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I hate BIN's with best offer ..........
ctf_error_coins
Posts: 15,433 ✭✭✭✭✭
This just happened. An ok PCGS error came up on the bay for $90 or best offer. The $90 was a decent price. This is the part that I do not like, do I buy it instantly or make an offer? If I offer and it's a good price it may disappear.
So I decide that I do not "need" this coin and make an offer for $75. It is declined.
I then offered $80 and it is declined.
I then offer $85 and it is declined and I am WTF.
So I hit the BIN at $90
Just odd.
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Yea, the problem as a seller is that everyone knows you'll take a lower price. Which to some means a "much lower price." So oftentimes, I get offers for a fraction of the value. And take into consideration shipping and final value fees, and it is a losing proposition.
Probably better to just list it at your best price or roll the dice with an auction.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Sounds like it worked as it took you from not needing it to making you want it more by fighting for it and finally defeated you just bought it at full price
Congrats to the seller
If it’s a screaming buy I make a little lower offer just to see if the auto accept is on.
You should of bid $89.99 and if he refused I would of passed.
and the buyer, just more PCGS Mint Error inventory
I’ve noticed when listing on the app that eBay automatically adds the best offer feature to bin listings. So a seller might not have intended to have an offer option but forgot to double check the listing.
It could also just be someone not understanding the ideal way to use best offer. In general, my thinking is if you can’t take 5%-10% off, then don’t use best offer.
In terms of what to do when you see a good price with a best offer option, it all depends on how much you want the item. If it’s something that I like or see is way underpriced, then I will pay full price. If I’m not too high on the item, then I’ll make an offer (let’s say for 10-20% less) and see what happens.
Recently I saw a nice Morgan (but not something that I had to have) on eBay for $100 or best offer. That grade and date usually goes for $90-$110. I made an offer of $80. The seller countered around $90 and while I debated someone else had an offer accepted. It didn’t bother me as I wasn’t fully sold on the coin. Now if I had really liked it, I would have paid the full $100 and not even bothered with the offer.
If they don’t take my offer I move on
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/publishedset/209923
https://www.pcgs.com/setregistry/quarters/washington-quarters-major-sets/washington-quarters-date-set-circulation-strikes-1932-present/album/209923
Believe it or not I offered $10 more than the seller was asking with a BIN. I made a mistake of just not hitting the BIN as I was thinking it was an auction. After I made the offer I saw that I could have bought it for $10 less with the BIN and just laughed. Seller declined my offer!!!!!!! that is a WTF moment for sure.
I was not an auto decline so the seller actually looked at it.
bob
PS: yes, I did buy it about an 30 seconds after he declined. He shipped and I got what I wanted.
Time is money so how much can you mark up a $90 error to even bother calling it inventory?
Speaking from the dealer side (and you should know this), it depends on time in market. If I list a coin right now for $90 BIN with a 30 day listing, I may take $80 in a week or 2 weeks, but I don't necessarily feel the need to sell it at a discount right out of the gate.
I can sorta relate. I hate that venue. Sellers do all the work and buyers do all the complaining. Ebay makes money if you're happy or not.
>
Thank you for that information as that is new to me.
See my post below. It is also sometimes timing. There's no point in taking the first BIN if I think someone may pay full price.
The worst is when you make an offer on a coin you do want and the seller fails to respond .......
.......... one time, I could not take anymore and after too much time, I just hit the BIN. A few minutes later, My offer was accepted, but I had already paid more
Ha!
A couple of days ago I put in a $75 offer on a coin with a BIN of $100 (similar coins are around $80). Seller declines and raises the BIN to $150.
I message seller "just curious, if I bd $100, will you decline and raise it again?"
He just raised the BIN to $200.
What a d-bag. Dalescoins ain't getting any of my money.
If I list an auction with the best offer option and someone buys it straight away at full price without making an offer then I start wondering what I missed. Generally I price my BIN listings way over what I expect to actually sell for so I have plenty of room to come down when we go back and forth with offers.
http://www.ebay.com/sch/rs8199/m.html?_nkw=&_armrs=1&_ipg=&_from=
I normally incorporate a little wiggle room in my eBay listings. The longer the item is listed the more wiggle room is put into it. I probably need to place the reject all offers below a set amount to reduce the ridiculously low offers.
