Flippa Question

I'd think that you would piss off the bidders to no end if you did it.

Your situation is you have a BIN price -- that's the price that you'd be very happy letting the site go for. It's your "buy-it-now" price.

If the bids are getting close to the BIN, one of two things will happen:

1. Your bidders will see that and somebody might hit your BIN button and you get paid.

2. The bid will equal or exceed your BIN and your BIN will vanish. Bidding goes on -- of course the odds of this happening are slim because of #1.

The BIN price you set SHOULD HAVE been your "wet dream" price (or a realistic "wet dream" price) that you could live with.

If bids are coming close to the BIN, leave it and don't piss off your bidders. They will remember you.

Of course since you've gauged that there's an interest in your site, and you think you need to back out of the situation because you could get more than your BIN, then stop the auction. That WILL cost you money, but stop it, let it be known that you've taken it off the block for whatever good reason that you can think of...

...then wait a couple weeks and re-list. Make sure you wrote down the names of the bidders and get in touch with them at this point. Let them know that you stopped the auction because, say, XXXXX issue, but that's been resolved or you made a mistake taking the site down and now you'd appreciate them coming back.

See where I'm going with this?

The last issue:

Just because the bids are up, doesn't mean that your winning bid will end up completing the transaction! Whereas if your BIN gets poked now, and you set it up for immediate payment, you'd be fairly sure you'd get your money (though I'd caution against using PayPal to receive the funds in this case...but that's another thread for another day).

Hope this helped a bit, or at least got your brain working in a few different directions!

I agree with the above comments as well.

I think setting a BIN price is what you valued the site at in the beginning. To me it is like offering an OTO for $$$ then offering a down sell for the same product at $$. I understand sales funnels but some I believe make huge mistakes if they don't reduce the quality of their product in a down sell.

If you set a BIN price then I would suggest you stick with it as changing it could damage you credibility on future auctions. Net set the BIN higher from the beginning : )

Once bidding has started, I don't think you're even allowed to raise the BIN. You can decrease it, but not increase it unless they've changed the way it works.