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Trouble dealing with a local seller with a massive hoard

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EvilCapitalist

Well-known member
Oh yes.  Been there, done that:



This guy was a government contractor in the late 80s/early 90s and had loads of vintage machines and accessories that sounds like they were stored for years until (I'm assuming) his wife got tired of them taking up space or they were downsizing to a smaller house.  He originally posted everything for sale in 2015 and wanted waaaayy too much for it then, but when he got no takers he took it down and reposted everything in 2017 and wanted even more for it surprisingly enough.  He even had a spreadsheet showing the value of everything based on, you guessed it, eBay, among other random sites.  When it was posted in 2017 he got back in touch with me to ask if I was still interested and mentioned the price was higher based on the research he had done.  I reiterated what my max was and he told me that someone else eventually bought everything (didn't tell me how much they paid) and that if I wanted anything I could get in touch with that person, which I never did.  The original topic has attached what he posted in 2015 and attached here are things he sent to me specifically in both 2015 and 2017.  I saved it because it was a real head-scratcher that anyone would think there were people out there who wanted to buy old generic laptop cases, loose software disks/CDs without original boxes/manuals, loose manuals, and loose cables that could still be bought new.  He just couldn't get past that "this was worth X twenty years ago" and given the amount of space everything was going to take up I wasn't keen on offering any more than I did.  I just looked up the information I was given back then and see it links out to an estate sales company in the Baltimore/Washington area so it may very well have hit eBay at that point and I just missed it.  There wasn't anything exceptional in the list from what I saw, just run of the mill machines in varying states of repair.

View attachment Mac Advertised & Whole Sale Values_ October 2015.pdf

View attachment Mac Inventory Updated 18 June 2017.pdf

 

LaPorta

Well-known member
He even had a spreadsheet showing the value of everything based on, you guessed it, eBay, among other random sites. 
You know, it's funny, I do basically the opposite. I see things like $100 questionable working analog boards on eBay and think "that's crazy, I have a few of those" and then if someone needs one I'll sell it for $30 or something, more if they want a recap and I'll increase the price for parts and a little labor. But I can't justify trying to gouge people on the price. I don't see myself sitting on a gold mine, just some parts that might be really useful to someone for their restoration. If someday there are three of a part left in creation and it really IS worth $200....well, then, it is and I'd be fine selling it as such. But I think the vast majority of us in this hobby just want to help each other out, trading parts and making a little on the side.

The outliers are WAY out there in most cases.

 

MrFahrenheit

Well-known member
In case anyone is interested, here is the email I sent the seller this morning:

I had hoped we could do some sort of deal, but to be honest your personality prevents any reasonable negotiation.  There are things I know and things I don't know.  When I don't know something, I defer to someone who seems to know, and I get educated.  You come across as knowing everything.  Please keep this email, I'd be willing to discuss with you in the future (even a year from now) my points below:

 
1.  You mentioned a Mac can be turned into an iPad holder for $2200.  That is far from the truth.  Vintage Apple collectors want original hardware.  They don't want modified or grossly deranged things.  Case in point:  This item has been listed on eBay and relisted since before March (I can't keep track but I know it's been there a LONG time).  It started off at $900 when I noticed it.  Likely higher before.  It's the talk of the Vintage collectors around the world as the biggest abomination.  Have a look for yourself.  If this is such a good deal, I suggest you buy it and flip for $2200.  https://www.ebay.com/itm/Mackintosh-color-classic-iPad-Air-2-case/124301172196?hash=item1cf0ed5de4:g:I3EAAOSwiS9eOeDk
 
2.  You mentioned that there's gold inside the circuit boards and parts.  There isn't.  Well, not totally true.  There isn't MUCH.  Have a look at this, and please, watch the entire video:  https://www.popularmechanics.com/science/a19670/refining-gold-from-old-computer-parts/
 
3.  You mentioned that the individual parts are worth more than the computers themselves.  While in some cases that may be true, do you really want to go all the way down to removing key caps from keyboards because a single key CAN sell for $5, so a $30 keyboard is worth $150 in its parts?  Maybe.  It's not realistic.  Additionally, I can guarantee you, especially from the track record of the equipment others have bought from you, at least 50% or more of your machines don't work.  At least 50% of those are permanently broken.  Not everything can be fixed.  See another point I'll make below.  A buyer may have to take parts from one to make another work.  The parts taken from one will make that one worth almost nothing.  The work involved with making working machines is extraordinary.  Someone can easily spend 5-10 hours per machine TRYING to get it to work.  How much is that time worth?  People who buy untested and non-working on eBay assume this as well, and buy accordingly.  A fully functioning and reconditioned computer is worth a lot more than a dead one, because of the time involved.  Time is money.
 
