Online auctions are an exciting, interactive and easy way of buying and selling items. Thousands of users can login from the convenience of their homes, and enter, literally, a virtual flea market - great deals, even greater prices and the high that comes with it.  Lootmaar brings you the platform – you make it alive.

Setting up an Auction: Setting up an item for selling is an easy step-by-step process. All you have to do is click on 'Sell' and follow the instructions. However there are some auction terms and processes that you should be familiar with beforehand. These are explained as follows.

Reserve Price: This is the minimum amount of money the seller wants on his item. While putting up an item for auction, the seller sets the reserve price to save the item from being bid-out at a less-than-acceptable cost. If the bids do not exceed the reserve price the item is not awarded to any bidder. The reserve price is hidden from all bidders.

Starting Price: This is the price the seller wants the auction to start at. The starting price can be low as the seller wants, since the item is protected by the reserve price. A low starting price may also attracts more bidders.

Buy Now Price: This is the price at which the item can be bought straight away, without entering the bidding process. The seller can opt for a buy now price while putting up the item for selling.

User Ratings: Buyers and sellers on Lootmaar can rate each other according to their experience with the transaction. This builds user reputation, and facilitates other buyers and sellers.

Payment Options: The buyer has to pay according to the methods outlined by the seller in the auction details. The seller has a number of Payment Options to choose from.

Auction Time: The seller can chose how long he wants the auction to last. If the reserve price is not met and the auction time finishes, the item will not be sold. The item can then be relisted.

How to bid: The buyer finds an item he likes, clicks on the bids button, and places a bid. The buyer may place a bid every time he is outbid.

An important point to note is that as soon as a bid is placed, the buyer comes into contract with the seller, and is obligated to buy the item if he is the winning bidder. Similarly the seller is obligated to sell the item if the reserve price is met and the auction time has elapsed.

What next?: Once an auction has been won, or an item has been bought, an email is sent to both the seller and buyer. Payment and delivery remain to close the transaction. The buyer and seller are encouraged to make arrangements between themselves. All communication between the buyer and seller should be done using the Lootmaar message board. 

For more information visit How to Complete a Transaction.