Some advice on 'done' deals & deposits please

Hi all,

Your thoughts on this one please guys...

18 moths ago a buyer saw one of my collection bikes and expressed an interest in one of my rarer bikes, I said 'it's not for sale but if it were then its £2000' never wanting to sell it. Recently that buyer has expressed an interest to buy it and as I have found another of the same bike but the year I wanted I thought I'd sell the original one(money going towards the new one.)

Now even though another collector has said it's worth £3000 I honoured the original £2000 verbal agreement with this buyer. It would not be fair to up the offer so I kept my word and it at £2000 as originality verbally agreed.

This buyer came to see it twice again over the past 3 or 4 weeks (they have seen it 4 or 5 times in total) and I said if you want it reserved then I'd need a non refundable (if they pull out of the agreement) deposit of 20%, however for this person I lowered the deposit to £100 so I knew they are committed. (After all people say they want it and let you down as we all know).

Anyway, they came to see again and as they told me they wanted it so I said I'll need a £100 to reserve it as theirs. They also said they couldn't now pay for it at the end of September (as originally agreed) so to show wiling I agreed to wait until the end of October for full and final payment (some end of September, final amount end of October.) With this all agreed verbally agreed and in writing with a 'sale of goods' signed by BOTH of us with copies each, they put down the £100 deposit.

Now, 4 days later that have said they want to pull out of the deal and want half their (non refundable) deposit back.

I've always been clear that the deposit is to show commitment to follow through on the whole deal and not pull out, leaving me with no sale. I have also been very clear and have communications to prove this that it is not refundable, it was all agreed and now they are going back on the deal.

As they have pulled out do you think it's fair that I have said they have lost the deposit now?
I have put this out for a few RBer mates and they have said they think I'm being fair.

I'm a very fair person and if the shoes was on the other foot I would have to accept the loss of my deposit because I was pulling out and going back on the deal.

I don't think I'm being unfair but thought I;'d put it out to my fellow RBers to get a consensus. Thank for reading.

BIG SIGH

If your version of events is accurate (who am I to know otherwise?) then it's entirely fair to keep the deposit as this was clearly explained and agreed upon.

Some people go through life thinking that the world owes them a favour......

The Bear":3vi2onzt said:

If your version of events is accurate (who am I to know otherwise?) then it's entirely fair to keep the deposit as this was clearly explained and agreed upon.

Some people go through life thinking that the world owes them a favour......

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Exactly. I have photo proof of the signed agreement and a trail of all communications of this very reason.

Thanks for your input. It's just hassle I do not need. Why do people insist of messing other people around, complete lack of respect I guess.

On a related note, I actually committed to 2 GTs last year thinking 1 of them would fall through, they did not and I ended up honouring BOTH sales buying both bikes so as to NOT mess either seller around.

+1 for totally fair, if the buyer had put down a non refundable deposit for an airline ticket then decided not to fly he would not be entitled to his deposit.

kingbling":3ng3mdh9 said:

+1 for totally fair, if the buyer had put down a non refundable deposit for an airline ticket then decided not to fly he would not be entitled to his deposit.

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Thanks for your input pal.

Re:

I agree. I think we all know what a non refundable deposit is. Seems like you were more than fair with the price offered and extending the period in which to pay. You might have sold it twice over for more money by now.

Personally I think that if someone wants to buy something, they should just pay the agreed price in full and take it, or walk away. I'm not a credit agency, I don't do loans, or take deposits, and I don't ever expect that anyone else should or does either. There are things I'd like to buy, but miss out on because I haven't got the funds. That's just the way things are...

that said, if everything is as you say then I don't see why you should give him any of the deposit back. He accepted and signed that it was non-refundable, so that's what it is.

Re:

A non-refundable deposit is exactly what it says it is. The fact the person is only asking for half of it shows they know that & are maybe hoping you'll be generous. I wouldn't be.

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raidan73":3jzxzao9 said:

I agree. I think we all know what a non refundable deposit is. Seems like you were more than fair with the price offered and extending the period in which to pay. You might have sold it twice over for more money by now.

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Thanks for the comments dude appreciate your input.

foz":8xop11hd said:

Personally I think that if someone wants to buy something, they should just pay the agreed price in full and take it, or walk away. I'm not a credit agency, I don't do loans, or take deposits, and I don't ever expect that anyone else should or does either. There are things I'd like to buy, but miss out on because I haven't got the funds. That's just the way things are...

that said, if everything is as you say then I don't see why you should give him any of the deposit back. He accepted and signed that it was non-refundable, so that's what it is.

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Good points pal, I agree. I wanted to be as accommodating as possible so extended the 'time to settle' to end of October but doing that long and to show commitment meant the deposit which was very clear and in writing too. Thanks for your input.