4.  The components inside these machines were meant to last 5-7 years tops.  Over time, the components spew out acidic stuff on the boards, which ruins them.  This accelerates over time.  As in, at 20 years it won't be so bad, but at 30 years it's ruined.  When I say ruined, I mean it's like a car that is entirely rusted, including the frame.  Cannot be repaired.  There are traces embedded within a motherboard that get eaten, and no longer electrically connect.  Those traces cannot be easily repaired.  Chips get eaten and no longer work.  Buyers of vintage computers know this, and buy non-recapped equipment priced accordingly.  A Macintosh IIci that is untested and non-working will sell for about $60.  One that at least boots and can demonstrate itself as working, about $110.  One that has been cleaned and recapped, $250.  Tops.  Which leads me to...
 
5.  You mentioned that someone like me could fix any one of the computers there and sell for $2-3000.  You are uneducated in this statement.  Based on your list, and what you have remaining, there is not one single computer in your lot that could sell for even $2000.  Even brand new, unopened stock computers, which have never been touched and are factory sealed don't sell for that.  This PowerBook is buy-it-now:  https://www.ebay.com/itm/FACTORY-SEALED-Apple-Macintosh-PowerBook-5300cs-Mac-100Mhz-16mb-750HD/274471093813?hash=item3fe7c08635:g:vn0AAOSw-XRe8Ty8         This one sold and is used and working:  https://www.ebay.com/itm/WORKS-GREAT-Apple-MACINTOSH-LAPTOP-POWERBOOK-5300cs-Cords/293695121794?hash=item446197e982:g:IuAAAOSw6aRfOvfA
 
6.  You seem to be emotionally attached to the items even though you say you are not.  That is influencing what you are doing here.  Additionally, and I don't know how true this is, I was told yesterday evening that you had been recycling them until someone told you to stop and that you had a goldmine.  From what I heard, you had already recycled a significant portion of what you had.  I don't know how true that is, but if it is, it demonstrates the extreme leaning from far left to far right in terms of what you believe you have there.
 
7.  Listing and selling and shipping items on eBay is a significant undertaking.  Even if every machine you had fully worked and was clean and could be easily resold, that's a lot of time involved.  Time is money, and you should know that.  Additionally, eBay fees and PayPal fees, costs of shipping supplies, and factors of lost packages and damages during transit eat up an average of 20% of the selling price.  That leaves 80%.  So on an initial valuation of $30,000 that leaves $24,000 return.  The items need to be stored in a climate controlled storage, which would cost money (who really wants to store these in their home for a year or more?).  That costs money, about $3000 a year.  I know, I've already gone that route with the LEGO I bought and sold a few years ago.  Which leads me to ...
 
8.  The environment they are stored in affects their ability to work or be restored over time.  High humidity and extreme temperature shifts work quickly to affect the components.  Add to that the acidic goo leaking out, it is accelerated with extreme temperature and humidity as well.  On top of that, time kills.  You say you will sit on these to sell as one lot, that is a mistake.  Sitting on these without touching them will make them worthless as working machines.  That is what is driving the prices on these machines, that they work.  Nobody really wants machines that don't work.  Vintage computer collectors want it the way it was when it was made.  They don't want someone to take a case and replace the guts.
 
9.  Of anybody in this city, I'm likely the only person who was prepared and able to literally take those computers off your hands yesterday.  I had cash in hand, and would have moved them out immediately.  I have resources with a partner in California, and business connections all over the US and around the world.  My partner and I are establishing a Vintage Apple commercial project, and this hoard actually came along at a good time, which would have been a good piece of our bigger picture.
 
10.  You mentioned your sale wasn't even advertised.  You have no idea.  Pretty much every vintage Apple collector in our locale is aware of your sale.  We are a closenitt group, and the hour someone knows, everyone knows.  Your sale was advertised in our groups Saturday morning.  How do you think I found out about it ?  I don't look up or drive around for garage sales.
 
11.  And my final point in the numbered points, risk.  Exchange rate risk.  Yes, it's a gamble, but who wants to gamble in so many ways here (dead machines, missing parts, damages in shipping, and now exchange rate volatility)?  Everything, and I mean EVERYTHING, that is collectible, sells based upon the US dollar.  It may sell on eBay in Canada in Canadian dollars, but I can assure you the prices are pegged based upon the USD.  Right now exchange rates are somewhat stable, but anything can happen in even 2 months' time (currently about 1.33:1).  A few months ago it was 1.47:1.  In the past year it has had a range of 20%.  That could easily be the difference between profit and loss on a deal like this.  On one item, not so much, but on a lot of 200 items?  The only way to mitigate that risk is to hedge the currency, but that involves tying up double the money.  Who wants to do that ?  
 
