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Scavenger friends, I need advice. I listed a beat up old toy for $35. I was astonisihed when it sold in 30 seconds. An hour later, a long time collector contacted me and said it could easily have brought more than $200. A few hours later, I got an offer of $320 if I would re-list the toy. Turns out it’s quite a rare item. Clearly, I didn’t know what I had. Should I cancel the sale and start over? (I can live with a negative for the additional $185.) Are there any other consequences? What are the ethics of canceling in this situation? What would you do?
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I can understand your dilemma. I would do whatever will help you sleep at night.
–If cancelling a sale to resell it will make you feel shady, then honor the sale.
–If losing out on several hundred dollars because you didn’t know what you had makes you feel foolish cancel and relist as an auction. -
I sold a pair of toys too low myself, LOL, BUT I was only off by maybe $30 bucks and I did honor the sale. I would cancel and attempt to explain that you made a mistake, take the negative–you are in business and aren’t a thrift store, human beings make mistakes.
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Maybe this will help: We are discussing a transaction and the relative eBay rule it falls to. We are not discussing a matter of law. But, if you want to say that we are, because of the agreement you made to sell with the buyer, then look at the dollar amount. It’s likely an amount well within the threshold of small claims for your county. But put all that aside for a moment, because I feel you may have a legitimate out. There was an error in the listing! You listed it for 35, but you really were supposed to list it for $350. Cancel the sale, apologize to the buyer. Even refund the $35 they paid if you like. Then relist at $350 BIN. That’s what I’d do anyway. Good luck.
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I had something similar happen a few years back when I first started full time ebay.
I sold a vintage campaign button that had no recent solds to compare,
I thought I priced it high at $30 and it sold within 5 minutes. Obviously someone had it on there search list.
I was later contacted by a couple of other ebay members telling me how rare it was and one even sent a google link with an auction selling the same button for $400.
I felt bad but followed through with the sale as a deal is a deal.
I took some solace in the fact that many times I’ve sold $2 items for $100-$200 and there will be many more.
I just chalked this one up to a lesson learned. -
I would be careful with this for a few reasons. The numpties that contacted you may or may not be on the level. Are they just trying to interfere with a lawful sale to a competitor? Is the $320 offer legitimate or just coming from a blowhard? Is the $320 STILL too low (it might be!)?
From an ethical / lawful standpoint, you are obligated to follow through with the sale. An item was offered for sale at a certain price point, somebody accepted that offer and I’m assuming has paid for the item. A contract has been formed and executed and in most cases the buyer is now the lawful owner of the item. However….
Having said that, nearly $300 (if true) is a lot to leave on the table. One possible out is to call or message the buyer and offer an apology, that you can’t follow through with the sale because a mistake has been made. That’s it. I wouldn’t say any more because you can back yourself into a corner by talking too much. THEN give them first choice to buy it at a more market value price. They should get first dibs because they saw it first. If they don’t buy and you put it back up for sale, I would auction it starting at 99 cents. Seriously.
Tough situation, good luck.
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I had a similar situation. I listed a trucker hat for $25 and it sold in just a few minutes. Turned out it was worth around $250.
I was tempted to cancel the sale, but decided to honor the original transaction. If it had been worth $1000 or more, then I probably would have canceled the sale. I do thousands in sales a month, and 90% of the time I’m the one getting something for a dollar or two when it is worth 50 times as much. It is not worth the negative feedback and risking future sales for only $200 additional profit. If it had cost me a $1000 or more, then that’s a major error and I would feel compelled to cancel it.
On the bright side, that error made me realize that trucker hats could be worth much more than I originally realized. Since that time, I have doubled down on trucker hats and that category is now one of my biggest seller.
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What an interesting post.
Had you said, you made a mistake , like a typo in your listing. my answer may be different.
The fact is you listed it too low, because you didn’t do your proper research.. or did the research but didn’t find the comps.
Education is rarely without cost and the same can be said for integrity.
Good Luck with your decision.
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I have never had this happen. In this point in life, I would cancel the sale and say you made a mistake on the listing price. Then put it up for auction. At a comfortable price you will let it go for.
