It's never made sense to me. Prices become inflated with early bidding. I don't see much point to it really.
I was checking out the NF AMA and there are already quite a few bids on a couple of domains. I was just wondering why people bother to bid so early?
It's never made sense to me. Prices become inflated with early bidding. I don't see much point to it really.
It is indeed an interesting situation and one I actually asked David about a couple of weeks back:Interesting conundrum! Perhaps someone from Netfleet can explain rules so there are no misunderstandings?
By this statement I'm assumed he meant the offer will go "unaccepted", in which case they shouldn't have their offer automatically pushed to the auction without their approval of an extension of the offer.OK - the current offer will expire as usual. So your domain will start at $100 or a reserve if you set one.
Not ideal I know.
You would have thought that by pushing the domain to auction that the offer was automatically rejected and the auction would reset the price to $0, with a reserve of whatever it is.The domain is showing as "reserve met".
However, given the new 7 day expiry rule on bids on Netfleet, I'm not sure how this works if the bid that is currently live then expires during the course of the auction (and there are no further bids)?
You are only seeing it from one mindset
But really how can you tell people what process to bid in, it is a public auction so any one can use what strategy they want. sure these things piss you off but you just need to get your game on and be willing to spend more.
It is indeed an interesting situation and one I actually asked David about a couple of weeks back:
By this statement I'm assumed he meant the offer will go "unaccepted", in which case they shouldn't have their offer automatically pushed to the auction without their approval of an extension of the offer.
You would have thought that by pushing the domain to auction that the offer was automatically rejected and the auction would reset the price to $0, with a reserve of whatever it is.
Then buyer should also have the opportunity to pick up the domain for less than what they previously offered if the reserve price is lower than what they previously bid and no one else is willing to buy it.
So I guess the long and the short of it is anyone interested in the domain would be doing myself and NetFleet a MASSIVE favour if they were willing to make an early offer and bid at least $501 for the domain in the next couple of hours to help avoid the confusion that will be caused otherwise.
Though of course given that the reserve has been met, that would constitute being committed to buying at that point. So you'd have to be happy to purchase the domain at $501 - but with LifeInsuranceComparison selling for $12,000 a couple of days ago and with similar stats - $501 is no doubt still a bargain.
Maybe a warning explaining the situation should be mentioned in future when pushing domains to auctions that still have active offers.
Just to clarify, if an offer on a Standard Catalogue Listing has not expired once the auction opens, it will appear as a bid in the auction, for the duration of the auction. Essentially it extends the buyers original offer, and in the worst scenario, this would mean their offer lasted for 14 days.
We do need to make this clear to buyers when they submit offers I agree. They would get an email however informing them that the domain has gone to auction, so they are kept in the loop.
I understand what you're trying to do here Mark, but from a buyer's point of view, I don't think you should backdate the rules (morally and/or legally). IMHO
To be upfront, the offer in question on one of Chris.C's domains is mine. My offer expires in 1 day - or tomorrow afternoon at 3.21pm. Therefore the domain in question should go back to $0 on the aftermarket auction; and I should have the chance to bid again if I want to.
Otherwise it creates a false starting point for others.
Netfleet brought in the 7 day rule because the old 30 day rule was just too long. It was a great change, because peoples circumstances change. It keeps things current.
If you are going to change the rules, then imho you need to tell people in advance.
.
Ned, I'm not sure what you are talking about back dating rules. This has been the process since we started the push to auction feature.
Agreed though - we will make it obvious when placing a bid that the offer may get extended if pushed to auction. It was my fault for overlooking getting that added.
Offers are valid for 7 days. Once 7 days has passed, an offer cannot be accepted, and is no longer binding.
Specifically for the domain in question - why do you mind if your offer is extended for 5 days? Curious more than anything
Speaking with my buyers hat on I think the fair thing to do is to reset the bid back to $0, or at least the buyer should be consulted as to if they would be willing to extend their offer for the duration of the auction.To be upfront, the offer in question on one of Chris.C's domains is mine. My offer expires in 1 day - or tomorrow afternoon at 3.21pm. Therefore the domain in question should go back to $0 on the aftermarket auction; and I should have the chance to bid again if I want to.
As a regular domain buyer I can understand where Ned is coming from.Specifically for the domain in question - why do you mind if your offer is extended for 5 days?