> From: jbonina@nectech.com
> Date: Wednesday, April 01, 1998 12:09 PM
> 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?
The act of giving a deposit to the seller would constitute a
contractual agreement to purchase, unless your particular state
specifically has a law which says otherwise. It is the verification
that a verbal agreement exists. The next problem you face, is what the
actual terms of the agreement are and how you are going to prove it
("sure we have a contract but you said I could have my deposit back if
I changed my mind"). That's what written contracts are for. When I
bought a parts car recently, the seller said he had a title for it. He
couldn't locate it when I showed up, so I wrote a "restricted
endorsement" on the back of the check, stating something that required
me to endorse the check before it could be cashed proving they gave me
the title. In actuality, he got the title later that day and asked me
to write a new check, but it makes the point that a check is proof and
the memo line and endorsement area are often all you need to create a
binding agreement.
Having said all that, I'd keep the deposit for now and tell the "buyer"
that he is a party to the "next" sale and takes the risk with you. Say
that you will refund him all the monies after deducting your new
advertising expenses and the difference in selling price. I would make
it clear that it is your intention to ask full price, but that you have
no obligation to hold out for full price just to get his money back. In
retail, they have something called "buyers remorse". The day after you
make a purchase, you regret what you have done and want to bring it
back. Wal-Mart lets you do that, but small time sellers don't have to.
A deal is a deal, and buyer's remorse doesn't void a contract. I'm so
glad I'm out of retail!
Bob Kramer, Austin TX
Hill Country Triumph Club
TR6x3, TR250 x3, TR3A vintage race
rgk@flash.net
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