How would you handle this situation as a buyer or seller ?
Larrob37
Posts: 218 ✭✭✭
Seller put a coin up for presale. We agreed upon a price under the premise that when coin arrived to them they would mail it out and i would pay at roughly the same time. Meanwhile value of coin has dropped approx $100.00. I was thinking of contacting seller to let them know that i feel the original price is too high and we should renegotiate . The problem is i was taught that my word is my bond and i should honor the original price agreed on. What would you have done as a buyer or seller. The coin is not going to be sold by me as i want it for my collection.
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Deal is a deal. You locked in pay it. Would you be asking this if the coin went up $100 ?
If they agreed to sell it at the price you agreed to pay, then that's what should be done,.
Buyer should honor his commitment.
This is unfortunate, but is a pitfall of presales. You could always ask about a revised price, but if the seller doesn’t agree, I think you should honor the original price.
The seller acquired the coin based on your offer. You are bound to honor it.
Your word is your bond, or your word is worthless. Buy the coin as agree.
A deal is a deal, you both should proceed as was arranged.
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Never a slave to one plastic brand will I ever be.
I guess i should have added that if the coin had gone up i would have expected the seller to want to negotiate or cancel the sell. I am not saying this particular seller would have done either but as a rule i believe some would have. I did in fact pay the original price without contacting seller and am happy with the coin.
Price up and down all the time. If you like the coin go for it. little price change should not be a big deal.
As above...how much is your word worth?
A deal is a deal.
All of the above!
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I offered $150 on this forum back at release. They are now selling for $130 to $150. I've already paid for 18 at $150, even though I will be lucky to break even and could buy them on ebay more cheaply. And I have another 12 locked at that price.
Any NEW coins, I'm only at $105. But a lock is a lock.
A deal is a deal.
I'll play the other side. I've been burned before, I've been given prices by dealers over the phone and when I arrive within the hour they have an excuse as to why the coin is now higher....and not by just a few dollars. Very frustrating but they didn't get my money and I don't do business with them anymore. So if you don't really care about doing continual business with them...take YOUR money and walk.
Anything being "pre-sold" I can wait a year for the market to settle on for a decent price after release.
Ounce by ounce the stack grows .
A deal is a deal. No one (neither seller nor buyer) gets to renegotiate a deal once it is agreed upon. You agreed to a price then you pay the price.
In honor of the memory of Cpl. Michael E. Thompson
I wish more and more dealers/sellers on eBay with pre-sales of current Mint products felt the same way as the collectors here. Sadly, not the case.
peacockcoins
So, you approve of the way this dealers treated you?
This is a silly argument and horrible advice. It's like saying that since your father slapped you, it's okay to slap your neighbors father.
Two wrongs don't make a right.
Yet another reason to not get all giddy about mint junk. 🤓
There isn't really a question here... you agreed to a price and that's the price.
How is this even relevant to the question being asked?
As others have said, if you make a commitment, you should honor it no matter what the price change may be.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
How would you feel if the value went up approx $100.00?
I have been in situation where dealer raised his price because demand was high. I am really surprised(but happy) that most people on here would honor price. I guess i am lucky that i did not buy the presale when the price was $400.00 . I wonder how many of those buyers are thinking of what to do. In my opinion it does not matter if price went up or down $300.00 you have to be a person of your word.
In one breath you say that you were taught that your word is you bond and in another you want to go back on it. Something tells me your a lousy student. Remember only one person can control your integrity. You. Sorry to be blunt
If the price went up are you going to give the seller more for it? The pre-sale price is the pre-sale price. Once agreed upon the sale is done. The seller is obligated to keep his word even if the price doubles or triples in the meantime, so why should you get to change your mind if the price goes down? It could go either way. It's a two-way street. Just like a no-reserve auction. If someone lists a Morgan dollar and it sells for $12.00 the seller must sell if for that price, If the the listing sells for $40 and you are the high bidder, you are obligated to purchase it at $40 even if you way overbid.
