Tips for protecting buyer from fraud by seller

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InvestorNewb
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Tips for protecting buyer from fraud by seller

Post by InvestorNewb » Fri Nov 09, 2018 7:33 pm

Hello,

I am in Canada and I am considering buying some collectible items from a seller on Ebay who is in Germany. I missed out on buying a product (clothing items) that used to be sold in the U.S. for $200. The company stopped manufacturing them about one year ago and now the product is very difficult to find.

I have spent the whole week contacting different merchants to find out if they have any left in stock, and after my exhaustive search, I have not found anyone who does -- not even the manufacturer. However, I finally found someone on Ebay today who sells the product for $1,600 per item and I want to buy about 10 of them. The items are in new condition and have never been opened. His reputation is excellent on Ebay.

We have discussed the product in detail, including the manufacturer's name, the model numbers, and I have even requested pictures of the product in his home. My concern is spending all this cash and then having different (replica) products arrive here or used/opened ones.

What can I do to protect myself under such circumstances?
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)

chessknt
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Joined: Wed Jul 13, 2016 3:15 am

Re: Tips for protecting buyer from fraud by seller

Post by chessknt » Fri Nov 09, 2018 7:35 pm

Ebay and PayPal have extensive buyer protections and side with the buyer to a fault. The seller is at higher risk of being defrauded by the buyer due to their draconian buyer is always right policies.

Go for it.

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Watty
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Re: Tips for protecting buyer from fraud by seller

Post by Watty » Fri Nov 09, 2018 7:40 pm

You could
InvestorNewb wrote:
Fri Nov 09, 2018 7:33 pm
However, I finally found someone on Ebay today who sells the product for $1,600 per item and I want to buy about 10 of them.
Instead of one big order you could buy a couple at a time.

Trism
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Joined: Mon Jul 18, 2016 6:34 pm

Re: Tips for protecting buyer from fraud by seller

Post by Trism » Fri Nov 09, 2018 7:41 pm

I agree with the buyer protection comments above.

I would add that if you have an American Express Platinum card or similar premium credit card, the complimentary concierge service might be able to track down what you're looking for somewhere else (in addition to or instead of the stash you found on Ebay).

Good luck.

123
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Re: Tips for protecting buyer from fraud by seller

Post by 123 » Fri Nov 09, 2018 7:55 pm

Be strategic in your purchases to limit risk of loss. Buy 1 of 10, if okay, buy a couple more, until you've got the 10 you're after. You could offer something like $100 to "reserve" all of them for 30 days. I would suspect that the "best" ones might be sent first so you'll keep buying.
The closest helping hand is at the end of your own arm.

Nate79
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Re: Tips for protecting buyer from fraud by seller

Post by Nate79 » Fri Nov 09, 2018 9:34 pm

I agree that you should buy a few at a time. Do your credit cards in Canada provide buyer protection like in the US? I also agree that Ebay is heavily biased towards the buyer.

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