Here is my item grading system for pre-owned items:

NEW WITH TAGS to FAIR.  The following will give you an idea of what to expect.

NWT or NWOT items: Brand new items with absolutely no flaws and have never been worn or washed.

Excellent: Almost no wear and there are no flaws. 

Very Good: You can tell the item is not new, wear and flaws are minimal.

Good: May have fading from being washed, may have minor flaws.

Fair: Item is well worn and may have flaws.

** Any defects will be noted **.