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- Essentially, shill bidding refers to the practice of a seller using another user identification, which they have created, then using it to bid on their listings. They sometimes even go to the extent of creating and using multiple accounts all in their favor. The sellers do this to affect the final price of the item positively.
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Apr 15, 2020 · What is shill bidding? Essentially, shill bidding refers to the practice of a seller using another user identification, which they have created, then using it to bid on their listings. They sometimes even go to the extent of creating and using multiple accounts all in their favor.
Nov 25, 2010 · Most every case of shill bidding resulting in civil charges has involved some type of online auction, where the identity of the bidders is more easily concealed. Shill bidding is a crime and auctioneers need to do everything they can to help eliminate it from the auction industry.
How to identify shill bids in online auction websites (Ten-X, Auction.com, Xome etc)? Thanks. 9. Add a Comment. Sort by: Search Comments. ralanprod. • 4 yr. ago. Shill bids are irrelevant in auctions. Decide your max price. Bid it. Nothing anybody else does will matter. You either win at a price you were comfortable with or you lose.
- Shill Bidding
- Adding Time
- Reserve Price
- Overpriced Listing
Shill bidding is one of the most common examples of a shady auction tactic. In shill bidding, a seller will have a friend or family member place bids to drive up the competition. While the backfire could lead to the “fake” bidder having to pay up, the potential benefit could gain the seller a lot of profit. When it comes to selling a house, shill b...
Most auctions have a set time where people can place bids. At the end of that time, the highest bid is the winner — a format most of us are very familiar with. However, some auction sites saythey have a set time but it’s not actually the case. For example, a site might hold bidding from 10 a.m. to 4 p.m. If a bid comes in at 3:59, they add two more...
Some auction sites say that a seller can only sell when a Reserve price is met. Oftentimes, they won’t tell the buyer what this is. If this mysterious Reserve price isn’t met, the site might put the property for sale again. This tactic might not hurt someone outright, but it could still pose an inconvenience. At the very least, it’s best to work wi...
Savvy buyers and those who work with agentswill likely not have to worry about this, but it’s a shady auction tactic to watch for all the same. An auction site might take a home that’s worth, say, $300k and put the opening bid at $400k. Again, this helps the seller but drives the price up for the buyer, unnecessarily. More than anything, when it co...
Oct 27, 2021 · If it’s possible to pull this off at a live auction, with people like you around to see what’s happening, consider how MUCH easier is it to shill online, with the bidders identities undisclosed! Exactly, Professional Auctioneers/Houses are experts at recognizing when they have a fully engaged bidder (sucker).
Except as described in Section 3.5.3 below, shill bidding (where the seller of an item at Auction, or someone colluding with the seller, places a bid in order to artificially inflate the price of the product being sold), whether manual or automated, is strictly prohibited on the Services and the Bidder User represents, warrants and covenants tha...
Shill bidding in an online auction occurs when an individual bids on his or her own item (or has an associate bid on the item) in order to artificially raise the price. [1] . With the rise in popularity of online auctions, shill bidding has increasingly become an area of concern. [2] Contents. 1 Public Perception. 2 Outcome. 3 Historical Use.
