The risk is resale!!!! Sometimes they are good overclockers, but sometimes they are not. Many instances they can be much older stepping chips. So basically as in most ocing YMMV (your mileage may vary)....
Then there is the fact they often have unlocked multipliers up and down if that appeals to you. No guarantee the mobo will recognize it correctly though (****ASUS SPIT!!!!***)
That being said what is he asking for it? Any claims made by him on the ocing ability? Is it coming with a Heatsink?
I got my QX6700ES from a guy in DEC 2006 for 650 bucks when they were selling for 1100...Now I doubt you will get that kind of deal but I dont think I would touch it for anything above 60% of cost to buy new now.....$140 max
You will get 0 warranty, and like I said ppl often avoid them unless it is a monster ocer but then you are making claims as such. Most wont make claims......