question about buybacks on Teletrade

smallchange

I sent some coins in to Teletrade and I checked the box on the consignment form that states that they will list my coins for two more times if they do not sell the first time around. I plan on placing a buyback on a couple of coins, does that mean I will get to buy them back if my price is not met or will they list them again until my buyback is met. How can coins not sell, if I don't place a buyback then I would guess that all the coins would sell for whatever price they get. Thanks for any help on this,

Smallchange

Coxe

Used to be that you were assessed the buyback fee only once, in the first auction appearance, if the lot didn't sell. They did not charge you on the two subsequent appearances if you used reserves and they still didn't sell. That part might have changed. You'll have to see the fine print and perhaps give Irma a call tfor clarification. Nonetheless, your buyback expires at each auction. If you want to have one on it on another appearance, you must enter it again and it can be different. Having checked the box, they will sell or be returned to you (for another fee) after 3 tries.

yellowjacket

Be careful not to NOT SELL your coin after three appearances. They charge you $15 shipping to return your coin to you.

My take on buybacks is to protect yourself against getting hammered for a big loss. Place a buyback that is a few increments below what you think the coin will sell for. That promotes interest without losing your shirt. If the coin doesn't sell, you are out 5% of the buyback price, a one-time fee. If your coin doesn't sell the first time around, I would seriously consider lowering your buyback since EVERYONE has seen your coin NOT SELL and knows what you were asking. If it doesn't sell after two tries, you might want to "let it ride" with no buyback and see what the market will determine is the appropriate price for your coin.

Take it from me, it's a bitter pill to swallow when you don't sell your coin in three tries, get charged the buyback fee and $15 for return shipping. Yes, you do get your coin back, but is that what you realy want?

Garrow

Edit for lousy grammar and typos!

PawPaul

i believe you only get whacked with a buyback fee if the coin don't sell in it's first appearance .

BUT , ,say it sells on the second or third time - you still pay that initial buyback charge AND you pay the sellers fee as it did sell .

Which is crap - as they should wave the B.B fee because it DID ultimately sell ................

oh ..... and did I mention their photo/imaging of your coins now looks like some kid did it on his toy scanner ??