If there’s more than one watcher, they will each be notified that other watchers can still buy the item. The buyer then has 48 hours to accept the offer before it expires. You can only send an offer once.
On the flip side, if you don’t want to receive offers from sellers you can opt out in your communication preferences.
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All that eBay states about eligibility at the moment is that it depends on the age of the listing and the listing format. It does say that you don’t need best offer enabled to send an offer though. If you don’t see the feature, it might be that your listing isn’t old enough, you don’t have any watchers or it’s the incorrect format. Ebay are planning to expand the eligibility though, so it’s worth checking back.
Not everybody sees this feature as a good thing, in fact some people think it actually minimises your chance of a sale.
-Buyers worried that sellers have their email address and can see their usernames (which isn’t the case)
-That buyers will be annoyed at having received an offer – if they wanted to purchase it they would make an offer.
-Uninterested buyers will be contacted because people add things to their watch list for many reasons.
-It will make the seller seem desperate thus reducing likelihood of a sale.
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As with everything, it’s personal choice but I don’t see it as a bad feature. I’ve sent a few offers and made a few sales this way so I will probably continue to use it.
Have you tried it yet?