This is what I use auctions for. Things I don’t know anything about. Suspect they maybe something. Or there is little information on the piece. Even then, there maybe a couple of people who are not checking eBay and miss it. They will contact you after the auctions end to say that it was worth a lot more and give you an offer of a higher price. You will however get a ding from the buyer.
If you can afford to let it go, let it go. When I let something go too low, I just think the universe knows that this person needs the score more than myself. At least that’s what makes me sleep easier 🙂
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I would honor the sale. You weren’t prepared, the buyer was. Why should he be punished for your lack of preparedness? Just think of the many times you have bought things at yard sales for $1-2 and were actually worth $100+. It all comes out in the wash in the end. You’ll be fine and your integrity will be intact.
I would also mail the buyer, acknowledge the fact he got a great deal and congratulate him. Let him know since the end of the listing you have had multiple very high offers if you would cancel and sell to him instead, but that you are honoring the deal as agreed.
Why do this? Because some true collectors also have integrity and may throw some extra cash at you for also having integrity. I have seen this actual scenario several times in the arcade/pinball hobby. -
This really boils down to how much you need the money, and if you think you can realistically sell it for the offered prices by those random ebay members. The guy that bought it for 35 obviously knows that he’s getting a good deal. He obviously had a search out for that item that triggered. Who knows if he would’ve paid a higher price? The guy could even be another reseller that’s going to turn around and flip it as soon as he receives it. Who knows? I would just go along with your gut on this. Most people are understanding when it comes to errors like this, intentional or not.
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It’s all relative, but that’s not “WAY” too low. It sucks. May even ruin your week, but ship it out. We make a living doing this to people. It happens. It could be a lot worse. You could sell something for thousands less than it’s worth. You just learned a valuable lesson and it only cost as much as a community college course. It’ll come back to you ten fold because of this.
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It occurred to me that, despite my advice up thread, that I have always shipped out underpriced items, one thing I HATE is when people who missed out on the deal contact me to tell me what a fool I have been, LOL. In the past I have sold an Italian ceramic vase for $700 that was worth over $2000 (the buyer, it was an auction, actually apologized for the price, LOL) and a print by a famous artist whose signature I couldn’t read went for $600 that was worth around $3000, of course I knew nothing of this when I offered the items on auction. On the other hand, if you are doing this as a living, it would be difficult to leave that kind of money on the table…a difficult decision to be sure.
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I did something similar this week. I listed a Vtg. Woolrich blanket coat using “Sell Similar.” The coats go for $40 – $100. Mine was in perfect condition. I FORGOT to change the price and it sold within the hour for $9.99. I was mad at myself and briefly considered cancelling but went ahead and shipped it. I figure it is good selling karma that the buyer got a great item at a great price.
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I propose a bit of a compromise. Email the buyer and say you “fat fingered” the auction price and meant to put $350, not $35.
However, as the buyer must see it was an obvious mistake and know the true value, you rather work it out than cancel. Then offer it for $200.
If u do research and see the person is a dealer or a safe bet, call them explain the mistake and say u have a buyer for the price u had originally intended. (350). He can make a quick $150 for doing nothing provided that buyer comes thru.
Buyer pays, u hold the money for the return period, then send the other buyer that money. You both get money and everyone is cool.
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Thank you to everyone for your input and advice! The variety of ways to handle this problem was really astounding. With this fresh perspective I was able to come to a satisfactory resolution with the buyer. Since the advice ranged from one end of the spectrum to the other, I think I’ll keep the details to myself.
To answer SalarySlave’s question, the item was a plush chick from The Rushton Company, a label to ALWAYS watch for! The one I have is apparently quite rare and generated a lot of immediate attention from collectors.
Thanks again to everyone who so thoughtfully contributed your wisdom; it is appreciated more than you know!
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All of us here are independent small business owners – we answer to no one but ourselves when it comes to business ethics as long as no laws are broken. You asked for opinions and hypothetical scenarios from other folks perspectives and you got a lot of great and respectable debate/conversation out of it. No one is judging you personally if that is how you are feeling.
I’d personally love to know what your resolution was as it would be a great “real world” final resolution to this whole conversation, but I can respect your wish to keep that private. Any resolution that leaves the buyer and seller somewhat happy is a win!
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