P3D Re: I'm getting confused...(auctions)

[Gabriel Jacob <jacob@xxxxxxxxxxxxxx>]

Ronald Beck wrote,
>I have had this happen to me before.  I was the high bidder for some
>Pokemon characters.  However, because my high bid was not more than the
>reserve, I did not win the items at that price.  The seller contacted me
>and let me know what his reserve price was and I felt that it was within
>my budget and close enough to my maximum bid so I agreed to take the
>item for his reserve price.

>I, however, was under no obligation to do so, even if my maximum bid
>amount had been 2x or 3x his reserve price.

Sorry Ron, but that is incorrect. If you bid one penny over the reserve,
you would have been obligated to complete the transaction. Check, the
ebay rules. Andy posted them on P3D yesterday.

Here is an excerpt from the ebay rules.
 
>What is a Reserve Price Auction? 
>A. A reserve price is the lowest price a seller is willing to take for
>an item. Sellers can specify a reserve price if they are unsure of the
>real value of an item. That way they don't have to sell if the market
>value turns out to be lower than they had hoped. Sellers name their 
>reserve prices when they list an item. The reserve price must be higher
>than the minimum bid price and it is always kept a secret from buyers.
>When a reserve price has been set, the notation "reserve not yet met"
>appears next to the current price on the auction page. Once a bidder
>meets or exceeds the reserve price, he or she is notified of having
>met the reserve, and the notation changes to "reserve met."  

P.S. Hope this helps, Larry.

Gabriel