Topic: Backing out on a deal....

[dusterdude]

Gee whiz Mike! You live on the wrong coast! I'll give you the other $500 plus another$ 50 if you can deliver to PA.

I would tell the guy that you've heard the "My buddies told me it's too much" line before and that you understand that his wife found out he was going to buy the bike. Then tell him you're giving back the money so he can buy a pair.

damn ed,you`re a hard mutha...im going to have to add you to the elcheapo club.

[TwoTired]

Does he just want to back out on the deal?  Or, just pay you less money?  If he still wants it, but at a lower price, tell him you will give back all his money except the difference between the agreed price and his current offer.

My guess is that his friends are either trying to get him a better deal.  Or, have berated him to get him a lower status in their "pack".  And, he is now trying to recover social status.  Human behavior can be so disgusting.

Either way.
Do you want to play in their games?  Or, should they pay for their games?

Also, I take it that his friends have never SEEN your bike to place a real rather than arbitrary value on it.

[Stevearino]

I have always stood on principle, and would say keep it all.  But... as I have aged, I have learned too many lessons about how many different ways people can and will f^)# with you, especially over money and pride.  People are only as good as their word.  In this case his was no good.  With that being the case, what else about this cat is "no good"?  There is far too much to lose that a few bucks or points of pride.

If it is that good a bike, someone else will come along that will gladly pay you a fair price.

Happy dealing.

[Japbikemike]

So, have you made a decision?  I'm itchin' to know the outcome!  Don't leave us hanging on the cliff!

OK, I refunded all but $70 (I had given him an old Haynes manual) AFTER I called another guy who was interested in the bike the week before.  He saw the bike today and I offered it to him (the new guy) for $900.  I'll find out this afternoon if he bit, and of course, how hard.
You are a cold hearted bunch, but that's why I hang out here.

[Ernie]

im with duster ..........250.and down the road cya pal and sorry your friends talked you right outa 250 bucks

[Paul]

I was just gonna say, befiore your last post..give him his money back, we all make mistakes, change our minds, If the bike is any good it WILL sell, + you get ...what ....50..how bad for doing nothing., yo never mentioned, was it his last few bucks, did he save for a year, and finally....(no offence to anyone on this site) ...was it REALLY worth it.

[bill440cars]

                        I would hope that someone would buy the bike and that guy would happen to see it
             around town. And that he'd see, for his self, what a nice bike if is and that HE could have
             been the one enjoying it.             

                        Bottom line is, the bike is yours and you did what you saw fit to do. End of story!
             I felt like he should have forfeited the deposit but, if I were actually in your shoes, I don't
             know that I would have held him to it either. Ah well, Life Goes On.

                                                                     Bill

[Bob Wessner]

Japbikemike,

I think you did the right thing, for what it's worth. 

[seaweb11]

I have read all of this thread and this is my 2 cents.
I  would agree that holding back a few hundred and holding your ground would be the best bet here.

I have a $60,000 boat for sale, and I can tell you that if someone gives me a $30,000 deposit....It's a done deal.

Does the amount really matter?
What if it was a $25,000 bike? and you had $12,500 in hand?

How big was he again?

[Japbikemike]

For the benefit of our brothers in Great Briton...I have a couple of stones on him, he was a good 'ol boy who showed up wearing a Dale Ernhart nascar jacket.  I assumed he understood the value of a hand shake and the proper amount of bruising putting the boots to one causes.

On a side note, I deliver the bike to it's new owner (2nd deal) tomorrow, full price.

I will never again, say it with me, dabble in bikes not SOHC.

[Dusthawk]

Kudos to you Mike, You are a better man than I when it comes to dealing with people like that. Congrats on the sale!

Peace,

Jeff

[mbrock307]

Gee whiz Mike! ... tell him you're giving back the money so he can buy a pair.

Ed--I just shot beer out my nose...mmmmmm-Porter.

Matter of fact, I too just shot beer out of my nose....   Mmmmmmmm, Coors Llight (lol)

Brock

[Raul CB750K1]

I had some neighbours that put their appartment for sale about six years ago. Somebody came, put 12.000 euros down, and they signed the contract.


For reasons I can't remember, either the bank didn't want to give the buyer the mortgage, or they were laid off or moving to another city, the buyer backed off.

My neighbours really didn't what to do. They had rejected some buyers, so they didn't want to give the money back. The law was with them as they had a signed contract, but they didn't want to harm the buyers.

