(edited to add more and formatting)
So does this mean there is no "PSA guarantee"?
The PSA Financial Guarantee of Grade & Authenticity
The PSA Financial Guarantee of Grade & Authenticity is fundamental to PSA's concept of third-party grading. The cash-back policy ensures the accuracy of the grade assigned to any PSA-graded card as long as the card remains in its tamper-evident holder. PSA guarantees that all cards submitted to it shall be graded in accordance with PSA grading standards and under the procedures of PSA. If PSA, in fact, concludes that the card in question no longer merits the PSA grade assigned or fails our authenticity standards, PSA will either: Buy the card from the submitter at the current market value if the card can no longer receive a numerical grade under PSA's standards or, Refund the difference in value between the original PSA grade and the current PSA grade if the grade is lowered. In this case, the card will also be returned to the customer along with the refund for the difference in value. The current market value is determined by PSA, based in part on SMR values and/or recent prices realized from the marketplace. PSA has sole discretion in regards to the buyback price. Click here for an important note about the PSA Holder.
Also on another section of the site (
http://www.psacard.com/services/PSA_holder.chtml)
These are just some basic reminders and suggestions of how to avoid buying items that are purported to be PSA-authenticated or graded but, in reality, are not. A few precautionary measures can help protect you from buying fraudulent items and enhance your overall collecting experience. If you have any suspicions whatsoever, take a day or two to consider your decision and consult with colleagues or trusted advisors.
I have to agree with earlier posts, a lawyer is pretty necessary right now and no one can give you definitive answers except them.