My phone blacked out, re-set it and now says my sim card is not installed! Help!

What do I do if my phone blacked out, then re-set it, but now says my sim card is not installed!

Honestly it sounds like you purchased a no-contract phone and not an unlocked phone.
Without the receipt it is impossible to say what was really purchased.  Contact Apple to get a copy of the receipt.  If you did infact purchase an unlocked iPhone, then they will resolve it.
What model iPhone do you actually have?  Paying $700 for and iPhone 4 would have meant it was purchased approximately 2yrs ago.  Also, there is no 35gb model.
If it is the iPhone 5, the unlocked version was not available at launch but rather released (online only) on November 30th.  Later it was available in store.

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