I always check feedback before bidding. Due to the anonymous nature of the system and the sheer number of wackos out there I will generally accept a negative feedback ratio of 1 in 100.
Out of FATRODDER's 1200 feedbacks, that would allow for a dozen negatives. He currently has 49. This is a negative feedback ratio of 1 in 24.
But you have to read the feedback, too. Out of his last 17 negatives, 13 were posted by one guy who has a ZERO feedback rating (an irate newbie?), one had an apologetic follow up wishing he could change it to positive and one complained about no shipment only 4 days after the auction.
Feedback is not perfect, but it is a good indicator. You have to use your best judgement. Good luck ...
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