amount, then there has been no winner, the website is not sold.

If you were actually willing to accept less, then you should have set a lower reserve. None of the bidders that bid less than your reserve are obligated to buy the site.

[Niche-Sites]

thanks for the answer Dan !
..very fast reply, its appreciated.

I was wondering.. if on the other hand I would set a lower "reserve price", I suppose that if a bid reaches the reserve price, the website is automatically SOLD for that price..right ?

Sorry if I look retard; I know it's all explained when you subscribe and into "tos", but I have a hard time remembering all of this.

thanks again

[Dan Grossman]

No, the website is only sold when:

1) Someone purchases it at the Buy-it-Now price
2) The auction time has run out and there is at least one bid above the reserve price

Getting a bid above the reserve is not the end of the auction, bidding continues until the auction time runs out

[Niche-Sites]

No, the website is only sold when:

1) Someone purchases it at the Buy-it-Now price
2) The auction time has run out and there is at least one bid above the reserve price

Getting a bid above the reserve is not the end of the auction, bidding continues until the auction time runs out

That's the exact information I needed.
Thanks again for answering so fast !

Jeffrey


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