Heritage "Make Offer to Owner"
Kenneth1830
Posts: 44 ✭✭
Back around 2012 I made four attempts to buy nice looking high grade Gold coins using Heritage's "Make Offer to Owner" program. At the time all of the owners couldn't be reached, or no longer had the coin.
Just this evening I browsed the Heritage website and found a nice looking high grade Gold coin and figured maybe I should give the program another shot. I submitted a fair offer and to my surprise their was a response within minutes. "We regret that your offer on the following item has been rejected, and the seller has opted not to counter your offer".
Perhaps this so called "seller" should remove this coin from the program. I am guessing that the success rate for this "Make Offer to Owner" at Heritage is dismal.
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Comments
I've tried it once some years ago. I got a similar response and never tried again !!!
Ive made about 5 offers and got 1.
Ive been offered 3 and accepted 1
I'd love it if it worked for what I collect but most of the time it's not enabled for what I want.
I’ve been tempted to try it but I think the odds of success are low. I did buy one Heritage stock coin and was happy with the price and the coin. Seems a lot of the “make an offer” folks have stars in their eyes — or are really under water.
Woah, that stinks. I just made my first offer yesterday and so far nada.
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I’ve done it once with a quick rejection. I offered around 25% over what they paid which was strong money when it sold (imo I would have overpaid massively....5 figure coin). Makes me wonder what these sellers are expecting. This person was “actively entertaining offers”.
So, question for you, if I may.....
If you offer, say, $1000, does the seller get the full $1000 and you 'only' pay the $1000? Or, does HA take their vig on both ends still? One end?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
The seller doesn't get $1000, I think Heritage used to gets 10%, not sure if they changed the terms or not.
I have accepted some offer and rejected some, was never successful with my offers.
Sold a pricey coin via that method about 5 years ago. Heritage took a 10% fee. They were clear about the commission up front and I considered it fair.
I tried it several times with sensible offers. Never got replies. I've written it off as a waste of time.
Lance.
In my experience, the HA program is utterly worthless. I have never had an offer accepted, even when I have offered the full price or even extended the price higher. Obviously, it might be great for others, but it has not only been a waste of my time, but has been a source of frustration, as well.
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Tried like 5+ times and was successful in one
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
I wonder how often the owner is actually the auction house?
Tried twice about 15 years ago. 20% over the
final bid plus premium, no answer.
Repeated two months later, no answer.
I think 0%. They have other, more visible ways to sell there wares.
All comments reflect the opinion of the author, evn when irrefutably accurate.
I was successful a couple times, but quit using it because I was told there is no longer any return privileges. That was a few years ago and may no longer be the policy. I never returned anything, but wanted the option. Heritage photos are not always the best imho
The feature has never worked for me. I’ve made offers a few times. The owner rejected it, didn’t have the coin any more or didn’t respond.
I accepted one offer for an 1877 Twenty Cent Piece because it seemed like big money at the time. As it turned out something was going on with that coin, and auction prices went to the moon, even for so-so examples, for reasons I can’t explain. The good thing about selling that particular coin was that it had planchet defects on the obverse, which under normal circumstances would have made it hard to sell. In that crazy heated market for that coin, it didn’t seem to matter.
Hmm, I have been suspicious of the house interaction as they don’t seem to stop at a lot when it comes to money, and don’t blame them- it’s their party. I’ve offered a couple for sale but had only insulting offers so no sale.
Well, just Love coins, period.
Tried on one item two different times, it originally sold for $1,492.50 and I offered $2,300 which was declined. I then upped my offer to $3,100 which was countered back with $5,500..... PASS.
I've tried it a few times and had no luck as a potential buyer. However, as a seller, I've had one offer, which was very generous, and immediately accepted. Even after Heritage took their 10%, I did very well on the deal.
Member ANA, SPMC, SCNA, FUN, CONECA
Never worked for me. Waste of time and energy.
Summation of 15 comments:
Sellers: I get a lot of stupid low offers and refuse them, but occasionally, I get a good offer and accept.
Buyers: I make a lot of what I consider fair offers, but the seller does not think so, so the sellers are stupid.
Ive tried it a couple times offering strong money and did not receive a counter. That being said, the process is relatively painless so I would rather have at least the opportunity to make the offer than the option not being available at all.
I have made a few offers and one stuck. The coin is beautiful (1850 Seated Half in AU58), but I bought it impulsively and overspent at least $1000. Usually asking prices are much too high and the coins are much too ugly.
I sold a coin via make an offer. It's just an offer, no obligation to counter or sell. So you should never get your hopes up.
From what I've seen, the default lowest bid is 20% over sale price? That seems like a fair offer right off the bat (Net 10% plus not worrying about returns). I'm sure it depends on the coin, but I can't see any offer being a "lowball" with those default settings. It wouldn't let me go below the 20% minimum when I made my sole offer, so I couldn't lowball even if I wanted to. I think that's a built in safeguard for people trying to waste the time of consigners.
I never tried it but IMHO it is a courtesy function at most ...... otherwise the coin wouldn't be on Heritage AKA highest potential realized
I sold one a couple of years back, Heritage took their 10%, I made a few hundred, I was happy.
it's crackers to slip a rozzer the dropsy in snide
I’ve never made an offer, but I’ve received a few offers here and there. I do think it’s a cool feature.
