Money Moral Dilemma: Should I buy and sell on a lamp that may be worth more than the owner thinks?

MSE_Kelvin

This week's MoneySaver who wants advice asks...

I've haggled the cost of a 'marble' lamp I found online down from £10 to £8, but what the seller thinks is marble, I believe to be serpentine, and these lamps easily sell for £30 or more. Would it be wrong to buy it and sell it on for a profit without telling the seller what I think it's really made of?

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maisie_cat

I personally work on a Karma basis, I'd rather not benefit from somebody else like that.
The only we've done something similar is when a neighbour gave us a broken lawnmower for spares because we had the same model. I heard him tell his wife that we could take it to the tip because it was junk. My clever husband fixed it with a few hours work and we kept it and sold ours for £80. 

Exodi

It's certainly not prospective buyers responsbility to help sellers achieve the maximum sale value - quite strange to think about really.

soolin

I can't see why buyer is obligated to give information to the seller, seller has offered something and agreed a price and that should be it. A lot of people buy at car boot sales to resell, this is a recognised business model, is there a suggestion then that these sellers should instead be going around offering basically free valuations for people and not actually buying?

I buy at auctions, I go to a price that allows me to make a profit when I re sell, If buyers are under any obligation to advise sellers that they are not achieving a good price how would anyone ever buy or sell anything again?

I'm certainly aware that people have bought from me to resell , sometimes even though I know something is worth more than I am being paid - I still just want rid of it, perhaps the buyer has more room than I do to store things or maybe they have a buyer or a venue I don't use. I take a price that makes me happy, if buyer can sell for more then good luck to them.

VintageBelle

I don't think it's wrong it all. Reselling is a huge deal now. It's the sellers responsibility to do all their research on an item and not the buyers. It's the same in charity shops and car boots, sellers set their price, buyers pay it. Well done on a potential bargain.

pollypenny

There's an old saying 'buyer beware'; the same thing can applies to a seller. 

HarryMcGarry

Does no-one watch Bargain Hunt???? 

pinkpiggypig

Buy and sell on - sure, but do you really need to haggle?

NQManchester

I think it’s fine to resell, I sell stuff on Facebook knowing someone else can probably get more for it but I just want rid. If people can make a bit of money doing that then good luck to them.
However I think you should just pay them their asking price, bit snide to haggle it down when you know it’s worth more. 

Ed264

I think it's up to the seller to be fully aware of what he/she is selling! If you're confident it's serpentine, go ahead and buy it for the best price you can agree and enjoy your profit. It's really no different than part-exchanging a car - the dealer will offer you what you will accept, then sell it for the most they can. Business is business! However, if the lamp turns out to be marble, you might not achieve your goal. Good luck.  

All_Ears

There is a Latin phrase 'Caveat Emptor' which means 'Let the buyer beware' but there is also the Latin phrase ' Caveat venditor' which means 'Let the seller beware'. Given that these phrases have been around for 1000s of years, you would have thought that Homo sapiens would have got it by now. Thus, if the potential buyer (Emptor)is correct in saying that the lamp is made from serpentine, sorry, but I have no sympathy with the seller (Venditor, from which we get the word 'vend' or sell). Those lovers of Bargain Hunt will remember Chiswick Auctions in past programmes as it was popular for selling Bargain Hunt items, which had been bought out in the sticks, often at a higher price than bought. This shows that prices can vary region by region. Thus, beware Bargain Hunters buying in a retail London shop and trying to make a profit in a regional auction such as Philip Serrell's in Malvern. Sorry, 'He of the scarf instead of tie brigade'!