General questions regarding watch purchase

Hello, I am about the proceed with a watch purchase with a seller I’ve found on a prominent watch forum. The seller seems to be legit, however I’ve never done this type of transaction (it’s a significant amount of money). The seller is active on the forum and has a few positive references. I’m going to be wiring him the money. Is there any potential pre cautions I should take to prevent a potential scam? One thing the seller noted is that before he sends out the watch, he will need 2 business days to confirm the wire receipt (seems a little long to me?). Thank you for any responses.

 

What's the amount for? Might be worth doing it through PayPal for a 3% fee.

 

It’s for 17k, so I would prefer to avoid the fee.

 

You could also consider Amex , unless it’s an individual selling. Best, Kirk.

 

Use your Amex or Paypal. Have the guy take the haircut.

 

Being an avid watch collector do your homework and buy the seller
If you need further advice just pm me
Ron

 

I've bought a few this way with no issues. Canuck550 is right. Research the seller and don't be afraid to reach out to the community for references.

 

That's a lot to risk! Paypal, and at worst split the difference with the seller.

 

Thank you guys for the replies. The deal fell through, but when I find another watch I’ll make sure to use PayPal.

 

You may have issues with having a seller accept paypal, I do not, too many buyer scams, as mentioned earlier buy the seller and be cautious

 

I don’t accept PayPal when selling a watch. No way, no how. Bank wire or no sale.

 

No legit seller is going to take PayPal. Too easy for the buyer to reverse charges. It will be for wire transfer only. Ive bought and sold 6 figures of watches on watch forums and like others have said you are buying the seller, not the watch. Get references, call them and try to see the history of the seller. Often times its a non issue.

But as far as paying with CC or PayPal, no one is going to accept that as a form of payment. They take a 3% hit and can easily get scammed. Wire transfer only.

 

Not true. I take PayPal all the time. Just like how a buyer shops the seller, I shop the buyers too. It is a risk I have to take but it's generally worth it.

 

If paypal tends to favor the buyer, why does craigslist include seller asking for payment via paypal among the reasons to "flag" an ad for deletion?

 

What do you have against PayPal? Serious question . . . Thanks.

 

thats fine - you are spending time researching the buyer. Most people ive dealt with (virtually all) online refuse to take PayPal. If you are taking it, I stand corrected but it has not been my experience in buying and selling. Ive sold watches and will only do wire transfer. Its the only thing that is bbulletproof from scammers.

 

Its easier for the buyer to reverse charges with PayPal and the seller is out the funds and the product. Wire transfer, once it hits, its irreversible.

 

The answer below sums it up perfectly.
You’re welcome.

Yep, just too many scammers out there using PayPal and stolen credit cards or the dreaded “he sent me an empty box” scam which results in PayPal ruling for the buyer 100% of the time.

 

Most dealers in the business take it because most customers won't wire, just the way the industry is. It goes both ways but many people are worried about PayPal and rightfully so.

 

The best way to buy is via an escrow service. No one can vouch for another person without assuming personal liability. You do not want to assume personal liability for the seller.

PayPal is an escrow service and Chrono24 is another. You can also buy from respected sellers who advertise on well-respected watch forums depending on the seller's relationship with the forum and how they represented the watch they were selling.

Aside from actually getting the watch, you must also get an accurate appraisal from the seller regarding the CONDITION OF THE WATCH. Anyone can say a watch is "MINT" but this word is open to various interpretation, always against you. Any watch that is not new and unworn needs to be graded in a way that can be verified. The best way to grade is to mutually agree to use a well-respected grading system that the seller can be censured for if he misrepresents a watch he is selling or a watch he wants to buy from you. Do not buy or sell anything that cannot be properly graded and backed up.

I once bought a rare watch for my girlfriend from a well-known collector and seller on a well-known watch forum. When I got the watch I found wear on the watch that was inconsistent with the grading he assessed. He refused to compensate me. However, the grading system he used was provided by the forum organizers so I complained to the forum organizers. They looked into my complaint and got the seller to address the inconsistency - I got a fair price reduction and the whole process was promptly dealt with in a civil manner.

There was another time I bought a limited edition watch from a seller using an escrow service. The watch I got was not what was shown in the seller's advertisement. The colour of the strap was very different and the correct strap could no longer be obtained. The unique strap was a very important feature of that rare watch. The seller refused to return my money but I complained to the escrow service and they agreed with me and fully refunded me.

While it's nice to buy from good people, you can only contemplate that after many happy transactions and it is still an act of faith, which is never advisable even between friends, because you can easily disagree on an issue and end up destroying the friendship.

 

For me its simple I hold the cards, with 20+ years of ref in the hobby, oh and the watch!
If the buyer doesn't like my terms, they can walk, I will sell to someone else.
Wire or even FTF at a few AD's I know, those are the terms
There are all sorts of scams from paypal, trade and even escrow scams
Too many sharks

 

Always best to deal with an A/D, then someone either you, or someone close to you knows and trusts from prior biz or someone with a known reputation they wouldn't want tarnished. Ebay also favors buyers.

Going ultra cheap and bottom feeding doesn't always pay off, same as F Cars.

Goes both ways, my wife gets people in all the time trying to buy AP's with stolen credit cards or CC scammers. Someone tried with a 70K watch just last week.

 

I think it also depends on the level of people you're dealing with. I recently sold a Rolex to a fellow fchat member. When he sent me a PM he brought it up no question, he said he'd take it and in the same PM asked for my bank's wire info.

 

DavidSW, one of the most prominent and legitimate sellers of luxury Swiss watches, happily takes Paypal. I know from experience.

 

Thank you for stating this, I'm in the process of selling a valuable instrument and, aside from also looking for a watch, I felt that I really wanted the money wired. Just like buying a used Fcar.