I agree also
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If you do not want to abide by an agreement, do not make the deal in the first place. If a person makes an agreement with me, and does not follow through, I consider them a liar, and would never do business with them again. As far as I'm concerned, this issue should not even be open to debate. Your word is your bond. You either keep your word, or you don't.
What’s the point in agreeing on a price in the first place, if one party or the other is going to negotiate if the market moves against him? Each of you committed to a particular price and are bound to it.
In the future, I’d recommend something less vague than “ ...under the premise that when coin arrived to them they would mail it out and i would pay at roughly the same time”.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
In numismatics the value of your good name is of the utmost importance. Go through with the deal and don’t complain.
I understand that this is a coin forum. But I believe that you can substitute “life” for “numismatics”. 😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
This.
Oh, I suppose you could try to renegotiate it, and possibly the dealer would even do it for you....... but you'd forever be on his blacklist and your reputation might spread around. In this community, trust opens lots of doors and distrust forever closes many others. Tarnishing your reputation over $100 seems like a lousy trade.
Edited to add:
I'm happy to see near universal agreement on this one. WTG fellow forumites.
Just the way it goes sometimes....
If a car dealership says they'll give me a price on a car when it comes out and I find another dealership with a lesser price I'm taking my money where I can get the most value.
Ounce by ounce the stack grows .
A car dealership telling you that they’ll give you a price on a car when it comes out, isn’t remotely similar to an agreement on a purchase at a particular price.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Years ago I sold some circ dollars to a BIG buyer.
He returned them.
I asked if the grades didn't meet his buy price .
He replied, "No problem with the grades. Just not what I'm looking for."
This was when silver was dropping.
But I had confirmed many many many to him before.
Needless to say, I spread the word and didn't deal with him again.
Really....?
Please provide your ebay name so we can all block you.
So when I was buying a Chevelle from a dealer that just bought at auction and we agreed upon $75k but when I show up the next day he wants $85,000 because another buyer "called in today"...that's not the same?
Ounce by ounce the stack grows .
That is HIM doing what YOU RECOMMEND.
He shouldn't do it. You shouldn't do it. The OP shouldn't do it.
Block me on here and be done with it. He asked how we would handle it and gave my opinion. Not looking for brownie points or friends guy lol.
Ounce by ounce the stack grows .
I don't care about your comments here but I certainly don't want to do business with you.
The fact that you don't think breaking a contract is a problem is the problem.
I'm sure he'll over pay like 99.9% of you have suggested don't worry.
Ounce by ounce the stack grows .
The OP has already completed the deal at the original price.
The scenario I replied to is very different from the one you just posted. First you posted “that they’ll give you a price on a car when it comes out”. As written, that doesn’t amount to an agreement or a verbal contract. Then you posted “> So when I was buying a Chevelle from a dealer that just bought at auction and we agreed upon $75k but when I show up the next day he wants $85,000 because another buyer "called in today"...that's not the same?” As you worded it, that was an agreement. Words make a big difference.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
It's been done to me enough to where it doesn't bother me anymore, you are correct. No down payment being lost so what's it hurt to walk?
Ounce by ounce the stack grows .
You said your answer.......
"my word is my bond".
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
If your word has no value, I guess it doesn’t hurt too much to go back on it.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
So a coin dealer can verbally set a price when a coin comes out but a car dealer can't? Mmmmmk > @MFeld said:
It's never hurt walking away with money saved.
Ounce by ounce the stack grows .
This guy is a seagull, not worth the time spent responding. He will be gone soon as there is nothing coming out worth trying to flip. BST take note
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Anyone can set a price on anything - verbally or in writing. But on its own, “setting a price” doesn’t amount to an agreement. You’re not being clear.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
So I guess if this guy were wanting to but a coin and the dealer said ya know what, I have a guy that said he'll but it for more than our verbal agreement. Y'all would say, well it's his coin he can sell it to whoever....right?
Ounce by ounce the stack grows .
I feel bottom line is if the value of the coin has made the item now unappealing to the buyer, why buy it?
Ounce by ounce the stack grows .