Quote:
Originally Posted by draggar  The most commonly misused term is BIN. BIN stands for Buy It Now. When eBay coined this phrase (who knows how long ago) it was meant as a fast way to bypass an auction and to purchase an item at a set price.
The BIN offer is voided after the first bid / offer is placed (seriously, how fair is it to the other bidders if you been the bin and when bidding gets close to it someone posts "SOLD AT BIN!!"). Once you have an opening bid or offer, the BIN should be no longer considered by anyone.
A BIN is NOT a fixed price nor is it where you'll start accepting offers. If you say you're taking offers and will only accept offers that are at your "BIN" then either make it a firm (or fixed) price or say "starting offers at $xxx.
A BIN is a certain dollar amount where the seller will, without question or hesitation (other than an untrustworthy buyer) sell the domain on the spot.
Yes, a BIN is a gamble for the buyer and seller. The seller hopes to get the BIN but that is gone when the first bid is placed. The bidders reject the BIN by placing an offer (lower than the bin) in hopes to get it at less than BIN. The tides turn if the bidding goes over the BIN (which I've seen a few times). |
if i may...
unless you're still refering to ebay, then as it applies to forum sales...
Your statement "misleads and makes an assumption" of the part for the seller.
A BIN means buy it now, and it "stays in effect" even if others make offers in the thread.
An additional offer from other members that is lower than the BIN, does not render the BIN "null and void" automatically.
It is up to the seller to either retain, reduce or remove the BIN at his/her discretion if it is posted in the thread.
The BIN can also be the "fixed price" if someone wants to "buy it now",when the sale is initially posted.
also, i don't see how offers could exceed the BIN, unless the "buy it now
price was removed after offers were submitted
imo...