Buying/selling etiquette?

[ttannert]

Originally Posted by Zirotti

Of course I am going to meet Buyer X first. We talked on the phone and he asked what my best price would be, which I told him and he said it was what he wanted to spend. If he still wants the watch, it's a done deal IMO.

With that being said, I don't think it's "bad karma" or "wrong" for someone to take the highest offer. Business is business.

Anyone who has traded with me knows I am pretty easy to deal with.

You are doing the correct thing. Your word is your bond.

[Denver Dick]

Geez, this isn't rocket science. When a buyer asks what is the lowest price the seller will accept and the seller states the price and the buyer says, "I'll take it," that's the deal. An agreement's been made. Now, if the buyer says something like, "That sounds fair, I would like to meet and take a look at it." That is not an acceptance of the offer. If a better offer comes along, the seller is free to accept it. Now, I personally would advise the first buyer that meeting is fine, but the watch stays up until I get a clear "I'll take it."

Now this stuff about business is business and a seller should be free to accept the best offer simply does not apply to a deal based an offer and acceptance. If the seller is looking for the best offer, then that should be stated in the ad, i.e., that the seller is going to accept the best offer. Or, just do an auction.

Remember, as noted by Aunty (Tina Turner) in Mad Max Beyond Thunderdome , "Break the deal, face the wheel!"

[sea-dweller]

I agree here, but these days, it seems that the buyer with the higher offer usually gets the asset for sale.

Originally Posted by robsteve

It is just like selling a house. Once you accept the buyers offer, you have sold it. In other words, if you said to buyer A his offer was acceptable, I think you have to meet with him and give him the chance to buy it at the price he offered.

Robert

[Green Arrow]

You asked what was "ethical", not what the best "business decision" is. Obviously the best business decision is to take the most money and screw over the other guy, assuming you don't intend to sell any more watches, and don't expect anyone to find out.

The very fact that you are asking about what the "ethics" are tells me that you are interested in doing the correct thing, ethically, and that money isn't your only interest, or you wouldn't have asked.

Consequently, you've chosen to do the honorable thing, and you've chosen the right course.

Oh, and whether or not you believe in Karma, Karma believes in you. Doing the right thing will come back to you in some positive way. I"ve seen it enough times to believe it myself.

[Volant997]

Originally Posted by Idle Swede

If you're a gentleman and a man of your word you stick with the original buyer until he backs out of the deal.

Just my personal opinion and worth exactly what you paid for it.

+1

A matter of personal honor and character.

[ctc1010]

I would consider myself morally obligated to the first person to whom I agreed on a deal. Having said that, I couldn't really tell from your post- when you "agreed to meet locally", was that just an agreement to an inspection of the watch, or did that include an agreement on the price as well?

On an off note, this can't really be compared with buying a house...technically, you can tell as many buyers as you want that you accept their offer, but until contracts are countersigned by both parties and their lawyers, nothing is final. It's a crappy thing to do, but playing buyers against each other is a mainstay of the real estate business.

[Zirotti]

Originally Posted by Green Arrow

You asked what was "ethical", not what the best "business decision" is. Obviously the best business decision is to take the most money and screw over the other guy, assuming you don't intend to sell any more watches, and don't expect anyone to find out.

The very fact that you are asking about what the "ethics" are tells me that you are interested in doing the correct thing, ethically, and that money isn't your only interest, or you wouldn't have asked.

Consequently, you've chosen to do the honorable thing, and you've chosen the right course.

Oh, and whether or not you believe in Karma, Karma believes in you. Doing the right thing will come back to you in some positive way. I"ve seen it enough times to believe it myself.

Trust me brother, this isn't my first rodeo ;)

Like I said, the main reason I ask, is that I was on the flip side before. I never got bent out of shape when I didn't counter my original offer with a higher one. I understood exactly where the seller was and could appreciate the situation he was in.

Then again, I am a pragmatist, not an idealist ;)

[JUSTROLEXES]

Jason you can not compare a watch deal to a house purchase...
As a seller I would like to get the most for my watch HOWEVER once you agree on a price and to meet someone, it should be a done deal... and therefore if you get a call from buyer #2 you should right away tell him that it's on hold and you will let him know if the deal doesn't work out.
A man's word should be = to a contract and not to be breached IMO

[Zirotti]

Originally Posted by justrolexes

Jason you can not compare a watch deal to a house purchase...
As a seller I would like to get the most for my watch HOWEVER once you agree on a price and to meet someone, it should be a done deal... and therefore if you get a call from buyer #2 you should right away tell him that it's on hold and you will let him know if the deal doesn't work out.
A man's word should be = to a contract and not to be breached IMO

Yes, I agree. I wish people would read what I've posted instead of assuming I am doing anything different. I've posted that 10 times already in this thread.

