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Posted By: tbob

If you don't mind taking a possible feedback hit, I'd simply tell the seller that you feel the card, even though graded, is "altered." You could offer to pay him his listing fees (nominal) and let him re-offer it on ebay. If he files for a non-paying buyer notice, he can recoup his final value fees he paid ebay, although ebay will surely send you a warning. If this is your first time getting one, it would not result in suspension of your account.
On the other hand, if you are ok with the card the way it is and don't intend to sell it, keep it. If you think you might sell it down the road, you can avoid a lot of headache from potential buyers by rejecting the sale. Again, you might get a negative feedback, but you can respond to it as to why and that shouldn't keep others from selling you cards in the future. Some of us have bitten the bullet and kept cards, even graded, that we thought were trimmed, but this looks blatant to me and is a high dollar card.
Your card, your decision, but my 2 cents is to not complete the transaction and advise the seller why and offer to reimburse him his out of pocket expenses.