The condition grade is the single most useful piece of information on a liquidation listing. It drives both your sell-through rate and your write-off rate. Here is what each term realistically means.
Customer returns
Stock a shopper sent back to the retailer. Mixed: some items unopened, some returned for a real fault. Test electricals and price in a write-off rate.
Overstock
Surplus that never reached a customer. Generally the cleanest grade — usually new and sealed, though packaging can be shopworn or seasonally dated.
Shelf pulls
Removed from display during a range change. The product is typically fine; the box often is not. Suits buyers who sell on condition rather than packaging.
Salvage
Damaged or incomplete stock, priced for repairers and parts buyers. Do not buy it expecting working goods.
Unmanifested
Sold by the lot with no itemised list. The cheapest way in and the highest variance. Suitable once you can absorb a poor lot.
Which grade should you buy?
If you need predictable resale, overstock and shelf pulls are the safer grades. If you can test and repair, returns and salvage can carry better margin for the risk. When you have understood the grades, see the lots currently available or read how to resell profitably.