I posted this to see what OTHER people would do, not ask for advice on what I should do. I've bought and sold probably 100 watches, and have been scammed over probably 3 times.

I am currently battling with someone I sent a watch too but never received payment. We had done probably 4 transactions and I took our previous history and HIS word and 2 months later I'm still trying to get my money back or the watch back.

And THAT is why I don't believe in karma. It was a stupid idea on my part and now I am paying for it.

----

With that being said, I don't understand the "you can't compare a watch deal to a house deal". Can you compare selling a watch to selling a car? Why should any transaction be held to different standards?

[Luxe Time]

Good question.
As we all know, a deal isn't finalized until you have cash in hand and the exchange has been made. For this reason, one may argue that you take the higher offer from buyer B even though you've made a verbal agreement to sell to buyer A.
However, one with high integrity will always work with the original buyer first. If you've already worked out payment arrangements and have a firm agreement, then the ethical decision would be to honor your original commitment. Yes, you may want the higher offer, however you've given someone your word to sell to them. If you absolutely want to back out of the transaction and take the higher offer, it's best to be honest and forthright in your communication with the first buyer.
Most recently I had a Submariner for sale on the forums. I made an agreement to meet with someone to sell the watch. On my way to meeting the buyer, I received a message from someone else willing to pay more. Rather than taking the new higher offer, I informed the would-be buyer that if the deal fell through with my first buyer I'd be in contact.
In conclusion, just do the right thing- everyone appreciates honesty and a seller with high integrity!

[Zirotti]

Amen brother! I've was raised to treat people like you would want to be treated. I live by that motto, but I wish others would as well.

[jamesworthy52]

In the state of Michigan, a contract for the sale of goods with a value exceeding $1,000 is not enforceable unless there is a signed writing against whom enforcement is sought or by his or her authorized agent or broker. (Mich. Law Section 440.2201)

With that being said, I would still do the right thing (like you are doing) and sell to the first buyer.

[ParisDakarBmw]

If your asking for open offers, and agree to get back with them, that's different. If you agree to a price, consider the item sold. If the person agrees to buy at a certain price but doesn't have the money, you can call them to confirm the transaction prior to moving to other offers.
If the buyer offers a price, and you agree, for most cases the item then is sold pending funds. You should make sure your Entertaining offers rather than selling.

Good question, but easily answered when you put yourself in the buyers shoes.

[Zirotti]

Originally Posted by jamesworthy52

In the state of Michigan, a contract for the sale of goods with a value exceeding $1,000 is not enforceable unless there is a signed writing against whom enforcement is sought or by his or her authorized agent or broker. (Mich. Law Section 440.2201)

With that being said, I would still do the right thing (like you are doing) and sell to the first buyer.

Well we agreed to $999 so I am screwed ;)

Thanks bud!

[jamesworthy52]

Originally Posted by Zirotti

Well we agreed to $999 so I am screwed ;)

Thanks bud!

That's an expensive G-shock

[jamesworthy52]

Oh, and that was the big "100" for me.

[ParisDakarBmw]

Yeah, the ethics thing kicks in, and you have to look back at the conversation. You made the agreement. You could always wait to see if he follows through. Keep your second buyer close just incase the deal falls through. You might get lucky, and have them back off for a personal reason, but once you agree, it's a done deal. Sorry man!

[ParisDakarBmw]

The second offer could be a tire kicker, and been better off liquidating the watch for a decent price during a recession. Loose a few bucks here, but keep him as a reference. He could be worth $1000 later. It will all come out in the wash!

[Luxe Time]

Remember:

A bird in the hand is worth two in the bush!

[jets]

In my experiences I have repeatedly gotten screwed over because I tried to be honorable and do the right thing...sell to buyer A. I can't tell you how many times I was assured we had a deal and they'd show up to purchase and then-NADA. No phone call or I can't reach them or worse, they change their minds. I had a guy come and see an X3 I was selling and we came to an agreement for $x. Shook hands with him and made a game plan of how we were going to get the deal done the FOLLOWING day. Like an idiot I thought it wasn't necessary and did not get a deposit. Next day I call at 1pm and he returns my call at around 3pm to tell me that he went and leased a car and hour ago. THANKS for the call buddy. I actually turned people away during this time :|

That's is why I always tell people interested in my item that it's not a done deal unless I have all the money or a good sized deposit. I refuse to miss out on a sale because someone has other priorities and wants to string me along. As long as I make that clear ahead of time I have a clear conscience.

