Unwanted Gifts? Try eBay Instant Sale

NEW YORK (MainStreet) -- If you're stuck with an unwanted Christmas present of the electronic variety but don't have a receipt, you may have more options than you think.

Online auction giant eBay(EBAY) has a site dedicated to buying electronic gadgets from consumers directly without a receipt, and will even accept late model devices you may have thought were "unreturnable."

eBay Instant Sale is dedicated to buying electronic gadgets from consumers directly without a receipt.

The site, called eBay Instant Sale, specializes in the outright purchase of electronic devices in what the company calls "three easy steps" -- and in less than one minute.

The site works in conjunction with a big eBay seller called AlltechWholesale. It's actually been around since 2010, when it was called "Resell, Reuse, Recycle" by eBay insiders who started using the site even before eBay officially opened Instant Sale for the general public last February.

>>Finding Unclaimed Cash

eBay says it has attracted more than 4 million sellers since that time, with the most popular items for resale include smartphones, iPads and laptop computers.

Here's how it works: First, go to the Instant Sale homepage and search for the item you're trying to sell (for example, an iPhone 4S). Once you've found the item, eBay will ask you a few questions on its general condition and usage and offer you a bid online.

If you agree to buy the item -- don't expect to get full price; usually eBay wants to buy at a significant discount -- eBay will give you a prepaid shipping label to print out, attach to a box with the gadget inside and send off to eBay.

The company will examine the item to ensure it's in the condition you said it was and, if everything is copacetic, pay you via PayPal. (You'll need to sign up for PayPal and eBay for this to work.)

You can expect to see the cash hit your PayPal account within five days of eBay getting the item. If it turns out the item is actually worthless, eBay will offer to recycle the device free of charge, but only with your approval.

If you're concerned about sending an item off before you get paid, eBay says not to worry. Like its auction purchases, eBay provides tracking information on the transaction "every step of the way." In addition, shipping is paid for by eBay and is fully insured.

eBay says it won't charge any type of maintenance or handling fee, and users can "sell" up to five devices per month.

So what's the downside?

Prices do fluctuate, and you may not get the price you want. For example, back in early October, just before Apple(AAPL) released its iPhone 4S, Instant Sale was offering $307 for an iPhone 4 16 GB and $339 for an iPhone 4 32 GB.

But this week Instant Sale was offering only $189 for the iPhone 4 16 GB and $194.90 for the iPhone 4 32 GB.

Clearly, timing is a big issue when you're returning a Christmas gadget, or just selling an older device. It's best to act fast.

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