Reserve not met?

Penelope_Penguin

Good afternoon!

I'm bidding on a games console for my son. I've put in a bid of around £90. We're the 4th bidder, and currently the highest. Our bid is showing at £1.70, but the reserve isn't met.

DS tells me that he won't win it and wants to bid on another item, but I'm worried that we may win this onw, and possibly another, and then he'll be left owing me for 2 systems, and we'll have to sell one.

Can someone clarify for me - does this mean that the £1.50 isn't enough for the reserve (which it obviosuly isn't ) or is the reserve higher than my £90 bid?

Many thanks :A

KiKi

I'm pretty certain it's the £1.50 that's not met - because with no-one else bidding higher than you, you cannot buy it for more than £1.50 at the moment.

Wait it out!

KiKi

Little_Mankties

I would have thought it means that the reserve is higher than your £90 bid. If, for example, the reserve was £75, then you should be the current winning bidder and the price would have gone up to £75 IYSWIM!

lisawood78

Nope, it means the reserve is higher than £90 (or so I think!) because if it was less than £90 it would have taken your bid up to the reserve price. That makes sense to me anyway.
Where is Soolin when you need her

Crossed posts with Little Mankties

Penelope_Penguin

Thanks all :A DS has stopped panicing and gone and read the rules *roll eyes at teenaged boy* He's now under the impression that even if the reserve is not met, the seller can still sell to the highest bidder.

I'm sitting firm that I don't bid on another before this one is definitely not ours

hermum

If you put in a price that meets the reserve then your bid would automatically go up to that amount. Have you checked the sellers completed listings to see whether they've tried selling it before, that could give you an idea of price they're expecting.
Some sellers will tell you if you're near the reserve price, so may be worth contacting them. Personally I won't bid on items with reserves.
You aren't going to win this one, unless they lower the reserve price & your £90 is the highest bid.