How Does Yahoo! Auction Work?
Yahoo! Auctions is an online marketplace the enables sellers and buyers to conduct business in an environment that requires no fees or premiums, other than the price agreed upon for a particular item. You must have a current Yahoo! account to use the auction service, which takes place in a manner similar to other online auction services.
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Getting Started
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Yahoo! Auctions involves placing an item up for bidding for a predetermined amount of time. At the end of that period, the person with the highest bid purchases the item for the amount of the winning bid. The seller then ships the item to the winner and receives payment from the bidder. The first time you place an item up for bid or place bids in multiple auctions, Yahoo! requires you to verify your account by providing a credit card number, your name, postal code and email address. The credit card verification is for security purposes only and does not involve charging your credit card.
Bidding
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You must enter the monetary amount of your bid and account password to place a bid on any auction hosted by Yahoo! Auctions. While your password is kept confidential, the amount of your bid and your Yahoo! ID are publicly displayed on the auction’s page. You can create and choose to display an alias when bidding for an item on Yahoo! Auctions. Each auction contains a Question and Answer section that allows bidders to submit questions to the seller about the item that’s being bid upon. All questions are visible to the public and contain your Yahoo! ID or alias.
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Selling
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Placing an item up for auction on Yahoo! Auctions involves creating an auction, describing the item and setting a beginning price. After you do this, the bidders take over until the end of the auction, although you may need to respond to questions about the item during the auction period. When the auction concludes and a winner has been determined, Yahoo! provides contact information to the seller and winning bidder for the transaction to be completed. Winning bidders can pay with a credit card or through PayPal and sellers receive payment through PayPal only.
After the Auction
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When an auction on Yahoo! Auctions concludes, the seller and buyer are invited to rate each other based on their experience during the related auction. When a Yahoo! Auctions account is created, each user is assigned an Auction Profile where a list of auctions participated in, whether as a seller or bidder, is displayed. Ratings for each auction participated in are also displayed on this page along with the Yahoo! IDs or aliases associated with each auction. Links to the auctions participated in are also provided on each user’s Auction Profile.
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