Safely selling expensive items on ebay...advice?

If I was to sell a Gold Anniversary set on ebay for over $4000, how would I do so in such a way that I would be totally protected from chargebacks or paypal saying that the account was used fraudulently? I've been burned a few times selling items for as little as $200, I sure don't want to lose $5k

Is there any way to accomplish this other than requiring certified funds be mailed?

Thanks

Bigdaddyz

 

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Not really. Unless you know your buyer very well. Dealers are paying $3800+ cash last I heard, so it seems that the $200 less that you get from one of them might be the safest (and cheapest) way to go.

 

I would try to sell it offline first. The fees of selling online will eat into your profits.

 

If you have a low feedback on eBay or are a new seller, I would avoid this idea completely. Many people (including me) automatically figure in a discount to what we'll bid on an item from an unestablished seller.

 

I have to agree that Ebay probably isn't the best way to sell this sort of item.

 

You could try the auctions houses, like Heritage and Teletrade.

 

I just emailed DLRC and asked about selling some coins to them---don't know if I have enough in $$$ to put them in one of their auctions or not but I thought I would ask....will let ya'll know how it works out.

Speedy

 

"I've been burned a few times selling items for as little as $200, I sure don't want to lose $5k"

You`ve been burned selling "a few times" on ebay? How is that? Perhaps you would like to share the details.

I`ve been "burnt" once on ebay, but it was as a buyer. It was only for $120. Sent the seller a USPS money order, didn`t keep the USPS reciept. I never received the coin, but couldn`t prove I sent the USPS Money Order, because I didn`t save the USPS reciept. It was a mistake I made in 2000. One I have not made since.

I have bought and sold coins and paper money on ebay with no problem. Many in the $1000-$2000 range.

A USPS Money Order (or as many of them under the USPS dollar limit for really hi - dollar items) or a PERSONAL CHECK are the only safest funds. A PERSONAL CHECK held for the more than safe check clearing time of 10 days is actually is the the SAFEST way to receive good funds from a buyer.

I am curious as to how you got burnt on ebay. Perhaps you could share some details.

We are all ready to hear about crooks on ebay. If you have no specifics to share, then I am not convinced
that you have been "burnt"

 

I've had buyer and seller losses.

Well, my worst was as a buyer, a $500 money order sent to NC and the guy never delivered and dissappeared.

I sold some coins to a guy for about $200 and he paid with paypal. About 3 weeks later, paypal put a hold on my account and said it was someone who's account was used fraudulently...never got it back.

I sold 3 coins to a lady who filed a claim saying she never got it. Of course I lost my receipt like an idiot. Paypal gave her money back.

I"ve had a couple for $50 or less who just never delivered and then ebay removes them because they did it to several people.

I bought 2 morgan's for about $150. The guy sent me package with some wheat cents in it. Paypal says "the seller gave us proof of delivery...we don't help with what's in the package".

I really don't like paypal much. Even though I've had over 1000 transaction with them.

Maybe delivering only to confirmed address and getting a signature is the secret. That's what I do now.

 

Sort of depends on what you are selling, how fast you want to get rid of it, size of item(s), etc. For instance I sold a car via ebay but I stipulated that the car was here, buyer would have to pick up, pay in person with a cashiers check or money order. That really limits your buyers but it paid off with me.

 

Carl,

That's a good way to sell a car or boat, but it seems to me that it's an invitation to get robbed when selling an expensive coin [at least around me].

 

If you want to read about seller scams (where the seller is the injured party) then visit www.paypalsucks.com

They have more horror stories than you can believe. I just don't understand why you are skeptical that he was cheated as a seller, I don't get it.

 

For an update---after emailing Win there at DLRC I mailed out 4 coins today---he said that 90% of the coins that people send in they buy---and if I don't like the offer they pay for shipping both ways.
After looking at their site it says that for coins valued at $$ they will give the chance to put them in their weekly auction and coins valued under $$ they make an offer to buy outright....so I think they will let me put them in the auction---can't wait to see how this turns out!

Speedy

 

I buy and sell on ebay all the time but I have some rules, 1. I will not use paypal!!!! 2. I accept MO's or personal checks with a 10 day hold!. 3. I will not buy from new accounts. 4. will not buy from out of the USA. 5. I buy a small amount from a seller then buy a little more and test him out, if he is good to his word I buy a lot off of him. 6. I buy only PCGS,NGC,ANACS slab coins. 7. I buy from sellers that combine shipping, can get a good deal that way.

These are my rules and I have been lucky with ebay!!

MRH757

 

I have the same fears about selling my set (if) I get it. If you only accept a MO, it's going to negatively affect your auction price. If you have low feedback, it could really hurt the price.

If you accept PayPal, there are risks. I would first of all state that you will only ship to confirmed addresses. PayPal will protect you if you ship to the confirmed address and are business (or whatever they call it) user.

My plan was that I was going to transfer the cash out of my PayPal account immediately and then remove all funding sources from my account. That way they should not be able to get money back from me except by trying to sue me . I further would wait a few days before shipping just in case.

Also, I'd make sure you sell to someone with reasonably good feedback. And don't leave feedback until 45 days have passed (the PayPal window for disputing the transaction).

 

This is true, but it is not a simple matter to stop one of these things. I would be much more worried about a forgery than I would about someone "stopping payment."

Also, with a USPS money order, you can walk into a post office and cash it. I've done this before on at least one occassion when I thought the MO looked strange to me. I told the employee I was worried it might be a forgery so I wanted to cash it. In any event, it was not forged (I think some locations had been switching to a new MO style) and I got my money right there.

I think with a big name MO/Cashiers check you can do the same. I'm sure you can walk into a Western Union or Bank of America and cash it right then and there.

Walking in to the issuing "bank" and cashing it should prevent you from getting a forged MO/CC. I would also mention to the clerk that you got the MO and wanted to make sure it was not fake or stopped, etc. Hopefully, if it is fake, that would prevent them from calling the cops on you .

Edit: There is one other point here. I think if you get the money in hand you and explain your concerns that the MO was faked or cancelled when you cash it, you should be shielded from the bank finding out later that the MO was fake and then trying to get the money back from you. I recall a case a few years back where some gentleman had received one of these large checks in the mail (the kind where they say, here's a $45k loan and we're going to print a large fake check in your name to tantalize you). I don't recall the exact details, but he went to the bank and depositted the funds and maybe used some portion of them before the bank realized it wasn't a real check. Then the bank tried to sue him to get the money back. Eventually the courts ruled in his favor and told the bank that if they were too stupid to realize this wasn't a real check, that's their fault not his.

 

Well I'm happy and yet not totaly happy with how DLRC does business---I sent them a Proof Franklin--and while it was graded as such...and I knew it was a proof (most of ya'll have seen it--the 1950) they didn't think it was at first---after I talked for a few min. and pointed out things about the coin they decided that I was right and it was a proof---
I sent them coins that I needed to sell first of all---and I had taken them to dealers and none of the dealers really wanted them----so I thought I would send them to DLRC---while their offer was fine---and I'm taking it, its a good bit below Gray Sheet---while I know they have to make a proffit and such it would seem that they would also be running mostly on Gray Sheet and ended online auctions.
Anyway--the offer was good enough that I made money and got rid of some coins that I didn't need and will be able to buy more with the money!

Long story short---I guess if you need to get rid of them fast and don't care that much about proffit they would be great---if you buy at Gray Sheet (I'm glad to say I got all of these coins lower than Gray Sheet) then you might want to try something else.

Speedy