Buyer backed out of bike sale hours before delivery... Deposit debate?

I agree with the posts saying a deposit is a deposit. I also understand the dilemma that the OP feels he is in. I like the idea of keeping half. You did turn down offers, and you did get it prepped. I'm not sure of legality here, but maybe get a signed statement when returning half the deposit that he agrees? Kinda CYA.
 
TwistedKestrel said:
I basically don't ask for deposits for this reason, unless the buyer thrusts one into my hand. Also is convenient to not have to turn down higher offers (i.e. what "best offer" actually means)
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In this case, the buyer actually offered the $500 deposit before I even had the chance to ask for it. So he certainly had the funds available at the time, at least.... however...


ZX600 said:
Lack of morality is to give a deposit for a promise to buy and then expect it back when you back out for whatever reason. I will admit, if the guy is a decent guy while I interact with him/her and he sounds legit on his reason I might consider it but if I return it is because I chose to and not because morality calls for it.
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I also agree with this. If I give someone a deposit, it's because I'm committed and I expect them to hold the product for me. If something comes up and I can't make the deal, too bad for me -- though if I even think that's a possibility, ideally I won't have put the deposit down to begin with, or put as small of one as possible.


Apparently it's the buyer's transmission in his car that has failed and he's been at a mechanic all day -- I know that can be a costly repair if so... I had already emailed him saying I'm keeping the deposit based on the time/hassle involved with the situation, but he's saying he can't take that loss and offering $200 as compensation... A friend of mine suggested I ask him to provide proof of his situation (invoice/quote etc), I guess that's a step toward resolution if he's telling the truth.
 
Sounds to me like you are having moral thoughts about not giving it back, just go with what will make you feel better about it.....

mor·al
ˈmôrəl/
adjective
[COLOR=#878787 !important][/COLOR]

  • 1.
    concerned with the principles of right and wrong behavior and the goodness or badness of human character.



 
I was in a similar situation, only on the other side of the deal. I backed out after I got the bike checked out and I told the seller to keep the deposit. They insisted I take it back.

Bottom line I guess is do whatever you feel comfortable doing.
 
I ALWAYS tell the buyer that the deposit is non-refundable. Do whatever you like. He's at your mercy. If you feel $100 is fine to keep then go with it, if you feel he should get only half of the deposit, then do that. Do whatever your heart desires.
 
At the same time what recourse a buyer has if a seller didnt follow through the deal? It goes both way guys. I wouldnt keep all the money. Im sure the op is only looking moral support of his decision.

Remember this a brick to your car would cost you more than $500. I think its best to avoid headache.
 
Always be very clear that the deposit is non refundable. In this case, it's your call. If you feel like being nice you could split the difference for your own peace of mind or keep it and wonder if the guy will be a ******.
 
Transmissions can be literally thousands of dollars... Although i'm really skeptical that his transmission happened to go just when hes buying a bike.

I stand by my previous statement, tell him BECAUSE of the transmission you are willing to give back half, and that's final. He clearly doesn't understand that he costed you money, by you turning down another offer.
 
I would keep all of the deposit until such time as another buyer is found. If the next buyer pays the same (or more) then refund the deposit. If the next buyer pays less, that comes out of the amount you refund the backer-outer. If the next buyer pays less by more than the amount of that initial deposit or if it takes more than a month to find another buyer, original buyer gets zero back.

There have been a couple of times when I've sold vehicles, that the person who bought the vehicle was the one and only person who expressed any interest. (Usually the problem is a big number on the odometer)
 
1. You are in the right to keep the deposit. As others have mentioned.

2. the moral aspect. Sometimes doing what is right isn't exactly the same as what you are entitled to. So I would keep $200-$250 and return the rest to the buyer.

3. Someone also mentioned asking for proof of car repair etc... that is an interesting idea. perhaps another alternative could be
if the buyer can show proof that the car needs mechanical repairs then you could either return the $500 or again keep a portion etc..

really it all comes down to what your time is worth. I'm not sure i would take time to deal with getting proof, continuing discussions etc. with this buyer. I would just make the decision now, deduct what I feel is fair and return the rest, thus avoiding future hassles with this individual. but i would not keep all of the deposit, and would likely return most of it... again really depends on what deals your've passed up and effort/time put into prepping the bike.
 
jesus h christ, why don't you just give back the money and then lend him the rest to fix his car.
 
Why the hell would he offer such a large deposit for such a short amount of time anyway? His fault, keep it.
 
TekNinja81 said:
Morally I feel obligated to return the portion he requested, What would you guys do?
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IMO, if you are an humble man then just go with your moral obligations.That would really gives a very good impression of your's.I don't think you should be bothered about whether he is playing any trick or not.
You have your bike & his deposit, now it's your call to decide how much amount you want to deduce from it.
 
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