This is a few weeks late now but just discovered this thread - I've bought many items on the site since May or so, and been happy with them all (Ralph Lauren collection boots, Alaia Boots, Balenciaga Boots, Ruthie Davis pumps, LV bag, Miu Miu booties, etc), although recently have read a few reviews on Yelp (they're based in Sausalito; we live in NYC but used to live in SF, across the bay from sausalito) suggesting people received fake merchandise...
I'm not saying anything is fake necessarily, but after reading those reviews I'm going to be much more careful about buying specific items (i.e. as a huge balenciaga fan, they don't have photos of various things needed to get the bags authenticated on TPF, such as of the tags inside and serial numbers, so as a buyer, there's no way to know whether it's real or fake until it arrives) - but aside from those concerns, I have had great experiences!
However, I'll primarily likely buy things that are less likely to be fakes (again, not saying anything specifically is fake, but if you look up yelp reviews, people claim to have received various fake items - and if you read
therealreal's consignment terms, they don't actually seem to authenticate anything, despite the claims on the main pages that everything is authentic. Therefore, I suspect if you received a fake, they'd accept it back as a return).
Also, to note, I don't have the knowledge to authenticate any of the items I purchased (nor are they obvious fakes, and look fine to me), so they very well could be fake! But on that note, as most were purchased awhile back, I'll hope that's not the case..and in the future intend to get things authenticated on TPF after purchasing...
All said, if you have the knowledge to authenticate the items yourself, or the time to get them authenticated on TPF, its an incredible site, and the deals are often insane!