In closing, I truly hope you have read upto this point.  I will not be reconsidering.  I have provided your list to various professionals and the $15,000 you are trying to get is a dream.  It truly is.  You do not have a mansion on a hill, you have a farm with deteriorating buildings and a worn out farmhouse.  Whoever has been advising you is ill educated themselves on the subject.  Proof in point, you sold the really truly valuable Macs as monitors (based on your spreadsheet).  Those Macs for $20 and $100 are together worth thousands.  If those Macs were still part of the deal, it might have been worth the $15,000 you're asking.  You may be used to saying what you want and getting it, but that's not going to work in this instance.  Vintage computer collectors are often highly intelligent people, who know their stuff, and know what things should be worth.  They do not often buy with emotional attachment.  This is not an industry like others.
 
Whatever expert advice you are receiving from whoever you are contacting is flawed, and I wish you well.  It is truly a shame that the machines you have in that garage will likely never be salvaged and be in the hands of collectors who appreciate them.  And that part is really sad, because I know your friend would have wanted them to be cleaned up and treasured, based on what he had.  When I was involved with a local store, I saw many families sell their grandfathers treasured items, because they didn't care to have them.  Those items ended up in collectors' hands, and in the hands of people who respected and treasured those items.  We also had people think their item should be bought for what they sell for on eBay, and in the end, we actually saw some items end up being thrown out because the people were too stubborn to return and sell them to us.  I know because we bought from a guy who goes around and pulls things out of trashbins.  A $2000 item was bought that was thrown out, and we had seen that same item 6 months earlier.
 
This isn't an email to plead with you to drop your price.  Because talking with you I already know this is not going to work.  I'm the real deal.  You won't find another like me.
I wish you well and extreme good luck, and I cry for the future collectability of those machines.
 
Take care,
 
 

Dog Cow

Well-known member
How in the world do you talk straight into someone like this without losing your cool and without losing the deal.  Because I think in the end, she's going to discover it's not what she thinks, and either she's going to destroy them all 'looking for gold' or blowing them out to someone else for pennies on the dollar, or keeping them until they're wrecked from weather

I've given an offer that I placed an expiration time on, but it's a huge gamble.  Anyone else encounter someone like this ?
That's why there's only one Jeff Bezos in the world, and behind him, a really small group of other successful businessmen, yet there are untold thousands of unsuccessful nobodies with absolutely no business sense.

This sort of behavior/experience isn't limited to the world of vintage computers, either.

 

MrFahrenheit

Well-known member
That's why there's only one Jeff Bezos in the world, and behind him, a really small group of other successful businessmen, yet there are untold thousands of unsuccessful nobodies with absolutely no business sense.

This sort of behavior/experience isn't limited to the world of vintage computers, either.
I'm just curious, are you referring to the seller and their inability to logically negotiate, or me, unable to close the deal ?

 

Dog Cow

Well-known member
So I think about it, and I ask her what she wanted for the lot.  She tells me a man had shown up on Saturday morning with $10k in cash and she was insulted with the amount and told him to f-off.  ...okay... ?
This is the perfect example of my point. Anyone with a brain in his head would have taken the 10K on the spot.

That's a guaranteed sale. If you refuse, and say you want to hold out for more money, you may never get a better offer. Is is smart to take that risk? Even if you accepted a single dollar for the lot, you're still a dollar better off than you were yesterday.

 
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MrFahrenheit

Well-known member
That has got to be one of the most comprehensive letters I have ever seen.
Thanks!

I'm skilled in the form of written and verbal communication and thoroughly expressing myself and the position I have.  In 2013, the company I worked for had a customer call up and wanted to buy a large volume of something they really couldn't get anywhere else.  We were kind of the exclusive, direct from the supplier.  It was for $6 mil USD worth.  He was quite leary of us, because he was the CEO of a large US-based corporation (I won't out him to anyone for privacy) and he was calling some 'small' shop in Canada.  Bottom line is, he was as much untrusting of us as I was of him, at first.  After speaking on the phone, I got his email address from him, and we started exchanging communication.  I was then convinced that he was the real deal, and he really, really liked how detailed and organized I wrote and explained everything.  To the point that he placed an order and wired our company funds in advance for $6 Mil USD and then a few months later another $10 Mil USD.  I brokered $16 Mil between the two deals with him.  I was able to build a raport and encouraged him to check out my professional business references and call me back.

