[Jughead]

I can't answer your questions, but I can add to what you've said.

There are two kinds of lot auctions like these, and they look very similar. This is because there are two reasons for the seller to be vague:

1. They could be trying to scam you.
2. They don't understand about cards. Not every seller on eBay is trying to maximize their return. Some just want some scratch for their perceived junk.

One way to tell whether they are 1 or 2 is by checking their feedback. Now that eBay puts item titles in their feedback rating, it makes this much easier. Has the seller sold cards recently? If so, it could be 1. Also, if you see in their feedback that they have bought a lot of cheap jersey lots, that's a huge red light.

Let's say, instead, their feedback is diverse, meaning they sell lots of different things. That's a good sign, especially if they have sold high-dollar items, because it shows that they are experienced with selling expensive stuff, yet they don't know anything about cards. This is a great combination.

Many people stay away from these types of auctions because many of them are junk. However, there are enough people who think they are bargain hunters, and this keeps all of these auctions from ending at below-market values. That's why you can't just buy these and resell them for a living. But that's where doing your homework comes in.

If you see that the auction is put up by someone who doesn't know what he is doing, you can make the effort to win that one. The RELATIVE risk is lower. By doing this, you can end up with results like our A&M friend here.