Setting Auction BINs

[LucidDomains]

Hey

Forgive me if this has been asked before or there already is a rule in place for this. I haven't created an auction myself yet. I have been viewing and participating in a few NP auctions since joining. I have a question about setting Auction BINs (Buy It Now).

Lets say you have a couple of people going for a name, it last 3 days of fierce bidding - the benefit of auctions on a forum with auctions closing 72 hours after the final bid (for example) is you don't have to be monitoring the forum 24/7. People here are in different time zones. Sleep at different times.

So how does BINs work?

Lets say the auction reaches $75 and the auctioneer decides to set a BIN at $80.

That doesn't really seem fair to me. That someone who bid $73, sees the BIN has been set minutes ago and knows he can definitely take it for $80 and does just that.

Where as the person who has invested 3 days to try and acquire the name, was the max bidder could be sleeping (different time zones), or not seen the BIN yet and then loses out on the name.

Do you get my point?

So is there a rule that BINs cannot be set 6 hours before an auction is about to end (or something similar?)

Or BINs have to be at least 25% higher than the final auction price?

 

[equity78]

A seller can set the buy it now whenever they like and whatever price they like. You bring up a valid point but I would say no seller is setting a buy it now so close to the bidding price if there is a lot of action.

I would say if the name is at $75 a buy it now is going to be set in the $250 to $750 range, possible higher depending how good the seller thinks their name is. You cannot monitor 24 hours and someone may get there before you.

It is not perfect system.

 

[Eric Lyon]

Also note the following in the rules:

6.2.4. A Buy-It-Now price ("BIN") may be changed (added, reduced, increased, or removed) on an auction at any time prior to it being accepted. However, the change must be posted to the thread as a new reply as well as updated in the original post before it can be accepted.

You can find the rest of the rules regarding auctions here: https://www.namepros.com/threads/official-rules-of-namepros.848752/#section-060200