Another Teletrade Question...Seller Buyback Bids

OneCent

Is there a time frame for which a seller can place a buyback bid on their cosigned material? For example, if I cosign a coin to TT and set a buyback can I place the buyback bid in the last minute of the auction?

djm

You can place the buy back bid when ever you want. There is a difference in the fee charged. If you place the bid greater than 2 hours before the auction starts you only pay the consinment fee. If you bid during the auction you pay both the buyer and sellers fee.


If you are planning to buy back then don't opt in for the guarenteed sold program or you will pay a consignment fee on the subsequent listing.

19Lyds

Buyback bids CANNOT be placed 1 minute before an auction ends, only upto an hour before the auction begins.

The Teletrade Site states:


Buybacks (Unsold Coins/Currency)

Teletrade does not enter minimums or reserves on behalf of consignors. Consignors are permitted to bid on their own coins, but they must do so by placing Buyback bids no later than one hour before the auction begins (see "Maximum Bidding" instructions on how to enter Buyback Bids). Consignors will be charged a flat 5% fee (minimum $5) on their full Buyback bid on any lots bought back in this manner. The maximum fee for any Buyback lot is $100.

All coins/notes that are returned to the consignor after not selling, whether it be after one, two or three auctions will be assessed the following charge based on how many lots are returned. This charge includes shipping and postal insurance.

That Maximum Bidding link only addresses actual bidders and not seller buyback bids so I don;t know why they included it in the instructions.

djm

Lee:

Now you are splitting hairs... The difference between a buy back bid and the seller buying his own coin.

19Lyds

<< <i>Lee:

Now you are splitting hairs... The difference between a buy back bid and the seller buying his own coin. >>



Huh?

What part of: "Consignors are permitted to bid on their own coins, but they must do so by placing Buyback bids no later than one hour before the auction begins" is splitting hairs??

JustMakesCents

Actually, you used to be able to place buy-back bids anytime during the auction. If the bid was placed before the auction, you only paid the buy-back fee. If you bid during the auction and won, you paid both the buyer and seller fees.

It has since been changed so that the seller can only place bids upto one hour before the auction starts. No bids are allowed during the auction at all.

Jeff