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How Bidding Works At Old And Sold

Register
This auction is FREE but we do require that all sellers and buyers be registered. This enables our software to keep track of items for sale and who bids on what. It protects both us as auction providers and you as buyer and/or seller. Registration is simple and painless. Merely click on Registration in the menu at the top of any auction page.

What happens at close of auction?
The system automatically sends the buyer (highest bidder) and seller of the item e-mail when the auction ends. The buyer and seller then are responsible for making their own arrangements to conclude the deal by payment and shipment. This auction merely offers a venue for buying and selling. We will not, and legally cannot, be held responsible in any way for any lack of performance by any and all parties. We simply provide a place that allows people to buy and sell. HOWEVER, do let us know of any problems. We can and will remove anyone who abuses our auction.

What does "Your Maximum Bid Amount" mean?
Old And Sold defines the maximum bid to be the most you are willing to pay for an item.

How is the maximum bid amount used?
Old And Sold uses the concept of "proxy" bidding. Proxy bidding is the process whereby a "proxy", in this case Old And Sold's computer system, bids competitively for you against all other bidders.

What is a Reserve?
A reserve is the least amount the seller is willing to sell the item for. The reserve is invisible on the bid card.

A Few Examples
The current high bid is $100, there are no other bidders with maximum bids above $100 and no reserve. You submit a maximum bid of $200. Your bid will be the next logical increment. (Logical increments are based on providing the best service for the buyer, seller, and Old And Sold.)

The current high bid is $100, and there is a reserve of $150.00. You submit a maximum bid of $200.00. Your bid will match the reserve, which in this example is $150.00. The computer will continue to bid, as your proxy, up to your Maximum high bid of $200.00.

The current high bid is $100. That bidder has submitted a maximum bid of $150.00. You submit a maximum bid of $200.00. Your bid will be the next logical increment above the previous high bidder's maximum of $150.00. Note: Maximum high bids are not revealed during the course of an auction.

The current high bid is $100. That bidder has submitted a maximum bid of $200.00. You submit a maximum bid of $150.00. Your bid will not be the high bid. The bidder who submitted a maximum bid of $200.00 will still be the high bidder at the next logical increment above $150.00. The current high bidder's proxy (the computer) will continue to bid up to $200.00

The current high bid is $100. You and another bidder both submit a maximum bid of $200.00 at the same time. The bid which is processed First by the system will be the maximum high bid at $200.00. The next successful high bid will be at the next logical increment above $200.00.

Retracting Your Bid
You are allowed to retract your bid only under extraordinary circumstances. For example, you are allowed to retract a bid if you mistakenly entered more than one 0, i.e. $1,000 instead of $100. You are not allowed to retract your bid because you do not wish to purchase the item because the price is more than you are willing to pay. Please contact Old And Sold to request a bid retraction.

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