Can a seller reject a winning bid?
Yes, even if the offer is above the listing price, a seller has the legal right to refuse a bid and accept another offer if the terms of the auction are offered with Reserve. Anti-Snipe rules apply, therefore for every addition to the bid within the last 5 minutes, the end time of the item will be extended by 5 minutes. If there is a bid between 8.If there is one bid or more, you can end the listing, but only if you agree to sell the item to the current highest bidder. If there are fewer than 12 hours left and there are no bids because you have canceled them, or if there are bids but the listing’s reserve price has not been met, you cannot end the listing early.The anti-snipe time prevents a bidder from trying to place a high bid at the last second, to beat the clock. If a bid is placed within the anti-snipe time period before the listed closing the closing is extended by the anti-snipe time. Any further bids reset the clock again with this amount remaining.If a bid is placed within 5 minutes of the closing time of a lot the closing time will be extended with 5 minutes. This process will repeat itself with any bid within the last 5 minutes of the new closing time. It does not matter when the bid is placed within those 5 minutes.The anti-snipe time prevents a bidder from trying to place a high bid at the last second, to beat the clock. If a bid is placed within the anti-snipe time period before the listed closing the closing is extended by the anti-snipe time. Any further bids reset the clock again with this amount remaining.
Can a seller cancel an auction after it ends?
If the auction has finished, you can contact the winner and, if they agree, you can cancel the transaction. You can only end auction listings with bids one at a time by selecting a valid reason. Bid sniping—including the use of software that places bids for you—is allowed on eBay, but it doesn’t guarantee you’ll win an auction. Other members may be using the same tactic, may have set up automatic bidding, or may simply react quickly and place a higher bid before the auction ends.If you’re not able to retract your bid, you can also try contacting the seller to see if they’ll cancel your bid for you. The decision to cancel is at the discretion of the seller.If you make a bid and you realize quickly that it was in error, the auction house may let you out of the bid and go to the next highest bidder. However, this is not always the case. At a live auction, a bid represents a legal obligation. It’s also possible that you could get sued if you try to back out of an auction.Your choice as a seller That means, in most cases, it’s up to you as the seller to accept or deny a cancellation request: If you accept, the buyer is refunded in full and the sale is canceled. If you decline or don’t respond within 48 hours, the sale is final and you can ship the order.
What happens if a seller pulls out of a sale?
With no contracts exchanged, the seller can pull out of the sale without worry of legal infringements. You could request that any fees you have paid are reimbursed by the seller, but they have no obligation to do so. You will likely have to pay for any losses the buyer suffers due to the sale falling through. This includes their legal fees, inspection fees, appraisal fees and even storage or a place to stay while they are looking for a new place to live. They may take you to court to compel you to complete the sale.With no contracts exchanged, the seller can pull out of the sale without worry of legal infringements. You could request that any fees you have paid are reimbursed by the seller, but they have no obligation to do so. If they had already signed contracts with you, though, things may be considerably different.Buyers can pull out after an auction, but it comes with heavy penalties. This is because they’ll be in breach of contract. They’ll lose the deposit they paid (which is normally 10% of the purchase price), and may be liable for additional costs too such as the seller’s fees, and other penalties.Grounds for Cancellation of Sale Deed Coercion or Undue Influence – If either party was forced to sign the sale deed under pressure, the contract is deemed voidable. Lack of Free Consent – If a sale deed was executed without the free will of both parties, it can be challenged in court.
Can I pull out of an auction sale?
If an auction has been completed and a sale has been agreed and you wish to withdraw from the sale, you will likely be liable for auction fees as detailed in your Auction Contract. If you have any concerns, you should always discuss these with your Auction Specialist. If the seller withdraws from the sale, they will have to pay the buyer their deposit plus interest. The buyer can also request that the seller covers their legal fees and disbursement costs.
What happens if a seller changes their mind?
If a seller decides to pull out of the deal without a valid reason, they may face repercussions such as losing the earnest money deposit and potentially being sued for breach of contract. This means that you can still withdraw your bid during the auction, but not once the hammer has fallen. If you place the highest bid and the hammer falls then you’re in a legally binding contract with the seller.Don’t panic If the hammer comes down with no takers, all is not lost. Immediately after the auction concludes, as your agents, we will make a bee-line for the highest bidder to pinpoint a sale price somewhere between your ideal sum and the potential buyer’s highest bid – and push them as hard as we can.It is too late for either party to change their minds, and the sale is required to proceed in accordance with the contractual terms and at the price that was concluded when the hammer fell. There are penalties for buyers or sellers if they’re the reason a sale cannot be completed.