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Tuesday, October 14, 2008
property auction, the property is placed up for bid and seller generally sets a reserve price. Reserve price means the property has a minimum selling price and is not known to bidders. If the auction begins below the reserve price and the auction price does not go beyond that then the property is not sold and so the transaction is not completed. After the reserve price is set, the bidding starts at a price determined by the seller. With online auction, the seller or the auction site will tell the time the auction will last. When the auction ends, the highest bidder is named the winner. English online auction can be complicated by sniping and proxy bidding. Snipers watch the auction for a number of days and do not place an order because they do not want to increase the price. On the last day, when the bidding is ending snipers will tell the price. Proxy bidding means even if the bidder is not an active participant in auction he sets a maximum bid amount in order to continue bidding. In English auction the bidders increase the value of the item because they are overly enthusiastic. The bidders desire to win the auction makes the bidder to go far beyond an items value. This can benefit the seller.
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