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MIAMI (CBSMiami) – You’ve probably heard about the various websites that will give you cash for your old electronics—including cell phones. But there is a consumer warning about the sites that seem to promise more than they are willing to deliver for the old devices.

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Tony Caffarelli scanned the internet to find the best site to sell his smartphone. During his search he found the popular, Cash for iPhones site which he said came up with the highest price.

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The company initially quoted Caffarelli $586 for his iPhone six so he sent them the phone and waited for his check—which is the standard operating procedure for these types of sites.

A few days later, however, Caffarelli got an email with a much different offer. Now that the company was in possession of his device they wanted to pay him $76.

Caffarelli said he didn’t react well to the new, much lower offer.

According to the Better Business Bureau, which gave the company an “F” rating, there are hundreds of similar complaints.

One disgruntled customer even set up a Facebook page called Stop Cash for iPhones.

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Ken Abbe with the Federal Trade Commission said companies get away with this because most people don’t read the fine print.

If you take a look at Cash for iPhone’s terms and conditions it said initial quotes are qualified pending our evaluation.

It also said customers have three days to either accept or reject the new price.

But Caffarelli said he couldn’t reach anyone by email or phone in the three days following his second offer. He said he was put on hold, his call was dropped, and then passed to different costumer reps.

When he finally got the chance to tell them that he wanted his iPhone back, Caffarelli said the company told him it was too late.

“They have to provide a mechanism for people to cancel if they offer the opportunity to cancel,” said Abbe.

Cash for iPhones, which is located in Sparks, Nevada, is now under investigation by the Nevada Attorney General’s Office.

Caffarelli said after much back and forth he finally received the original offer of $586.

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Bottom line, experts say do your due diligence. The internet can be a great way to connect you with buyers and sellers but this company is a great example that you should not do business with just anyone. Do your research, look up the company. If there are red flags chances are they will pop up.