What did they do? Suffice to say, their car is now about six years old. But I doubt they had ever enjoyed it. Cheaters make a living out of the unwary, but honest people can't enjoy when somebody has been screwed at their expense.

I can tell you, that if I'm the buyer and had paid 12.000 euros, and even when the law is against me the sellers don't give me anything back, I would make sure they would suffer each single one of those euros, specially when the reason for backin out is "force majeure".


Raul

[Terry in Australia]

I'm glad you gave him back most of his money Mike, fair enough, he screwed you around, but I agree with Raul, you probably wouldn't have enjoyed his money anyway, and (unlike Eldy) I wouldn't enjoy the next few months looking over my shoulder. Cheers, Terry.

[Gordon]

I agree with you to a certain extent, Raul.  About half, to be specific.  That's why I usually say the buyer who's backing out should get half the deposit back.  Otherwise, what's the point of taking a deposit on something you're selling in the first place?  Or what's the point of the buyer offering a deposit in the first place if they expect to get it all refunded if/when they back out on the deal?  That defeats the entire purpose of the deposit in the first place, and no money should have ever been exchanged. 

Before you put a deposit on ANYTHING, you need to ask yourself one question.  Can I live with/afford to lose that money with nothing to show for it should something happen in my life that prevents me from being able to pay the balance owed?  If the answer is "No", then don't put down the deposit.  If you do put down the deposit and end up being unable to pay the remainder, you should not hold the seller responsible for your poor judgement.  There are way too many people today who expect others to pay for their mistakes.  We, as a society, need to start holding ourselves more accountable for our own actions. 

_{**Stepping off soapbox...**}

 

[bill440cars]

                                            DITTO, What Gordon said!!

[Orcinus]

While everyone has had really good views on this subject, I REALLY agree with Gordon...  While I feel for an idiot that makes expensive mistakes, I'd still think that a grown man should know better to make an agreement and then expect to get off scott free when breaking it.  With all that being said... I'd probably have raked him over the coals for a bit, then given him half of his deposit back along with a dictionary with "Deposit" highlighted in it. 

[Terry in Australia]

You must need a parachute to descend from that particular soapbox Gordy, ha ha! Anyway, I couldn't find a reference to whether or not a deposit paid in a private sale is legally "non refundable", but if it were only a "holding deposit" then the buyer was silly paying so much.

Ask a car or bike dealer how many sales fall through for one reason or another, when my cousin ran a Suzuki dealership back in the 1980's, he'd have a couple of "back outs" a month, and he made more money from repairs than new or used bike sales.

If I go to look at a car and find one that I like, and am pressured into leaving a deposit, I'll leave 'em 20 bucks, and if I do change my mind, the 20 isn't gonna hurt me, and the dealer scored some beer money. It's important though, to ensure that the buyer is aware that the deposit is non refundable, then there can be no argument afterwards. Cheers, Terry.  

[Raul CB750K1]

You must need a parachute to descend from that particular soapbox Gordy, ha ha! Anyway, I couldn't find a reference to whether or not a deposit paid in a private sale is legally "non refundable", but if it were only a "holding deposit" then the buyer was silly paying so much.

Ask a car or bike dealer how many sales fall through for one reason or another, when my cousin ran a Suzuki dealership back in the 1980's, he'd have a couple of "back outs" a month, and he made more money from repairs than new or used bike sales.

If I go to look at a car and find one that I like, and am pressured into leaving a deposit, I'll leave 'em 20 bucks, and if I do change my mind, the 20 isn't gonna hurt me, and the dealer scored some beer money. It's important though, to ensure that the buyer is aware that the deposit is non refundable, then there can be no argument afterwards. Cheers, Terry.  

Exactly. When I bought a second-hand car for my wife I just gave him 20 euros. Mainly because I didn't have more on the wallet... but also, because unless the sale is a good opportunity, I don't trust when a seller presses me to put my money down so I can't back off.

The non-refundable deposit should be a reasonable amount to cover the expenses that the seller has incurred for not completing the transaction. I believe 100-150-200 bucks is reasonable enough. Keeping all of it may be too much and, of course, at the same time than I give my money back I would scorn him talking about how worthless his word was and if his friends tell him what to do for everything. If he is going to leave, he deserve to lose some money and get some spanking...

Raul