[hng]

Would be interesting to see some posts from some of the best sellers here. C'mon guys!

[JUSTROLEXES]

Originally Posted by Zirotti

Yes, I agree. I wish people would read what I've posted instead of assuming I am doing anything different. I've posted that 10 times already in this thread.

I posted this to see what OTHER people would do, not ask for advice on what I should do. I've bought and sold probably 100 watches, and have been scammed over probably 3 times.

I am currently battling with someone I sent a watch too but never received payment. We had done probably 4 transactions and I took our previous history and HIS word and 2 months later I'm still trying to get my money back or the watch back.

And THAT is why I don't believe in karma. It was a stupid idea on my part and now I am paying for it.

----

With that being said, I don't understand the "you can't compare a watch deal to a house deal". Can you compare selling a watch to selling a car? Why should any transaction be held to different standards?

Jason my friend let me tell you the diffrence here and I'm going to use the house per your request,
When you agree to sell the watch or the house for an X price and you set a day and time to meet the buyer that is = to openning escrow... and when you have an open escrow you can no longer accept offers unless the buyer fall out of escrow for whatever reason...

So as long as your watch or house it listed you can entertain offers but once you accept and offer, the watch or house should be pulled out and you should state pending sale or in escrow...
All the best

[dama156]

Watch should not be considered sold until funds are in the sellers hands. i have in the past dropped everything and ran to get a good price so that i would not lose out on the deal. if you feel obligated to sell to buyer X than put some pressure on.

[Mike1066]

You have to sell to the first offer you accept, even if a higher offer comes along 2 minutes later. That is the proper thing to do.

[Welshwatchman]

If you had already agreed to X's offer of $1 and then you received a further offer from Y of $2.....

..... I'll offer you $5 as long as it's got boxes and papers.

[mike]

Originally Posted by BASSETHOUNDS

This one could well end up in mudslinging between the immoral , free market minded , the gentlemen , the ones wanting to be more catholic then the pope and other hypocrites ... till one of the MOD's closes it .. I'll sit back and watch .

I think we're doing OK so far. This is an issue that has come up between some collectors, especially when dealing with some high ticket references.

Most will say (including me) that in this hobby (or business if you're so inclined) one's word is his bond. Certainly there are those that have gone back on a deal to get more money, but truth be known this is rather small community as compared to the general watch buying public.

Word has a way of getting around. Reputations are hard won and easily lost.

[JUSTROLEXES]

Originally Posted by Welshwatchman

If you had already agreed to X's offer of $1 and then you received a further offer from Y of $2.....

..... I'll offer you $5 as long as it's got boxes and papers.

[briboxer]

Good question, though you would only want someone to do to you as you would do to them.
It is probably a good idea to let offer number 2 know that you have a pending sale. Not really his business how much....and let them know that if the sale doesn't go through, you'll let them know.
Many times a offer is made, and they back out for whatever reason. Not nice, but it happens. If the first guy backs out, or passes, you have a legitamate opportunity to meet with the second guy. You never know, the second guy might say that upon seeing the watch, he'll only offer you a buck twenty five.

[JUSTROLEXES]

Originally Posted by briboxer

Good question, though you would only want someone to do to you as you would do to them.
It is probably a good idea to let offer number 2 know that you have a pending sale. Not really his business how much....and let them know that if the sale doesn't go through, you'll let them know.
Many times a offer is made, and they back out for whatever reason. Not nice, but it happens. If the first guy backs out, or passes, you have a legitamate opportunity to meet with the second guy. You never know, the second guy might say that upon seeing the watch, he'll only offer you a buck twenty five.

I agree with Brian

[robertneville]

Originally Posted by briboxer

Good question, though you would only want someone to do to you as you would do to them.
It is probably a good idea to let offer number 2 know that you have a pending sale. Not really his business how much....and let them know that if the sale doesn't go through, you'll let them know.
Many times a offer is made, and they back out for whatever reason. Not nice, but it happens. If the first guy backs out, or passes, you have a legitamate opportunity to meet with the second guy. You never know, the second guy might say that upon seeing the watch, he'll only offer you a buck twenty five.

Very good point! i have always considered the first offer a done deal (unless it falls through).