How to bid over?

[Rex88]

We noticed your backorder bid is higher than the required minimum bid. While a domain is in Pending Delete or Pre-Release status, backorders above the minimum bid cannot be deleted or lowered. The amount entered will be your starting auction bid, and is not a proxy bid.

Do you wish to continue?

I placed a min bid of $69 for a domain on pre-release yesterday.
Now I have been overbid. How can I raise the bid? What does the message above mean? proxy bid?

I thought I need to win this pre-release auction in order to win it?
I want to make sure I don't get charged my maximum bid for the backorder even if I don't win it.

There is no mimimum bid, it's just the amount of the high bid showing. So I don't know how to bid over this other guy.

 

[wayne wooldridge]

I can't be sure which backorder service you are using, but only the winner will pay. If you lose the auction, you shouldn't be charged anything.

A proxy bid is your maximum amount you are willing to pay. It does not raise the bid to that amount though, unless other people raise their bid. For example:

The minimum bid = $69, and you post a max proxy bid of $150. Initially, nobody will see that you bid $150, but if someone else bids like say, $80, your proxy bid will automatically raise to the minimum increment bid above $80 to beat them ($85 if the increment is $5.). Your proxy bid will continue to raise any other submitted bids as they come until you reach the max $150. If someone else bids more than $150, your proxy bid is no longer going to lead the auction, obviously.

You should put starting bid at minimum, and set a proxy bid at the highest amount you are willing to pay.

 

[pchip]

When you backorder a domain through namejet, the minimum is $69, but you can put anything that you want in there. Depending on what multiple people put, the bid will raise accordingly (i.e. someone placed a higher amount than you).

If there is more than one backorder on the domain, which you have now, then the domain will be auctioned off the following day after the 'closing time' expires. It goes into a 3-day auction. That's where you can bid accordingly.

 

[Rex88]

Now I get it

Is it smart to set a proxy bid? letting the other bidder know you're still in it to win it... or act like you're no longer interested when they place a higher bid of $1 to raise the auction...then leave it and start bidding the last 6 minutes instead?

 

[Rex88]

Another thing. What's the point of keep raising the pre-release/backorder auction when it will go on auction after it ends anyway?

 

[pchip]

Now I get it

Is it smart to set a proxy bid? letting the other bidder know you're still in it to win it... or act like you're no longer interested when they place a higher bid of $1 to raise the auction...then leave it and start bidding the last 6 minutes instead?

Personally, I would wait until the end of the auction to start bidding. Just be sure to not forget as this has happened so many times to me over the years

The auction will continually extend itself if there's any bidding activity in the last 5 min of the auction but it never extends longer than that.

 

[Joe89]

Another thing. What's the point of keep raising the pre-release/backorder auction when it will go on auction after it ends anyway?

Depending on how bad you want the domain, it can make other people lose interest . Let's say the back order is for 69$ and you place a $150 dollars. it will be the opening bid when the auction starts.(at least for private auctions, not sure about public ones)