After the Auction

What steps follow a completed auction?

If the Reserve Price is met, e-mails (along with messages to the buyer and seller’s Message Center) are sent from Bid4Assets to relay the auction results. The e-mail includes:

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process

Who is responsible for contacting whom?

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process.

Who is responsible for packing and shipping?

The seller will list packing and shipping details for personal property and real estate closing documents in the auction description section. If the information is not clear in the auction description, please contact the seller prior to bidding by clicking on the Ask Seller a Question link in the Seller Information box.

Am I notified if I am not the winning bidder?

No. Only the winning bidder is notified at the end of an auction. Bidders are notified during the auction only when they are outbid.

What happens if two auto bids are identical and this amount is the high bid?

If two bidders place auto bids for identical amounts on the same auction, and this amount is the high bid when the auction closes, the first auto bid that was placed will be the winning bid.

When do I have to pay for the asset I won?

Per our Terms of Service, final settlement must occur within 5 business days of the close of the auction (30 days for real estate), unless the seller has specified otherwise. Review the asset description and settlement requirements on the auction listing for specific instructions.

Can I buy the asset if the Reserve Price was not met?

If a Reserve Price was not met and you were the highest bidder, the seller may choose to contact you to complete the transaction via our Bidder On Deck option in your My Account page.

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process

What happens if I am the winning bidder and I back out of the purchase?

All bidders should be aware that they have entered into a legally binding agreement if they place a bid on an auction on Bid4Assets. Please see our Terms of Service, section 3.3 (b.) “offer and acceptance – binding contract between buyer and seller.” Every bidder must agree to the Terms of Service before bidding.

We take bidder performance very seriously and expect every winning bidder to complete their transaction. We vigorously enforce any violation of policy.

A “non-performing” winning bidder will be subject to the following penalties:

What happens to my deposit? Can I use it to pay for an auction?

If you are the winning bidder, your deposit is automatically transferred to the seller at the close of the auction. You are responsible for paying the seller directly for the remaining balance of the transaction.

How can I submit feedback on the seller and the transaction?

If you are the winning bidder, you will receive a winning bidder notification e-mail. Included in this e-mail is a link to our Feedback Tool. You can also access our Feedback Tool by logging into your My Account page and clicking on the Leave Feedback link located on the left navigation bar.

You can rate the seller based on the following 3 criteria, using a scale of 1 to 5 (one being very dissatisfied and five being very satisfied):

  1. Product Quality/Value

  2. Communication

  3. Ease of Transaction

Seller ratings are based on a 5-star system and appear next to the seller’s username on the auction listing page. The total number of feedback submissions appears in parenthesis.

Can I enter comments when I rate the seller?

We encourage buyers to provide seller feedback based on the 5-star system, however, a comments option is currently unavailable.

What if I have a problem with the seller after the auction?

If you have tried to resolve the issue with the seller directly and are still not satisfied, please contact our Support Services department at [email protected] and provide details of the problem you encountered including the auction ID and the seller’s name. Our Support Services staff will work with you to help facilitate a resolution.

Is there a return and refund policy?

Most items are sold on an “AS IS” basis, however Bid4Assets requires all Jewelry, Coin and Art sellers to provide a return and refund policy that meets Bid4Assets' minimum standards. The Bid4Assets policy states that a 100% return/refund policy is required for any auction in these categories that includes an appraisal, certification, or stated/estimated retail value. To initiate a return, the Buyer must contact the Seller within ten (10) calendar days from receipt of the item and return the item within fifteen (15) calendar days to the Seller. Please refer to the Terms of Service for more information.

How do I find an auction that has closed?

In order to locate an auction that has sold or closed, you will need the auction ID number. You can search for auctions with the auction ID using our search feature found on the top header of our Web site.

If you previously added this auction to your watch list on My Account page or you previously placed a bid on this, you can also access a list of closed or sold auctions through your My Account page. Click on the link to your My Account page on the top header of our Web site to log in; select the appropriate tab (My Auctions or My Bid List) and then click on the link to view closed auctions.