Auctions are sales that only last for up to 30 days and where buyers - once accepted by the seller - can place bids to purchase what is being sold.
- Auctions last up to 30 days
- Buyers must be accepted by sellers in order to place a bid
- Auctions have a reserve which is the minimum value a seller is willing to sell for
- Once bids reach over the reserve value the highest bid will 'win' the auction and that buyer will proceed into payment and ownership transfer
Auctions are limited time (up to 30 days) sales on Flippa.
Buyers bid in an auction through the period the auction is live.
In a public auction, the value of the current high bid is displayed on the listing page.
Buyers who want to win the auction make bids that are higher than the current high bid. A seller must first accept buyers into the auction so that they can bid - more information can be found here How can I manage/ accept/ reject bids in my auction?
If a bid must is equal to or higher than the auction's reserve price then that bid can 'win' the auction and purchase what is being sold. The buyer with the highest bid over the reserve at the end of the auction period is considered the winner and will proceed into paying for the listing and discussing with the seller the transfer of ownership. More information about reserve values can be found here What is a Reserve Price?
Sellers using public auctions can also apply a Buy It Now (BIN) price to their listing. Buyers who are happy to pay the Buy It Now (BIN) price can submit the stated BIN offer to purchase the listing and close the auction. More information about Buy It Now (BIN) can be found here How does Buy It Now (BIN) work?
If an auction ends without bids reaching over reserve, a seller can make offers to anyone that was watching the listing or was accepted into the auction. A seller can also relaunch their listing to try to sell again by relisting. Please note that a relist is considered a new listing and a new listing fee will apply.
Flippa also enables private sales (classifieds). The differences between auctions and classifieds can be found here What's the Difference Between a Public Auction and a Private Sale (Classified)?