I did sell one coin last year, a lowball PCGS P01 1913-S quarter (population 2). I paid $515 for the coin a few years back, as I thought it was an interesting lowball key date. Last year, I started getting offers every month or so. They started as $600. Then $700, 800, etc. When they finally offered $1,000, I finally bit. Doubled my money, but I sure miss that 13-S.
Dave
Stopped making offers a long time ago. As stated above a waste of time.
I don't think people understand how this works. You can designate your purchases automatically be in the system. Everything I buy at heritage gets listed and stays listed.
I recently got a very nice offer for a coin I bought in 2002. I would have accepted itif I hadn't sold the coin also in 2002.
So, yes the system is not great for buying or selling, but only because it is not an active listing site
All comments reflect the opinion of the author, evn when irrefutably accurate.
i never tried it and by the looks of it i wont
even stupidly high offers I have submitted on special coins have been rejected.
Depending on your Heritage settings, EVERYTHING you buy from them might end up "Accepting Offers". So chances are, there are a whole lot of coins listed that the owner had no intention of actually selling. You're making offers on coins not for sale!
To check your personal "sales", go to the "My Collection" selection under "My Heritage". Everything you bought from Heritage has probably been entered into this....whether you still own them or not! (Heritage has no idea....)
You can delete them....add coins...whatever. The last column shows the "Make Offer" status. There's also a dark box near the top where you can change the default status for your new purchases. (Since I'm NOT selling, I automatically turn off the "taking offers" function.
So...If you didn't know this existed, just imaging the thousands of OTHER buyers who didn't know it existed. More than likely, the offers they receive are a complete surprise! They may, or may not even own the coins any longer.
I've gotten several for paper money, countered on 1, and they came up, and accepted all others.
The problem is most times, after the buyer has paid the auction price, there not much room left for higher offers after you pay Heritage its 10% and the bidder a profit, unless you fell like paying “stupid money.” That's why the whole system is mostly an exercise in futility.
There are a couple of lots that I wish I might have bid more. It probably would not have a difference, but still I would have liked to have purchased the item. The trouble is it's gone now unless the buyer re-consigns it to auction without a ridiculous reserve, I may as well forget about them.
"Everything has a price" and also "there are things that people don't want to sell".
So, I can understand the below, if the holder of it REALLY likes it, can't easily find a replacement (s)he would like as much, and doesn't "need" the money right now.
It would be similar for me, as well. I have a PCGS MS63BN 55/55 Lincoln Cent. Guide "value" somewhere just under $3000. I haven't seen one I have liked better than this one for anything less than $5000+. It isn't for sale right now.
But.....if someone were to offer me $6000, $7500, or more, I would listen and maybe entertain that offer. Maybe. My son is going to college in a couple of years....
I didn't buy it through Heritage (bought it through Mark Feld who bought it somewhere...I didn't ask....in a NGC holder and I later crossed it), so it wouldn't be one for a "make an offer", but if it had, and someone made me an offer, I would ignore anything under $3500-$4000. Flat out ignore. So, I do understand some of it.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Seems like a nice feature as it tells you what others are thinking, might want to buy, and the value without public humiliation of putting up for auction with reserve and everyone passes.
Best place to buy !
Bronze Associate member
Heritage should hang it up with that program. Out of approximately 10 attempts I was successful once.
All the other times the offer was ignored. The most ridiculous part is they say the owner is actively participating in the Make an Offer Program (or something like that).
Great transactions with oih82w8, JasonGaming, Moose1913.
I was ready to be offended because I've never received any offers and then - following your directions - discovered that I am "Not Taking Offers". That's a relief.
Smitten with DBLCs.
I guess it's possible that is now the default setting? (In which case, much of my babbling may not be valid, since those recent coins now listed as "Taking Offers" were activated by the owner/seller?)
But I seem to recall mine started out as "Taking Offers" by default, and I had to disable it.....
Who knows. At the very least, we can say the entire feature is not very well publicized or described to average buyers....
I only knew about it because I'm an active user of the "My Collection" feature, since it's a simple way to get a semi-reasonable wholesale value of any coin entered into the system.
A real joke....an offer is an offer...what makes them think their buyers are entitled to a profit ?
Again, the answer is never. Heritage lists their own coins for sale separately.
All comments reflect the opinion of the author, evn when irrefutably accurate.
The coin I made the offer for is in a NGC holder, CAC, nice coin. The problem may be it’s a + coin as well. The reality is NGC + coins don’t cross at this grade. The owner may be seeking CAC and + money but I am only offering CAC money, but strong CAC money!
How about asking Heritage to explain how the program works, then commenting on it? Seems a fair way to do things.
One advantage (I think) is that you don't have to worry about sending the money or the coin to a stranger--Heritage acts as the middleman
If we know all of the details, would it still be fair? Or would it still only be fair to "those in the know"?
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I asked. Got this response from my guy there.
"It’s “make offer to owner”. Once you make an offer the seller has to agree to the price. Only then is there a transaction. We have a department that handles these types of client transactions. I wouldn’t worry about it until you hear that there has been a transaction agreed to."
Typical corporate response.
Received one fair offer but declined. Made numerous offers, only one response, a declination. My guess is that the vast majority are no longer owners. Gave up.