Selling someone else's product on eBay for a marked up price?

I'm just wondering if this is allowed on eBay…

Lets say I go and find an eBay user that sells iPhone's for let's say for £269.99… And then I go away and make a listing on my own account and sell exactly the same product for let's say £279.99. Same product, same everything just £10.00 more.

We can assume it is likely because this product is so popular that before long, someone, somewhere, will not shop around properly and decide to buy my iPhone for £279.99. They then pay me for it and I then go back to the original seller, pay him £269.99, give him my buyers address and keep the £10 difference.

The customer gets the iPhone, the original seller get's his money and sells one of his items and I get £10 as the middle man. Is this allowed?

No. You need to have the product in stock yourself - but as Roddy has pointed out, you'll lose money with this daft scheme.

And what about eBay fees? You would LOSE money.

Edit: I see you like to give thumbs down. Perhaps you should give it some more thought. I only pointed out one clear problem. Want some more?

Problem number 2:

You list the item. The item sells. You go to buy the other guys item only to find out it just sold too. You now have an irate buyer that is going to leave you negative feedback.

Problem number 3:

If the seller you buy the item from is like many sellers they will refuse to ship to an unconfirmed PayPal address. Especially when it's not only a different address but a different name as well. If you have it shipped to your address first that adds 2 to 5 days extra that you won't be able to ship it This makes the buyer unhappy and they still leave you negative feedback.

Problem number 4:

You buy the item and have it shipped to your address. You state in your listing that shipping will be delayed for up to five days so you are covered. The item arrives… Broken by the carrier. Perhaps it doesn't arrive at all but tracking shows it as delivered. Happens all the time. You now have to explain to your buyer why they aren't getting their item and they leave negative feedback.

Perhaps it arrives to you in great shape and you ship it out to your buyer… But it arrives broken. Not only do they leave you a negative they also demand their money back.

Perhaps you will be lucky, maybe even several times. Sooner or later it going to happen. Negative feedback can be a death sentence to a seller. Get two or three of them and eBay will probably ban you from selling.

There would be NO £10 profit because your sale on ebay would cost you £28 in final value fee's to ebay so you would have lost £18 not made £10. Selling something you have not got is effectively fraud.