After the Auction
 

What are the possible outcomes of an auction?

There are three possible outcomesto an auction:

What steps follow a completed auction?

If the Reserve Price is met, emails (and messages to the buyer and seller’s message center) from Bid4Assets relay the auction results to the seller and the winning bidder.

The email includes:

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process.


Who is responsible for payment processing?

The seller must contact the winning bidder to arrange for payment and make any other requirements for payment processing and fulfillment (unless otherwise agreed upon). By making the winning bid, the buyer has entered into an enforceable contract with the seller. Bid4Assets is not a party to the contract. The buyer and seller are expected to conduct the deal in accordance with the terms of the auction listing and our Terms of Service.


Sellers can also elect to require a settlement agent or escrow service to handle the funds and asset transfer.


Who is responsible for contacting whom?

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process.


Who is responsible for packing and shipping?

In most cases, the winning bidder is responsible for arranging packing and shipping and for any associated fees. Sellers should list any specific requirements in the settlement requirements section of their listing. Be very clear on all expectations and requirements.


How do I notify the winning bidder?

After bidding closes, Bid4Assets will email the seller and winning bidder contact instructions. The seller and winning bidder will also receive an alert in their Message Center. You should make contact within 2 business days to confirm the sale and arrange payment and delivery terms.


What if the winning bidder does not respond?

Allow your winning bidder at least 2 business days to contact you and confirm the sale. If you have not received a response, you may either continue to try to reach the winning bidder or you can consider utilizing our Bidder on Deck tool to offer the second highest bidder the item.


The seller must report the bidder as a Non-Performing Bidder (NPB). A seller must wait at least 48 hours and no more than 30 days after the auction closes to report an NPB. If a seller does not file an NPB claim within the 30-day timeframe, Bid4Assets will NOT issue a Auction Completion Fee credit. (Refer to the Non-Performing Bidder Procedures in your My Account page – Credit Request Center'.


What if the winning bidder refuses to honor the bid?

The winning bidder is legally bound to contact you within 2 business days of the auction close and to complete the sale within 5 days (30 days for real estate) of being notified of the auction's completion (or within the timeframe stipulated by the seller in the auction listing). If you are unable to resolve a dispute with the winning bidder, you can process the Auction Completion Fee credit request on our site by going to your My Account page and clicking on the Credit Request Center tab. If you wish to consider offering the item to the second highest bidder, you may do so using our Bidder on Deck tool, also included in your My Account page.


What happens if the auction does not reach the Reserve Price or no bids are made?

How do I re-list/copy an existing auction?

You can edit, copy, or resume a previously listed auction with the EZ Lister listing tool. When you copy a previously listed auction, the categorization, description, and financial terms from that auction are duplicated. The picture(s) will not be copied, but can be uploaded again.


Can Bid4Assets' Auction Completion Fee be taken out of the winning bid amount?

Bid4Assets is not involved in the closing/settlement portion of the auction. The seller's credit card will be charged or an invoice sent following the close of the auction.


Can a buyer or seller enter comments related to a feedback submission?

We do not allow comments related to transactions from buyers or sellers. Buyers are able to rate sellers using our “Rate a Seller” link after winning an auction.


How do I find an auction that has closed?

In order locate an auction that has sold or closed, you will need the auction ID number. You can search for auctions with the auction ID # using our search feature found on the homepage.


If you previously added this auction to your watch list on your My Account page or you previously listed this auction for sale, you can also access a list of closed or sold auctions through your My Account page. Click on the link to your My Account page; select the appropriate tab (My Auctions or My Sell List) and then click on the link to view closed auctions.