Teletrade is still using hidden reserves!

Those lots are now listed as

what did I do wrong this time?



[h=2]eletrade Internet Auctions Announces Launch of Newly Designed Website [/h]by Corey Maita on Thursday, February 02, 2012

Lies..

 

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Is it possible that the seller removed the lot? TC

 

Especially if they then list the lot as "not sold", rather than "sold" at the price the "seller" "paid".

 

Why would that be allowed to be done? They should be required to enter a reserve. Any Consignors with TT experience here?

OK, but that doesn't make sense since it says the lot was not sold. Do they offer consignors this type of service? Allowing them to pull lots and then not posting that the consignor opted for this? So much for transparency.

Did a little more research.

Here they say:

​

300k/12=25k monthly average.

one paragraph above in the same press release it states :

seems to me, that the above is just another eyebrow raising indication of TT's typical........ errr sloppiness. or could it be that coins have to be listed 2-3 times before they are sold or pulled from listings?

anyways, more info regarding max bids and buyback, which I assume is where the seller can buy his coin back:

One week ago.

Nothing about seller buybacks. More sloppiness

There was no indication of a reserve to the best of my knowledge, does TT allow max bids to be placed that are under a reserved dollar amount? Maybe I missed that. Even if I did, the listing should now indicate that the reserve was not met!

More TT info so you guys don't have to go searching>

Oh cool, I own a bid increment. Anyone want to buy it?

need to now search consignor information.

 

Found it. As usual more of Teletrades double speak..

The coins that I bid on must have had the consignor buyback happen, since TT considers that coin as an "unsold coin" and that is what is currently posted on the listing. http://www.teletrade.com/coins/lot.asp?auction=3287&lot=1066

I mean come on.. how hard would it be for them to state:

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So how were they hiding the reserves before? IMO Saying the coin was not sold IS an outright lie and quite frankly, I am in the mood to go ahead and log a complaint with the BBB ..

 

It is after 9AM in California. You can call Teletrade at 800.949.COIN. Please report here after you have spoken with them.

 

So on the BBB site, I find this:

Lie or a serious twisting of the truth. either way this practice is very underhanded. Take your pick. What irks me the most is all the information and encouragement about max bids, placing them early... blah blah blah..


Current Maximum Bidding instruction (only listed in selling instructions) simply states:

Would a seller here be kind enough to post what they send you regarding buybacks. Thanks!

 

Thanks, however after 50 years of life, I have no patience (or diplomacy - not that my writing has any either.. ) with speaking to people regarding problematic issues. I prefer the written word.

 

Thanks for the heads up- I shall continue to steer clear of that outfit

 

Formal Complaint filed with BBB - Current False, Misleading advertising regarding definitions of sold not equaling buying back, bidding transparency, etc etc

Remember this point. Teletrade requires sellers to enter a maximum bid for their "buyback option".

Obviously it appears that consignors can see maximum bids before the auction goes live. And the reason for this rather than requiring a reserve is what?

 

Teletrade has always been one of the "sneakier" auction outfits, IMO. Hidden reserves, consignor buybacks, and phantom bids are but three examples.

That said, if you place bids on your own and don't get caught up in auction fever, you can do just fine there.

Go into it , however, with your eyes open and be sure to read carefully their buyers agreement.

 

"is to be understand English" !

Classic

 

Had there been a reserve set, then nothing if the reserve is not met. I repeat. Since teletrade requires the seller to enter a maximum bid the exact same way a prospective buyer does, then the coin is sold. Albeit under different percentage fee terms. Either way it is sold back to the buyer or it is sold to someone else.

What gets my goose is that after a year, first time back to that site, I run into muckity muck, yuckity yuck.. Why do they play games? Why not fully disclose?

I really do not know what happened and that is the point. They are after all the largest certified coin auctioneer. AM I really asking too much here? lol

 

oh and Doug, I am not dumb it took me hours to finally find the seller buy back thing. It is described in the SELLER portion of that website. I am a buyer, why should I have to read all the seller terms only to find out that if I want the real details of the buy back - then I would have to submit coins for sale and THEN AND ONLY THEN days before the close would they explain to me how the buy back works.

DOUG - knowledge.. share it~! post what Teletrade emails to sellers regarding buy backs. please?

IN case you missed it above, here it is again

SO SEE DOUG?

 

I'm with ya! Just an FYI There is zero information about seller buy backs in the bidding buyer portion of their website http://www.teletrade.com/coins/help/howtobuy.asp#waystobid

It is found in the sellers portion

http://www.teletrade.com/coins/help/how2sell.asp

and even then, it is not fully disclosed and won't be until after you submit them coins.

Here again, we/I don't know if it actually was a buy back that caused the coin to listed as not sold.

I am only speculating and I don't feel that as a customer, I should have to. JMHO

 

just stick with heritage- problem solved

 

Or Great Collections. :smile. TC