Bid4Assets: Seller After the Auction

What are the possible outcomes of an auction?

There are three possible outcomes to an auction:

The item is sold to the highest bidder
The item is not sold because no bids were placed
Bidding did not meet the Reserve Price or minimum acceptable bid

What happens if someone wins my auction?

Once someone wins an auction, both the winning bidder and seller will receive an email as well as an alert in their Bid4Assets Message Center.

The email includes:

Auction description
Final Bid price
Contact information - to help the seller and winning bidder communicate and make settlement arrangements (payment, shipping, etc.)

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 initializing payment

The winning bidder must contact the seller must to arrange for payment within two days of the auction closing. 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.

What if I do not hear from the winning bidder?

After the auction closes, you will have access to the winning bidder’s contact information via email and your Bid4Assets Message Center. Allow your winning bidder at least 2 business days to contact you and confirm the sale. If you do not hear from them, we recommend attempting to contact them directly. If you are unable to contact the winning bidder, consider utilizing our Bidder on Deck^® tool to offer the second highest bidder the item.

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 refuses to honor the bid?

The winning bidder is legally bound to contact you within 2 business days of the auction’s 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 must report them as a Non-Performing Bidder (NPB).

A seller must report a Non-Performing Bidder (NPB) before any action will be taken by Bid4Assets. 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 an Auction Completion Fee credit. (Refer to the Non-Performing Bidder Procedures in your My Account page – Credit Request Center.

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?

If your item did not sell (i.e., the auction closed without bids or no bidder met the Reserve Price) you can re-list the item on our site. We encourage you to consider adding additional information and/or lowering the Minimum Bid and/or Reserve Price to boost your chances for a successful auction. If the asset is re-listed and the auction is successful, our normal Auction Completion Fee will apply.

If your auction closed without meeting your reserve price, you can consider offering the item to the highest bidder with our Bidder on Deck^® tool located in your My Account page.

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

If your auction closed without meeting your reserve price, you can consider offering the item to the highest bidder with our Bidder on Deck^® tool located in your My Account page.

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?

If your auction closed without meeting your reserve price, you can consider offering the item to the highest bidder with our Bidder on Deck^® tool located in your My Account page.

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?

The seller's credit card will be charged, or an invoice will be sent following the close of the auction. Many sellers choose to include the amount of their auction completion fee (10% of the winning bid with a $500 minimum) as part of the auction in the form of a Buyer’s Premium, to recoup the funds for their Auction Completion Fee. Bid4Assets is not involved in the closing/settlement portion of the auction.