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Last month there was BIN for $1600 or best offer. I really liked the coin but thought the price was high.
I trolled with an offer of $800 and it was accepted instantly. I then thought to myself, did I paid too much for that coin?
The coin came in and I was extremely happy
I am OK with BIN with Best offer BUT not liking it a bit when my eBay Buck is expiring .........
It always depends on how the pricing structure is set up. Suppose a seller wants $100 for a coin. Listing at $100 with a best offer is dumb, but maybe list at $120 and hope an offer for $100 (or more) comes in. Yes, best offer indicates the price can drop, but it gives (or at least should) the buyer two options: pay more but know you get it, or wait for the offer to be processed and maybe save a bit, but someone else can come and scoop it up.
I sold my car recently and used this strategy. Based on KBB and some repairs it needed, I guessed its value was around $1500-2000 (the full range was something like $1300-2700 for terrible to great shape). I listed it at $2300 knowing that whatever price I listed, someone was going to try to talk it down a bit. I also was going to be happy at $1700. The first person who looked at the car offered $2000--sold. But, he would have gotten it for $1700 if he had asked that instead. But had a I listed at $1700, not only would I have lost out on the chance to make bonus money, I also would have been unlikely to get $1700 because a buyer would assume I could be talked down. Once a Best Offer is provided, there's a pretty obvious assumption that a lower price will be accepted.
If that were the case, as a seller, I'd at least decline with a note that said the price is firm and the best offer being available was a mistake...
Looks like you were successful in outbidding the competition, yourself.
As a buyer I will do the back & forth, but there has been a few times where a difficult coin appeared and I hit the BIN instead of playing with offers. I just didn't want to chance losing it while waiting for a counter offer.
Great transactions with oih82w8, JasonGaming, Moose1913.
When something is "way" overpriced, I don't even stop and look. I am not thinking someone will take 30% or 40% less. (Or in some cases, way more than that)
Funny how you still are not happy when you get your over inflated price, thinking someone just gamed you!!
Been there done that too.
Great transactions with oih82w8, JasonGaming, Moose1913.
I hated OBO - until I really started trying it with my listings. That little gem has moved more of my coins than just traditional pricing. I’ll just list it higher and when offers come in lower than my floor I give them a best price counter.
I’ll also do auctions with best offer to extend the number of coins I can list. I usually get a free auction offer but will list the start price for slightly above what I want with a best offer. Sometimes I get offers quite a bit above what I’m willing to take to end auction early and it lets me list more on a smaller store subscription.
I once found some rare, early southern coin silver spoons on ebay, BIN or best offer. The BIN was a steal, but, like others have said, I tried for a lower price 20% less and then I waited....
I got nervous that I would find someone had swooped in and bought them right out from under me, so, a few minutes go by and I decide to just pay the full asking price to make certain I get them...
5 minutes later I log in and I'm horrified to see the auction was ended! Low and behold, they just accepted my offer right away and I was the winner.
It still taught me a lesson that if it's already a good deal, just buy it already and not risk losing out!
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And, I've had sellers take 50% of their price, and some refuse 5% off, you never know what they'll do...
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I have seen quite a bit of these auctions with a best offer, I may have to look into that, Thank you.
I am paying listing fees right now as I have exhausted my free 250 listings.
Local comic guy used to say, "if it's not moving, raise the price". I actually think if you have watchers on an item, raising the price and accepting BIN at the original price might actually trigger a sale. Haven't tried it, but just saying...
I am constantly raising the BIN price on items in my store to keep up with the market. I never lower the BIN.
There's been a few times i've offered much lower on stuff I thought was way overpriced and been surprised to have it accepted. I list high just to make sure I don't leave money on the table, as Jeremy pointed out in the post about selling his car, I want to make sure I maximize my profit, you never know what someone is willing to pay.
