FS Market

Making Offers

ForSale ads are fixed price listings, but most sellers are willing to negotiate. Some listings will indicate "obo" next to the Asking price, where the seller is willing to consider offers significantly below his/her asking price. Unlike auctions, sellers are not obligated to sell to the highest offer, though it will be the general practice. ForSale listings allow both the Buyer and the Seller to choose whom they wish to transact with.

Buying items involves four steps: Ask, Negotiate, Agree, and Transact.
Buyers should first email the seller to initiate Negotiations, or ask any questions. If both parties appear interested, then the Buyer should submit an Offer, which will specify the details of the proposed Agreement. We encourage all buyers and sellers to use the online Offer mechanism, because it provides a clear, simple way to record an Agreement, which helps prevent errors and problems.

Offers follow a process that is somewhat formal, where both parties are indicating some level of commitment. Please read below for an explanation of this mechanism, keeping in mind that a written description will appear more complicated than it really is. The online mechanism handles all of the details and notifications, so it is actually easier than emailing back and forth.

More info
How Offers work
Firm or OBO (Or Best Offer)
Before submitting an offer
Seller may Accept/Decline/Counter
Offer Good for at least 24 hours
Multiple offers can be pending
Offers are NOT retractable
Your best strategy

How offers work

- Seller posts an item with an Asking price.
- Buyer submits an Offer, including price, their location, how they will pay, etc.
- Buyer will be able to specify how long their Offer is "good for".
- Seller may Accept, Decline, or submit a Counter offer to any offer received.
- If an offer is accepted within the specified time, then a deal has been struck.
- If the Seller declines, or fails to act before an Offer expires, then there is no deal.
- Seller may submit a Counter offer, which the Buyer may Accept or Decline.
- Any accepted Offer is considered a binding agreement.

Firm or OBO

Listings will display an Asking Price, with either "obo" or "firm" next to the price. Generally speaking, OBO (Or Best Offer) means "best offer up to my asking price", while FIRM indicates very little room for negotiation. Sellers are expected to sell to the first buyer to meet their asking price and other terms. However, sellers may accept or decline any offer for any reason.

Before submitting an Offer

Buyers should first email the seller with any questions, and conduct their own research about the item and the seller. If there is continued interest, then the Buyer should submit a formal offer to finalize the details. If an offer is accepted by a Seller, then the Buyer is obligated to purchase the item as per the offer. Thus, a buyer should submit only as many offers as s/he is able to complete, even if they are all accepted.

Seller's options

Upon receiving an offer, the Seller may take one of three actions before the offer expires. If the Seller fails to act before the offer expires, it is treated as if it was Declined. If the offer is accepted, then a Transaction will be initiated. If the offer is Declined, both parties are relieved of any obligations. If the Seller submits a Counter offer, it will also have a specific duration, and the Buyer may choose to accept or decline the counter offer.

Offer Good for at least 24 hours

Buyers will be submitting offers that are considered valid for at least 24 hours. Buyers will have the option of specifying a longer period of time (up to 30 days) until their offer expires. The Buyer must purchase the item if the seller accepts their offer at any time before it expires. Likewise, Sellers may submit a Count offer which will also be binding if accepted by the Buyer at any time before the counter offer expires.

Multiple offers can be pending

There can be multiple offers pending at any time, so that a single buyer can not "lock up" the item by submitting an offer. The Seller will be able to view all offer details through MyPage. Similarly, Buyers may submit offers on multiple items, but must keep in mind that any accepted offers lead to an immediate commitment to purchase.

Offers are NOT retractable

Upon submission of an offer, it will be considered valid until it expires (as set by Buyer). The same applies to Counter offers. Offers may not be retracted because the other party's decision will be based upon the options and time available. Sellers will NOT be able to change a listing if there are any offers pending. This insures that both parties can count on the ad's description and the timing of the offers. In case of unforeseen circumstances (such as seller scratches item by mistake), the Seller would cancel all pending offers, then make changes to the listing.

Your best strategy

This mechanism allows both parties to consider all of their options to reach the best deal possible. Buyers may choose not only the amount of their offer, but its duration as well. For example, a lower offer that is good for 30 days ("I will buy for this price at any time") may still be tempting to a Seller after a couple of weeks. On the other hand, higher offers will probably have shorter durations, "I will buy this for $XX today". Sellers may choose to accept an offer immediately, or wait a while to see if they get more offers. Likewise, Buyers may choose to accept a Counter offer immediately, or wait to see how their offers might do. Remember, each party will be able to declare exactly how long they are willing to stand by their respective offer.