Question: What happens at the end of an auction?
Answer:
Once the end time of an auction is past, the auction is ended (becoming an “Ended Auction”), and no further bids may be placed. In this phase, there may still be pending bids, so the winner of the auction is not yet decided.
Once all pending bids have been accepted or rejected either by the seller or automatically by Flippa (this may take up to 72 hours), the auction is completed (becoming a “Completed Auction”).
When an auction is completed:
If there are no accepted bids that meet the reserve price, no winner is declared.
If there are accepted bids greater than or equal to the reserve price, the highest of these is declared the winning bid. The winning bidder is legally bound to purchase the item at the price indicated by the bid; likewise, the seller is legally bound to sell the item to the winning bidder at that price.
To assist in completing the transaction, Flippa will automatically email the contact details of the winning bidder to the seller, and those of the seller to the winning bidder.
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