I was thrilled for what my item sold for, it was a fantastic coin with beautiful toning. The kind of coin that you know will go for a premium just don't know how much. I listed for double what I paid with the best offer option, hoping to sell for 25% over my cost after deducting for ebay and Paypal fees. No offer was made, just bought at full BIN price, which was surprising to me and did make me wonder but definitely was happy about it.
http://www.ebay.com/sch/rs8199/m.html?_nkw=&_armrs=1&_ipg=&_from=
As some have said, eBay tries to force sellers into including BO as an option. Under some circumstances it may be the default unless manually changed, and there may even be listing fees if no BO is activated.
If there is a BO I try to use it but I have seen cases where a BO is never accepted. In some of these cases maybe the listing has been out there a while and the price reduced already.
Just last night I bought two listings on a BO of about 20% less than BIN, so I was happy.
Those spoons are sweet, too! I still have them.
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I seem to remember selling some items on ebay a while back, and was offered a discount on fees if I accepted offers. This might explain a lot.
I totally disagree with you.
Mainly because 95% of the vendor's BIN price is full retail or higher.
A seller must have a 'make an offer' option if they are serious about buying the coin.
Oddly enough, I purchased a coin very recently that was the exact same scenario as yours - a surprisingly good value BIN price with an option to make an offer.
I took a different route than you, I struck while the iron was hot and bought it immediately instead of trying to get a few bucks off.
Who cares about a few dollars when the purchase is a smart one.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
I'm not suggesting "keeping up with the market". I'm suggesting (as the comic guy suggested) creating the appearance of rising prices to create the illusion of a deal.
Exactly.
I always like the best offer option and paid what I wished to pay instead of sellers.
For example: a $200 coin for sale with best offer.
I offered $125
Seller responded with $175
I offered $125 again
Seller responded with $150.
I offed $125 for one last time!
And BANG! Seller raised his/her price to $250. And I just saved myself another $125!
I probably wouda done the same thing as the seller
Holding out for top dollar in this market is a mistake IMHO unless the coin is super special or you don't mind having your money tied up for 6+ months.
It can also create the appearance of an out of touch seller and cause people to not bother with your listings. If you're selling generics and list strong retail plus BIN prices, buyers will avoid all of your listings. There are a few sellers on eBay that I won't waste my time with. I'm sure I'm not alone in that sentiment.
90 and while I debated someone else had an offer accepted. It didn’t bother me as I wasn’t fully sold on the coin. Now if I had really liked it, I would have paid the full $100 and not even bothered with the offer.
Possibly true, but that has nothing to do with what I said.
I didn't mention "top dollar" or "full retail". I mentioned my BIN price. No matter how high or low it is. If I list a Morgan dollar for $10 with a BIN, I'm not holding out for "top dollar". I'm holding out for $10. And even if I listed it for $20 or $100, there's no point in taking the first $15 offer if the coin has been listed for 15 minutes.
I will go one step further. If someone listed a coin for $100 and an hour later they accepted your $90 offer, you probably paid too much. The seller clearly felt that $100 was too high and knew it. They were just trying to bait you into offering $90.
I wouldn't have waited that long. At MOST, I will counter once. Then I'm done. I don't have time for 37 nitpicking offers.
This is, for the most part, untrue. People love sales. It's basic retail psychology. We're not talking about $1000 BIN for a $100 coin. We're talking $110 for a $100 coin with a 10% SALE. That net $99 might really move the coin.
I have buyers try to get $5 off a $200 coin all the time. But there are few coins where the difference between $200 and $220 is going to make you look "out of touch".
As a buyer, I've used the OBO to my seeming advantage. Although I've also run into some of the oddities described above, I like the feature. The most annoying instances are when the OBO isn't really in play, perhaps because the seller has put it up for reasons other than encouraging an offer, or by mistake, or is off somewhere and not monitoring their stuff.
Today I saw an item that was BIN @ $49.95 not something I needed, but I collect railroad related items.
It had a Make Offer for twenty bucks, never thinking it would be accepted.
Yep my offer was accepted, much to my surprise.
I also made an offer on a $1 type 1 gold AU 58 coin listed at $280.00 offered $260.00, I never even got a go pound same from the seller. well if it's still up when eBay has another 8 or 10% deal I may just buy the darn thing.
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