Sirus Dibley · Jul 20, 2006, 12:55 AM // 00:55

If you have a high end item - can someone explain to me the pro and cons of having a buyout. id rather have the auction keep going !

Vermilion · Jul 20, 2006, 12:59 AM // 00:59

Some people want to sell the item quickly..so they include buyouts. If you're lucky and the b/o is priced right, people will skip the bidding and go for the b/o.

so..
pros - Possibly quick sell

cons - May sell item for less than what you might've been able to get for them.

Sirus Dibley · Jul 20, 2006, 01:06 AM // 01:06

So the only reason for a buy out is if you want to sell the item quickly , interesting.

Thanks for the info anyway

Former Ruling · Jul 20, 2006, 04:48 AM // 04:48

The Buyout is usually WAY more than the item is worth though.

So if someone just wants to buy it out, you are likely to get more from it than if they bid on it.

Like if its a popular item and getting lots of bids, someone is likely to just Buy it out even if they are over paying, instead of bidding and risking that their bid is outbid.

Deacon Roswell · Jul 20, 2006, 02:03 PM // 14:03

Former Ruling is correct! I set "buy it now" prices on high end popular items and it's well more than I would expect to get....BUT...since it's rare, people want to make sure they get it without being outbid. Sure there's a chance he bidding could keep going and going but not likely.

Mtank325 · Jul 20, 2006, 02:04 PM // 14:04

I never quite understood reserves myself. What's the point of putting an auction up if it doesn't meet your "expectations?" Isn't that whole point of the auction, to see how much people are willing to pay?

raven214 · Jul 20, 2006, 02:11 PM // 14:11

Quote:

Originally Posted by Mtank325

I never quite understood reserves myself. What's the point of putting an auction up if it doesn't meet your "expectations?" Isn't that whole point of the auction, to see how much people are willing to pay?

I don't really understand that myself to be honest... why set it at a price you are unwilling to accept (e.g. below a reserve)? That might get a few bids, but if they don't meet reserve then you still haven't sold the item.

Deacon Roswell · Jul 20, 2006, 02:16 PM // 14:16

NO. The point of an auction is to sell an item. The point of a reserve is to make sure you get your fair value, or what you preceive is fair. Just because people don't bid high enough in ONE auction doesn't mean you aren't going to get what you want for it. That's why auto relists are built in. A lot of auctions are about timing.

Jetdoc · Jul 20, 2006, 02:36 PM // 14:36

To the OP - you also have to remember the downfall of keeping an auction going for too long...

Those that bid on the auction may lose interest, and buy the same item in game (and many times for cheaper than their bids to you). It's a risk that grows each day that you keep an auction open, and personally you lose the right to complain about them not honoring their bids if you've kept the auction going too long. That's why a B/O is desireable, as it gives you the price you were hoping for, and eliminates most of that risk.

Deacon Roswell · Jul 20, 2006, 03:38 PM // 15:38

Quote:

Originally Posted by Jetdoc

...and personally you lose the right to complain about them not honoring their bids if you've kept the auction going too long.

Please don't use the auction site if you agree with this. The auction time is listed right on the auction. If it's a 6 day auction and you bid on day 1, you ARE accountable for your bid. If you can't wait for 6 days, don't bid! Comments like this are EXACTLY the reason for a feedback system....so others know you've screwed a past buyer/seller and will probably do it again.

Jetdoc · Jul 20, 2006, 04:05 PM // 16:05

Quote:

Originally Posted by Sirus Dibley

If you have a high end item - can someone explain to me the pro and cons of having a buyout. id rather have the auction keep going !

Quote:

Originally Posted by Deacon Roswell

Please don't use the auction site if you agree with this. The auction time is listed right on the auction. If it's a 6 day auction and you bid on day 1, you ARE accountable for your bid. If you can't wait for 6 days, don't bid! Comments like this are EXACTLY the reason for a feedback system....so others know you've screwed a past buyer/seller and will probably do it again.

Since he mentioned the "high end item", I assumed that he meant that he was going to post an auction on the High End Sell forum, and not on the auction site. Many auctions on the High End Sell forum do not have auction timeframes.

I definitely agree that, before one bids on the auction site, they should agree to the terms of the auction's length. I do expect, however, that the common person bidding on the site may not pay attention to that timeframe (especially if it is over a week long), so the warning is - don't be surprised if they don't honor the bid when you come back to them two weeks later telling them they've won. It's part of the problem of having an auction run too long, from my experience, and by the limitations of the auction system that won't let you withdraw a bid.

