OBO Use In Classfieds.

[JuglansRegia]

You'll get more offers if you say firm on price. When you end it with obo, buyers are scared you might accept their offer.

 

[Cavedweller]

Why is this a thread?

I think it must be the OBO Challenge or something.

 

[Will_White]

My understanding is OBO means or best offer. That would imply that the seller is going to be comparing offers and picking the best one. It could be more than or less than asking price.

My main question is what time frame are are sellers generally using to collect the offers?

If a seller was going to be open to offers but not comparing them to others, they could just put the asking price and "make offer"

From a selling perspective OBO to me means I'll take the first offer that's high enough. If it's lower then I might prefer I'll wait a few days to see if anyone else comes along if I want to hold out for more, or reconsider the offer if I just want to be done with it.

From a buyer's perspective OBO means I give an offer and if we agree on a price and a time and place it's "sold." If not they can say "it's not enough but I might get back to you in a week if no one offers more" maybe a follow up if it sells but that's just a courtesy.

 

[arakboss]

From a selling perspective OBO to me means I'll take the first offer that's high enough. If it's lower then I might prefer I'll wait a few days to see if anyone else comes along if I want to hold out for more, or reconsider the offer if I just want to be done with it.

From a buyer's perspective OBO means I give an offer and if we agree on a price and a time and place it's "sold." If not they can say "it's not enough but I might get back to you in a week if no one offers more" maybe a follow up if it sells but that's just a courtesy.

I am going to try out a few OBO ads this week. I'm going to list some items specifically to raise money for my supporting membership renewal, which is due on the Feb 16th. I should have had the ads up already but life and procrastination got in the way. I will report back how it goes.

 

[boattail]

My understanding is OBO means or best offer. That would imply that the seller is going to be comparing offers and picking the best one. It could be more than or less than asking price.

My main question is what time frame are are sellers generally using to collect the offers?

If a seller was going to be open to offers but not comparing them to others, they could just put the asking price and "make offer"

Never have I compiled offers. If you give me an offer it is decided on right then and there. Your offer is only good for the time I receive it and decide to sell it or not for that price.

I literally had two people show up to buy an item at the same time. The first to drive up offered me less than the second that drove up. I talked on the phone beforehand to each and told them I will accept their offer but it's first come first served with cash. I sold it to the first one to arrive at the lesser agreed on price.

I do believe the newer generation wants a bidding war as we have so many easily accessible bidding sites now. This homie is old and ain't got time for that.

OBO and make offer are the same to me. And neither means I want more than list price. Lowball offer is the point where you find out how grumpy the seller really is and at what point he boils over.

 

[arakboss]

Never have I compiled offers. If you give me an offer it is decided on right then and there. Your offer is only good for the time I receive it and decide to sell it or not for that price.

I literally had two people show up to buy an item at the same time. The first to drive up offered me less than the second that drove up. I talked on the phone beforehand to each and told them I will accept their offer but it's first come first served with cash. I sold it to the first one to arrive at the lesser agreed on price.

I do believe the newer generation wants a bidding war as we have so many easily accessible bidding sites now. This homie is old and ain't got time for that.

OBO and make offer are the same to me. And neither means I want more than list price. Lowball offer is the point where you find out how grumpy the seller really is and at what point he boils over.

Not my style to have multiple people race each other to meet up spot but to each their own.

 

[bpyycpyy]

Not my style to have multiple people race each other to meet up spot but to each their own.

Nor mine but I do seem to hear that there are a lot of "no shows" after a meeting time/place was agreed upon, so maybe the "shotgun" approach is the better way to ensure someone does showup.

 

[STUKA]

I have a OBO option with my classified.
I am asking $100 off retail ...'cause the firearm is as new and unfired.
Usually I like to give better deals than that....So OBO it is.

OBO to me...means something close to my asking price., however.....
I also am trying to get rid of something I don't want...so if someone were to offer an item I like or have a use for...
Even if it is worth a lesser dollar amount than my firearm...
I would strongly consider that trade...since it is something that I like / have a use for.

Time frame....depends on the offer...and importantly ....just how it is offered.
Andy

"And importantly ....Just how it is offered"

Ugh.

Its sometimes almost as comedic as it is frustrating to deal with selling something on here.

 

[boattail]

Not my style to have multiple people race each other to meet up spot but to each their own.

It's not a race, it's business. The first through the door at any store will do the same. If someone walks into a business and negotiates a price the shop owner does not look around and ask who will pay more....they sell it to the one they made the first deal with.

