Reply With QuoteDo what you think is right if it falls through you are legally entitled to keep the full deposit. I wouldnt feel copmfortable doing that but there are plenty of people that would!!! my.02
My boat is for sale and the prospective buyer left me a deposit of $5500, saying the balance would be wired the next morning. I turned down another buyer, telling him I had a deposit and the rest was coming in the morning. This was 2 weeks ago. Buyer keeps saying he's doing a refi and hasn't got his money yet.
What to do if this guy flakes? Does he get 100% of his money back? Looking back, accepting a deposit was a mistake.
Do what you think is right if it falls through you are legally entitled to keep the full deposit. I wouldnt feel copmfortable doing that but there are plenty of people that would!!! my.02
Wow, this otta be interesting, mixed opinions for sure.
I think if you've got another serious buyer than sell it and send the guy his money back. He's taken longer than originally agreed on so I wouldn't feel bad about selling it out from under him. I personally wouldn't keep his money though.
Yeah, I agree, you shouldn't keep it.
Just Paypal it over to me for safe keeping.
My boat is for sale and the prospective buyer left me a deposit of $5500, saying the balance would be wired the next morning. I turned down another buyer, telling him I had a deposit and the rest was coming in the morning. This was 2 weeks ago. Buyer keeps saying he's doing a refi and hasn't got his money yet.
What to do if this guy flakes? Does he get 100% of his money back? Looking back, accepting a deposit was a mistake.
Remember, Carma dude, It'll bite you in the ass. Give him the refund and move on. Give him 48 hrs and send it back to him and then move on.
Keep the full deposit until your boat is sold, to him or someone else, and you have full payment, then send him a refund. A deposit is meant to keep you both honest, you are the only one who has been honest so far.
Unless you have it in writing that the deposit is non-refundable, and under what circumstances, you should return the money. Do what upsman105 said and you can't go wrong.
Unless you have it in writing that the deposit is non-refundable, and under what circumstances, you should return the money.
If it is not in writing, you must give the money back minus any cost to you. We run into the problem many times in my business. A loan officer gave a commitment letter to the borrower when he collected his deposit check. Since the letter did not state non-refundable, the money had to be returned minus any costs occurred such as appraisal & environmental work.
If you were to keep the money, by all means I can almost guarantee you that they'll be a ***boat member on Judge Judy in the near future.
Keep the deposit until you sell the boat to another person. You can probably keep part of the money for storage cost as well from the time the agreement was made to the time you sold it to somebody else.
I gave a guy a deposit back for a truck I had for sale. Seeing as we were standing in my driveway and he look like the type of guy that would burn my house down I gave it back. That was the last time I will ever take a deposit from anyone ever again.
My motto now is if you want it then buy it.
Posting Permissions