Deacon Roswell · Jul 20, 2006, 04:44 PM // 16:44

I thought they were trying to end "selling" stuff on the forums since the auction site went live, but I see your point if that's what you were referring to. The actual auction site has a limit of 1 week for any auction. I think they were taking into account exactly what you are saying here.
I don't think you can complain of anyone who doesn't honor their bid on a forum....because it's just that, a forum. If you want to auction something, use the auction site. It has structure and a feedback system to try and weed out that kind of bidding.

Former Ruling · Jul 20, 2006, 06:49 PM // 18:49

To the second question: Reserves are there so that you can start the starting bid real low to catch the interest of alot of people - without potentially having to sale that low.

Jul 20, 2006, 12:55 AM // 00:55	#1
Sirus Dibley Frost Gate Guardian Join Date: Jan 2006 Location: England Profession: Me/N	Why Do People Have Buyouts On Auctions ? If you have a high end item - can someone explain to me the pro and cons of having a buyout. id rather have the auction keep going !

Jul 20, 2006, 12:59 AM // 00:59	#2
Vermilion Wilds Pathfinder Join Date: Mar 2006 Location: NY	Some people want to sell the item quickly..so they include buyouts. If you're lucky and the b/o is priced right, people will skip the bidding and go for the b/o. so.. pros - Possibly quick sell cons - May sell item for less than what you might've been able to get for them.

Jul 20, 2006, 01:06 AM // 01:06	#3
Sirus Dibley Frost Gate Guardian Join Date: Jan 2006 Location: England Profession: Me/N	So the only reason for a buy out is if you want to sell the item quickly , interesting. Thanks for the info anyway

Jul 20, 2006, 04:48 AM // 04:48	#4
Former Ruling Grotto Attendant Join Date: Oct 2005 Location: Cedartown, Georgia Profession: R/	The Buyout is usually WAY more than the item is worth though. So if someone just wants to buy it out, you are likely to get more from it than if they bid on it. Like if its a popular item and getting lots of bids, someone is likely to just Buy it out even if they are over paying, instead of bidding and risking that their bid is outbid.

Jul 20, 2006, 02:03 PM // 14:03	#5
Deacon Roswell Frost Gate Guardian Join Date: Sep 2005 Location: San Diego Guild: Absence of Evidence [AoE]	Former Ruling is correct! I set "buy it now" prices on high end popular items and it's well more than I would expect to get....BUT...since it's rare, people want to make sure they get it without being outbid. Sure there's a chance he bidding could keep going and going but not likely.

Jul 20, 2006, 02:04 PM // 14:04	#6
Mtank325 Lion's Arch Merchant Join Date: Aug 2005 Guild: Crimson Blood Dragons [CBD]	I never quite understood reserves myself. What's the point of putting an auction up if it doesn't meet your "expectations?" Isn't that whole point of the auction, to see how much people are willing to pay?

Jul 20, 2006, 02:16 PM // 14:16	#8
Deacon Roswell Frost Gate Guardian Join Date: Sep 2005 Location: San Diego Guild: Absence of Evidence [AoE]	NO. The point of an auction is to sell an item. The point of a reserve is to make sure you get your fair value, or what you preceive is fair. Just because people don't bid high enough in ONE auction doesn't mean you aren't going to get what you want for it. That's why auto relists are built in. A lot of auctions are about timing.

Jul 20, 2006, 02:36 PM // 14:36	#9
Jetdoc Hell's Protector Join Date: Jul 2005 Guild: The Eyes of Texas [BEVO] Profession: D/A	To the OP - you also have to remember the downfall of keeping an auction going for too long... Those that bid on the auction may lose interest, and buy the same item in game (and many times for cheaper than their bids to you). It's a risk that grows each day that you keep an auction open, and personally you lose the right to complain about them not honoring their bids if you've kept the auction going too long. That's why a B/O is desireable, as it gives you the price you were hoping for, and eliminates most of that risk.

Jul 20, 2006, 04:44 PM // 16:44	#12
Deacon Roswell Frost Gate Guardian Join Date: Sep 2005 Location: San Diego Guild: Absence of Evidence [AoE]	I thought they were trying to end "selling" stuff on the forums since the auction site went live, but I see your point if that's what you were referring to. The actual auction site has a limit of 1 week for any auction. I think they were taking into account exactly what you are saying here. I don't think you can complain of anyone who doesn't honor their bid on a forum....because it's just that, a forum. If you want to auction something, use the auction site. It has structure and a feedback system to try and weed out that kind of bidding.

Jul 20, 2006, 06:49 PM // 18:49	#13
Former Ruling Grotto Attendant Join Date: Oct 2005 Location: Cedartown, Georgia Profession: R/	To the second question: Reserves are there so that you can start the starting bid real low to catch the interest of alot of people - without potentially having to sale that low.