Sometimes I am immediately outbid. Why?
Because all maximum bids are "masked" (hidden from other bidders), you do not know what any other bidder39;s maximum bid may be or when they placed it. Sometimes you will be outbid as soon as you enter your bid. This only occurs when another bidder had a higher maximum bid than yours already "on the board". Your bid set in motion automatic bidding system which raised the other buyers bid above yours. The other bidder may have placed their max bid days, hours, or mere moments before you placed yours.
However, if you place a bid and there are no competing bids against your bid, the system WILL NOT immediately go to your maximum bid. In fact, if you are the only bidder by the time the lot closes, you will win the lot for the lowest possible dollar amount (based on whatever the opening bid was for that item), not your max bid. So if you place a max bid of $25 on a lot with an opening bid of $1 and there are no other bidders vying for that lot, you will win it for $1. NOTE: This only happens when there are no competing bids.
Why was I outbid by an amount less than the next minimum increment?
Occasionally our bidders are outbid by an amount lower than the minimum bid increment (see bid increments in our Terms & Conditions). All bidders may place their max bid at anytime. As a result, you may be outbid by what seems to be an incorrect increment. The AuctionNinja system will not default to strict increments like a traditional auction if an "odd" maximum bid was left prior to meeting the bid price which would engage the next bid increment.
For example, lets say you place your maximum bid of $100 on a painting but another buyer wins the lot for $101. As stated in the bidding increments, you know the next bid should have been $105, not $101. The system will accept the $101 bid because that max bid of $101 was placed before the auction got to that next increment level.
My max bid was the same as the winning bid (tie bid), yet someone else won it. Why?
In the case of a tie bid, the hammer will always fall to the first bidder. For example, the current bid is $50 (placed by someone else). What you do not know is that their max bid (which is masked from other bidders) is $200. You join the bidding and and place a maximum bid of $200 and are immediately outbid in favor of the other bidder. Even though two people have the same max bid, only one person can win the lot. That is automatically determined by bidding order -- the person who placed that maximum bid first.
I am the winning bidder and now realize that I don’t want my items. That’s ok, right?
In short, no. No, it’s not ok. When you bid on any items in an auction, it’s a legally binding agreement to purchase the item(s) if you are the winning bidder. Once the auction closes, if you’re the high bidder, per the terms of use / bidder agreement, you are obligated to follow-through on your purchase. Auctions do not work like retail stores where you can return an item if you have “buyers remorse.” So you must be sure that you are able to uphold your end of the agreement before placing your bid(s). You must do your own "due-diligence" in researching the items you plan to bid on -- before bidding -- per the terms of bidding. Items are sold "AS-IS, WHERE-IS," meaning there are no guarantees, warrantees, etc. Reneging on your agreement as the winning bidder in any auction will result in the permanent revocation of your bidding privileges on the AuctionNinja platform.
Here is how: It is 4 p.m. on closing day and the painting is currently at $15. At 5:10 p.m. you place a maximum bid of $100. There are a few bidders at play and so by the time 5:45 comes around, the current bid is at $78 with you as the highest bidder. At 7:05 p.m. a new bidder joins in and places his maximum bid of $101. Since this new bidders bid of $101 is above the minimum increment at the time she placed the bid, it is accepted by the system. Since there were no additional bids placed before the countdown clock ran out, the $101 bidder wins the lot because it is higher than your $100.
BUYER’S CONTRACT
Bids placed on the BuyU International website are a binding contract and you are responsible for paying all amounts due to BuyU International including sale price, buyer's premium and all applicable taxes. Please do not bid if you are unable to pay and take possession of the items in the specified time periods for each auction, sale or event. Items not picked up on the scheduled dates will be consider a forfeit. All sales are final. No returns, credits or exchanges.
ITEM DESCRIPTIONS
All items are sold as-is, where-is. While BuyU International will do our best to list any damage, repairs or restorations, the absence of these descriptions or conditions must not be taken to imply that the lot is in perfect condition. For items BuyU International sells that are antique, vintage or used, you should expect signs of wear consistent with age. BuyU International does our best to measure the items properly but can not be held liable for a fraction of an inch measurement. For the most part, BuyU International does not offer preview inspections so please study the photos and inspect them thoroughly before placing your bid. Conditions vary from item to item, and BuyU International does not offer a condition report as condition is a subjective view and varies from buyer to buyer. All sales are final. No returns, credits or exchanges.
RETENTION OF CREDIT CARD INFORMATION
By providing your credit card information to BuyU International, you authorize BuyU International to charge your credit card for the purchase amount of any successful bid plus the buyer's premium and any applicable taxes. Your card will be charged within 24 hours of auction end. Failure to keep valid credit card information on file will result in your use of the site being terminated. To initiate your ability to bid with BuyU International, an initial pre-authorization transaction will appear on your statement. This pending transaction will not settle and will drop off after 5 -7 business days. You certify that you are an authorized user of this credit card and that you will not dispute the purchase payments with your credit card company provided the transactions correspond to the terms indicated in this authorization outline. BuyU International does not store your credit card information for security purposes.
SHIPPING AND PICK-UP
Successful buyers must pick up their items at the designated sale location within the assigned time frame as stated in the sale details page.
If after winning an item you determine you are unable to pick up your items during the scheduled removal times and dates, you must contact BuyU International within 24 hours prior of the pick-up date and we will determine if alternate arrangements can be made. These arrangements will be at the sole discretion of BuyU International and will be subject to transport, labor and/or storage fees. If an alternative method can not be arranged, BuyU International has the right to cancel the sale and retain the said items.
BuyU International offers shipping on a very limited basis. If we agree to ship the item, the winning bidder will be responsible for the packing and shipping charge in a separate charge. BuyU International will not be held liability for any damage or delays in the shipping. BuyU International is not responsible for lost/missing packages once they leave our premises.
FORFEITURE OF ITEMS
Any items not paid and / or not picked up during the specified pick-up time in accordance with the Site’s Terms & Conditions will be forfeited by you. BuyU International at its sole discretion will reoffer the items or donate them to a charity of BuyU International’s choosing. BuyU International reserves the right to report your account to collections for the combined total of the original invoice amount and any moving or disposal charges. Your membership with BuyU International will be revoked unless past due invoices and any additional charges are paid in full.
AS IS - WHERE IS
All items and lots are sold on an 'AS-IS', 'WHERE IS' and 'WITH ALL FAULTS' basis 'WITHOUT EXCEPTION' with no warranty of any type expressed or implied as to the merchantability or fitness for any particular purpose of any goods offered in this sale. Bidders are strongly encouraged to ask any questions prior to bidding. Please refer to photos as part of the description and or condition. BuyU International will do our best to list any damage, repairs or restorations, the absence of these descriptions or conditions must not be taken to imply that the lot is in perfect condition. All sales are final. No bids can be withdrawn during or after the auction for any reason. Buyer understands that these terms as well as all other terms and conditions can not be amended. Buyer also agrees that any oral, written or electronic representation made by BuyU International, shall not modify these "AS IS - WHERE IS" terms.
CANCELATION OF ITEMS FOR SALE
BuyU International reserves the right to cancel, delete or modify any purchase, item or auction for any reason and at any time with no prior notification. This applies to all sales, past, present and future.
