I am new to e-bay, but my understanding is this. If the seller has set a reserve price (which does not have to be revealed) and that price is not met, they do not have to sell the item for less. However, if the reserve price has been met they are obligated to complete the transaction. If there is no reserve the highest bid takes it. Contact e-bay for clarification of rules for buyers and sellers. Good luck................
The auction is binding. Take it up with ebay, but if you haven’t already, perhaps a polite post “reminding” the seller of their obligation might help – big emphasis on polite.
BTW – you don’t happen to have InstaMail (AS option) turned on?
This is an exemption from the auction being binding; if the seller has specified something in their listing that would exclude you as a valid bidder. An example would be a minimum feedback score.
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