Familiarity leads to smooth transactions. We want you to be familiar and comfortable with Orbitbid.com, Inc. and the online auction process and make sure that all your questions are answered so that your experience buying at online auction is a positive one. We are asked many questions and have put together this list so that you have the answers and familiarity you need to be an informed, confident bidder. We want to provide you with a smooth transaction, meeting and exceeding all your expectations!
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A buyer premium is a transaction fee added to the high bid, paid by the buyer as part of the Auctioneer’s compensation. For example, a bid of $100,000 and buyer premium of 10% will result in a purchase price of $110,000. The buyer premium and deposit are unrelated.
To view items you are watching, log into your account and click 'items I'm watching' in the middle of the screen. You can also view items won in the last 30 days. Once you've logged into your account, click the 'my account' link and then click the 'view items I've won' link.
A maximum bid can be placed in the pre-bidding stages of the auction or during the auction itself. Establishing a maximum bid allows you to establish the most you are willing to bid for a specific item. It ensures that you will continue to be the highest bidder at the lowest qualifying bid until another user either outbids your maximum or establishes a higher maximum bid than you have. If the auction closes before your maximum bid is reached, then you will have won the item for less than you maximum bid.
Pre-bids are bids that are placed before the auction starts. They are not visible until the day of the auction and can also serve as a user's maximum bid.
A bid increment is the required minimum amount that the auction bid can successfully be increased by. For example, if bidding for a particular item has reached $20, and the bid increment is $5, than the next acceptable bid would need to be $25. Any placed bids that exceed the bid increment are treated as a maximum bid.