How do Buy It Now (BIN) Bids Work?

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In a public auction or a classified listing, sellers can set a Buy It Now price for which they're happy to sell the property on the spot. Buyers can then bypass the sales process to instantly buy the site. 

Setting a BIN price

The BIN price must be at least as high as the reserve price, but it can be higher.

It should reflect the highest price the seller believes they can get for the property, because if a BIN price is set on a property, the property won't sell for more than that price. When the ordinary bidding reaches the BIN price, the next buyer to place a bid will be prompted to make a BIN bid - they won't be able to enter an ordinary bid.

Placing a BIN bid

A BIN bid meets the BIN price specified on the listing page. To make a BIN bid, buyers simply hit the Buy It Now button on the listing page and confirm their bid.

When a BIN bid is placed, bidding will be suspended until that bid is accepted or rejected.

Accepting and rejecting BIN bids

The process for accepting or rejecting BIN bids depends on whether the seller's willing to accept instant payment via PayPal.

If the seller accepts instant payment through PayPal, BIN bids must be accompanied by an immediate PayPal payment.

The buyer will be prompted to make this payment at the time they make the bid, and the BIN bid will be accepted automatically as soon as Flippa confirms that payment has been made. Note that in the case of e-check payments, the BIN bid is accepted immediately even though the payment will take several days to clear.

If the seller doesn't accept instant payment through PayPal, they'll have 72 hours in which to accept or reject the BIN bid. During this time, other bidding on the property will be suspended.

If the seller doesn't take any action within 72 hours, Flippa will automatically reject the BIN bid and the auction will continue as normal.

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