As long as you’re not sending money to friends, Paypal will protect you as the buyer. If it’s all done via eBay then you’re alright. From experience refunds usually take 5-7 working days to arrive in your account (though they take the money straight out of the sellers account). You should have received a confirmation that the refund was pending…
This;
Contacted the seller who says he never received Payment and thinks both accounts have been hacked and is contacting police.
Do you know if he’s got a long trading/selling history? Pending payments mean that the money has been sent to an email address that’s new or not been confirmed yet. Typically this happens if someone changes their email details or is just setting themselves up on Paypal for the first time. They’ll have to login with that address and complete the verification process (with linked bank accounts etc in the background).
It’s possible that his PP account has been hacked in some way to route funds via a new email address. I’ve also seen it where someone has made a mistake when entering the details – ie. mis-spelt the address – and it’s essentially just ‘pending’ as it isn’t being picked up. If it’s not accepted, then PP return the monies to you anyway.
But you should be covered by PP protection regardless. If the watch doesn’t turn up, the only way he’d be able to keep the funds would be if he could produce valid postage tracking information that confirmed delivery (preferrably with a signature).