In 2014 I was doing a different job, and he texted me that he wanted to do a deal.  I phoned him and explained that I was no longer involved with that, and he told me it was too bad, and if I ever wanted a job, I should reach out to him.  He tried to buy another order, but he didn't like the person at the company he now had to deal with.  He actually called me and pleaded with me to act as the in-between, even though it wasn't my job anymore.  I did it for him as a favour. 

I still have his personal cel phone number, and text him from time-to-time just to keep in contact and see how he's doing.  To anyone reading this and calling BS, I really don't care what you think.  I personally dealt with someone who is on the level of Jeff Bezos, Bill Gates, Steve Jobs, Elon Musk, etc. as examples of who this kind of person was.

I am a successful negotiator, when the other person is capable of also being successful. 

TL;dr  A multi-billionaire CEO in the US trusted me to the point he wired me $6 Mil USD up front for product he wasn't going to see for a few weeks.  And all I was to him was a voice on the phone and an email on his screen.

 

EvilCapitalist

Well-known member
It's a very useful skill to be able to get folks to trust you sight unseen and something I can attest is not a skill enough folks possess, especially in my world.  Any company that has a need for specialized FF&E knows that at some point they may have to deal with smaller/boutique type companies.  It's understandable that the company you dealt with was cautious on a $16MM sole source contract.

Unfortunately for both you and the seller, she's dead-set in her thinking and no amount of evidence you present to the contrary is going to change her mind.  The times I've dealt with sellers like that in the past I just made my offer and left it at that.  Some came back later on and asked if I was still interested, others alleged they had other buyers lined up who would pay many multiples more but then I continued to see what they were selling advertised for months/years to come.

 

Mk.558

Well-known member
If she is offended by your offer and is giving you that much hassle, given that a number of the choice bits have been nicked already, it's probably safe to say there's not much in there worth your time anyways. From her point of view she's probably set some kind of price point and isn't willing to state what it is so she can uphold her half of the bargaining table.

As for the email, I like it. I also think that Rule 11 (All your carefully picked arguments can be easily ignored) applies to it, which is rather sad.

 

olePigeon

Well-known member
My prediction:  She's going to sit on that lot of computers for potentially years as all the rodents move in, until there's nothing left but a depressing, rusted heap of vintage computers not worth the $500 she'll have pay to some Junk King 5000 company to haul it all away as scrap.

 

olePigeon

Well-known member
Reminds me of the movie The Ninth Gate.  The main character (a book collector) arrives first, picks all the choice books for pennies on the dollar, then purposefully left the impression to the sellers that the remaining books were worth a fortune, screwing over any other potential buyers.

 

jessenator

Well-known member
I agree, there's an element of diplomacy that's necessary for the deal... I certainly don't have it to the degree necessary to negotiate the belligerent seller. Truth be told, I really only have enough to know when to back out, but that doesn't really net me anything... I have a threshold—and it's not the same for everyone else—of when it stops being worth the talk. ;)  

I haven't dealt with anything nearly on the scale MrFahrenheit recounted, but I'm familiar with that temperament. There have been a few local listings (for one or two items at most) where I've made offers, but thankfully they've been decent. But the old standards "I know what I have" the "don't low-ball me" and the most puzzling "let me know what it's worth to you".

Like, I just did... a non-powering SE/30 which needs a recap and may have unseen battery damage is worth X to me unless you let me open it up. <—specific example... But, as has been said, they have it set in their mind, or they have an attachment to it (i.e. they're the original owner). Even if they won't ever use it, and family have been pressuring them to divest themselves.

I think further down the extreme line you have the "gimme what I want, or no one gets it—it goes in the bin" type. Many times, it seems, they have no attachment to the tech itself—they're in it for the money, and they'd rather see it destroyed rather than someone (potentially) flip it for more, or some bizarre machination... I've never even bothered to contact the local listing for a $1,900 52xx AIO Mac that has literally been up for years and budged not one dollar in that time. My assumption is that they will not budge, they will not talk beyond them accepting the full cash offer, so it's not worth my energy to investigate.

Reminds me of the movie The Ninth Gate.  The main character (a book collector) arrives first, picks all the choice books for pennies on the dollar, then purposefully left the impression to the sellers that the remaining books were worth a fortune, screwing over any other potential buyers.
This... I agree with this :)  

Here's the thing, unless the remainder of that lot is literally just parts/broken, someone is going to want them. But the people who genuinely want them for what they are don't register as any different as someone who just wants to flip them; see the "gimme" seller persona above.
 

 
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Unknown_K

Well-known member
I think the fact that somebody offered $12K cash proves to her that it is worth much more which is why you should have low balled at 4K and worked your way up if needed. If you look too eager you won't get a good deal.

 
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