I have been selling things for 50 years this way. It eliminates the no shows. The last big ticket item I sold the buyer that I made a deal with was five hours away. I made a deal to hold the item until he could get to me, but he had to make sure he checked in and was for sure coming. I had two more buyers locally and told them they had second and third choice once the first buyer flaked.

Buyer number one called me when he left his house and every hour after until he pulled up and bought the item. I promptly called the other two and gave them the news.

The two buyers at once in my previous post both said they would try and get by to see the item later in the day...no specific times for either....luckily for the first guy I talked to he showed up first.

I had another big item listed for sale thirty years ago and a guy called and said he wanted it. I told him cash and first come first served. He told me he could come to me in the morning and I told him to call before he left. Later that night a guy called and showed up to buy it right then. I sold it to him. When buyer number one called in the morning I told him the item was sold. He was not happy but he knew the terms going in. Its business. If I called a store and told them I wanted an item and would be in the next day without a down payment that store is free to sell it to the first one that walks into the door.

In all my dealings buying and selling OBO or make offer is an on the spot deal. Never have I compiled a list of potentials nor has a seller contacted me later to buy it at my offered price. If this is the new norm I want no part of it...I'm too old to play games like that.

 

[boattail]

I'm going to go deeper into this. If you want to sell an item by collecting bids you advertise it that way. Listing as OBO or make offer is not a bidding war. These two terms are a given during a bidding type sale as the seller is trying to get the most out of the sale.

The real estate market has seen bidding wars pop up on something with a listed price. The internet is full of bidding sites. Retail and private sales historically are an on the spot sale and not bidding sales. My in laws lived in sales. They had their own store and sold at private flea markets. If someone was trying to negotiate a lower price on an item, and the seller came down a little but not enough for the buyer, and then the buyer came back later with a slightly higher price the cost went back to full price and negotiations started over.

The lines between an item being offered up for bid and a retail type sale are historically well defined.

I am not a fan of the bidding wars on real estate. When I was looking for my last property to buy the agents tried to drag me into a biding war. I had offered just under asking price and someone offered full price an hour later, before they could respond to my offer. The agent called me and told me I needed to bid higher...I told the agent the other buyer gets the house...I wasn't paying more than it was worth and paying that difference over what replacement cost would be for insurance or coming up with more downpayment over what the property appraised for.

 

[arakboss]

I have offered more than asking price many times. The most recent purchase was the barrel and handguard lot from an out of state seller. He had other offers that came in before mine but I ended up getting the lot. I always make my offers through PMs.

 

[bpyycpyy]

He had other offers that came in before mine but I ended up getting the lot.

So you're the SOB that's making everyone dishonest?

 

[arakboss]

So you're the SOB that's making everyone dishonest?

Some people don't know what they have. In my book, OBO means best offer.

 

[arakboss]

So you're the SOB that's making everyone dishonest?

I saved a seller from dumping his family friend's Colt Viper revolver for way less than it was worth. He had it advertised as an S&W revolver. His friend needed money for teeth implants. I felt good about educating him on what the Viper was worth, even though an NWFA member missed out getting it for a steal.

 

[fstdraw]

I personally never comment on whether or not a seller is selling too low or too high. It's none of my business, it's always his business to know. I get tired of people raising their prices on this forum, I think it's not honorable. Sell it for the price you're asking or remove the item. That's my thoughts on it.

 

[arakboss]

Not my style to have multiple people race each other to meet up spot but to each their own.

I was stood up by a new guy last Friday. I had another new guy interested in the same rifle kit. At first I declined to deal with him but then I had the idea of requesting a deposit to schedule a meet up. He sent me $20 with the understanding that if he is a no show, cancels, or decides he doesn't want it after looking at it, that I keep the $20. He did not appear to be offended by the deposit request. I have a meet up with him scheduled for this weekend and hopefully all goes well.

 

[arakboss]

I am going to try out a few OBO ads this week. I'm going to list some items specifically to raise money for my supporting membership renewal, which is due on the Feb 16th. I should have had the ads up already but life and procrastination got in the way. I will report back how it goes.

I tried OBO in one ad but ended up pulling the ad the next day. Wasn't feeling good about it.

Thanks to @Flat45 I did earn enough to purchase a lifetime Bronze supporting membership.

@Meridian7750 contributed to this success as well, by inspiring me to sell stuff and some freebies he gave me.

OBO isn't for me on the selling side of things.

 

[Flat45]

I tried OBO in one ad but ended up pulling the ad the next day. Wasn't feeling good about it.

Thanks to @Flat45 I did earn enough to purchase a lifetime Bronze supporting membership.

@Meridian7750 contributed to this success as well, by inspiring me to sell stuff and some freebies he gave me.

OBO isn't for me on the selling side of things.

Glad to be a part of the team.