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Raid timers (sometimes called "raid lockouts") are the technique implemented by Blizzard to prevent members of large guilds from visiting high-endinstances over and over to repeatedly farmbosses in a short period of time.
Players re-entering a time-limited instance will find that they are entering the same place, regardless of whether anyone else is still in the instance; bosses killed in previous visits to the same instance stay killed until the timer resets. The other implication is that the players associated with the instance have a time limit in which to complete their activities before the instance is reset. This time can be extended (from Patch 3.2.0) with the Instance Lock Extension feature.
Bear this in mind if you are revisiting an instance with different raid members, as they might not always be "saved to" (associated with) the same instance as you. If you haven't got an ID for a certain instance, and you join a group with an ID for that instance, you will be saved to their ID as you enter the instance [1]
Raid timers (or Raid IDs) are the system used to save you to a raidinstance. To see which raids you are currently saved for, you can type
/raidinfo
This will give you a number of IDs, which you can then compare with others to see if you're saved to the same raid.
You may join raids that are saved if you are not saved- however, you cannot save yourself to another raid, even if it is similarly progressed.
If you are organizing a raid, it's best to enter with one other person on the same Raid ID as you, and then send invites from inside the raid instance. There have been problems experienced with raid timers being swapped, and people entering the wrong instances.
Realm transfer
Apparently raid timer status is transferred with characters who use Paid Character Transfer.
Instance timers
Since Patch 1.9.0, instances are reset according to a fixed calendar. This was decided by Blizzard to be fairest to most and replaces the previous system of resetting raid instances based on the absence from the instance of the raid members.
Unless a raid has been extended, the following is a list of when each raid is reset:
Note: On European servers all times are 4:00AM and are reset on Wednesday instead of Tuesday.
"Raid lockout" is fixed. If the leader of your raid group is saved in a different instance than you would otherwise go to, you are added to your leader's instance.
Added /raidinfo command showing remaining time on saved raid instances. Also shows an ID to compare with other players (if you have the same saved ID as them, you will go into the same instance)
Added a chat window message when you are first saved to an instance.