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Buyer is backing out because of lower price?

konsolekonsole Posts: 795 ✭✭✭
in Precious Metals
I put up a good amount of silver on the bay on Saturday March 12th for a 1 day auction, so it ended Sunday night. Winning bidder ended up bidding slightly over spot and then we agreed that they were going to pay with paypal eCheck on Monday night. Tuesday comes around and no sign of payment so I message the buyer later in the day and the buyer says they have had a family emergency and had to go to Mexico and may not be back for atleast 2 weeks. They said that they hadnt deposited enough in their bank account and wouldnt be able to for atleast after those 2 weeks. They said that they could pay with a credit card right away but then I would have a big paypal fee. So I figured in 2 weeks theres a chance they will pay but they could very easily just back out, or they pay with a credit card right away and I have big paypal fees and I risk them trying to pull some chargeback BS, or we just agree to cancel the auction. So I decide that cancelling the auction was the best choice. As you can see when it sold silver was fairly high and now silver has dropped quite a bit, so not only have I lost a decent amount of profit but now I have to wait for higher prices again to sell.

Since the auction ended the buyer has received feedback on about 6 other items totaling a few thousand dollars. Bidding from Mexico?

The buyer does have 100% positive feeback though.

Is it just me or is it pretty obvious the buyer is throwing out a lie so they can back out because of the steep drop in silver price, or does it seem like they would have legitimately paid with a credit card?

Comments

  • BarndogBarndog Posts: 20,500 ✭✭✭✭✭
    your assessment is correct. Ebay is perilous for such sales. You would have better luck and likely more net by selling on this forum.
    JR Newsletter Online Edition
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Funny, I was having the opposite problem. I won a couple auctions at around $31 spot a fee weeks ago and they kept stalling on shipping them until I got ebay involved. Now I received notice they were shipped today.
  • storm888storm888 Posts: 11,701 ✭✭✭
    .

    The BST is prolly a better bet than EBAY.

    Selling to large/local dealers is also sometimes
    better than EBAY/PayPal.

    ....

    EBAY buyers have nothing to lose, if they kick
    out on a PM deal; most BST buyers do.



    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • derrybderryb Posts: 36,995 ✭✭✭✭✭
    Take the regular paypal payment, you were prepared to pay the paypal fee when you listed it. Coin in the hand is worth two in the bush. I've got a 2 oz. silver buyer not paying, but it's no biggie, I'll just sell it for more later.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • CaptHenwayCaptHenway Posts: 32,275 ✭✭✭✭✭
    Typical eBay craap.
    Out the reneger so that other sellers can block him.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • OPAOPA Posts: 17,126 ✭✭✭✭✭


    << <i>Typical eBay craap.
    Out the reneger so that other sellers can block him.
    >>

    image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    " They said that they could pay with a credit card right away " How is this backing out?

    I have no love for fees & hassle of eBay, but they do have rules for buyers and sellers.
    Avid collector of GSA's.
  • konsolekonsole Posts: 795 ✭✭✭
    Ya I prefer to sell on here also and I have bought and sold a bunch of stuff here, but I saw the price premium the items I had were selling for so I calculated that the fees were outweighed by the higher selling price.
  • IHC08IHC08 Posts: 100


    << <i>Is it just me or is it pretty obvious the buyer is throwing out a lie so they can back out because of the steep drop in silver price, or does it seem like they would have legitimately paid with a credit card? >>



    Maybe, but it's not obvious to me. The buyer said he'd pay immediately if you'd accept normal PayPal payments but you want an eCheck. It's pretty likely that the other items he's bidding on are accepting normal cc funded PayPal payments.

    I think you should wait and see if he pays after the 2 weeks are up. As you said, silver's gone down from your sell price so you're going to wait to re-list anyway until it goes back up & there's no guarantee that your new winner would be willing to pay by eCheck.
  • OPAOPA Posts: 17,126 ✭✭✭✭✭
    Note of caution. I do not believe, as a seller, that you can dictate what type of PayPal payment you're willing to accept. That choice is up to the buyer, as such, you may be in violation of eBay's payment type policy.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Gotta be aware of those kind of deadbeats. It's one of the reasons I don't generally do bullion except as an existing customer service.

    OUT THE DEADBEAT!

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • derrybderryb Posts: 36,995 ✭✭✭✭✭
    OUT THE DEADBEAT!

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • stevkcstevkc Posts: 166
    If he said he would pay right away with a credit card via Paypal, I'm not sure how that can be considered backing out of the sale. When you listed it, I assume PP via credit card was a payment option.

    Even if he pays with PP via eCheck, isn't there still a PP fee? Unless he's agreed to pay via PP "outside" of ebay with the personal payment option, I thought a fee is triggered.
  • derrybderryb Posts: 36,995 ✭✭✭✭✭
    Here's my two recent bullion non-payers. No communication whatsoever, awaiting non-payment claim to settle my fee refund. Block or don't block, I only post this as a courtesy to those that have helped me avoid bad bidders.

    jchuff1949
    nwbn48gbh

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • OPAOPA Posts: 17,126 ✭✭✭✭✭


    << <i>Here's my two recent bullion non-payers. No communication whatsoever, awaiting non-payment claim to settle my fee refund. Block or don't block, I only post this as a courtesy to those that have helped me avoid bad bidders.

    jchuff1949
    nwbn48gbh >>



    Thanks...blocked
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
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