Jeff Bonina wrote:
> I took a deposit of $400 4 weeks ago from a buyer.
[snip]
> While I waited 3 weeks for him to pay the balance of my price, I
> turned away 3 potential buyers and removed it from the local auto
> advertiser.
> What's the general consensus on how I should handle this situation?
I dont want to sound mean and heartless (but I am, hehehehe), buying
and selling cars is like horsetrading. The purpose of a deposit is a
good faith gesture that the buyer wishes to buy the car, and constitutes
something more than a handshake. That said, I would keep the $400.
However, if the buyer was a young kid looking for his first car, and did
not have a more knowledgable buyer in tow with him, I would feel
pretty sorry for the kid and refund half the $400. Punters have to
learn sometime, lest they be taken for a really long ride later.
Now if you had taken the deposit, and then sold the car to someone who came
in with a higher bid without first discussing a deadline for receipt of the
balance from the original buyer, then I guess we'd have to arrange a
lynching party for you ;)
Shane Ingate, heartless in San Diego
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