Buyer backed out - Would you refund deposit?

[Dancemom03]

DH is selling his truck. Priced it reasonably, got more than thirty calls & emails. Buyer came yesterday and left a $100 deposit so, from then on, I told everyone the truck was sold. Today, he came back to pick it up while DH was at work and decided he doesn't want it after all. We really wanted to sell it before the first of the year and thought we had. I'll need to readvertise it now.

With DH at work, I didn't have the cash to refund his deposit. He wanted me to ask DH about it and let him know later today. DH says since we turned away several other buyers, we should keep the deposit.

I thought I'd ask a few hundred of my closest friends for opinions as well. Am I obligated to refund the $100 deposit? Would you?

 

[DisneyNut4Life]

If you refund the deposit, I would deduct the amount it cost you to relist the advertisement! You have turned away several people because of his deposit, you should not have to incur the cost to relist it.

 

[lovintennessee]

If it was me I would not refund the $100.00. Advertising is expensive and from the sounds of it you could have sold the truck in no time at all. How long has it been since the deposit was put down and him deciding he didn't want the truck?

 

[Micday]

I'd want to know his reason for changing his mind?

This is a hard because you do not want to be mean but you DID turn away others??!!

Maybe give him $50 because now you have to pay to readvertise it.

Sorry this deal did not work out.

 

[sydneysmom]

I'm not sure if you're obligated to refund the deposit, but in my opinion, I wouldn't. The sole reason this person gave you the deposit was to make the truck UNAVAILABLE to anyone else. You stood by your end of the bargain. Now you have to go to the expense to re-advertise the truck. At YOUR expense. If it were me, I think I wouldn't refund the deposit. I think that was the chance this person took by giving you the deposit then changing his mind. He gave you the deposit to take the truck off the market. (same as if you made a good faith offer on a house and put a deposit down. if you walk away, you forfeit the good faith money) If he weren't sure, he shouldn't have committed to you.
Some may disagree, but I think that it was an honor system by both parties, and an unwritten contract. The other party went back on the contract. Good luck and happy New Year !!

 

[dex08]

I would not refund the deposit. You have missed opportunities to sell to others due now and your 'buyer' gave you the $100 to hold it. So you held it and now they are backing out. Keep the $.

 

[extraredstuff]

I would keep the deposit, you may have lost out on other sales because you stopped advertising it or turned away other callers.

The prospective buyer should realize he put you out, and shouldn't have expected to be refunded. Maybe he figured it was worth at least asking.

 

[msmayor]

Did you tell him the deposit was non-refundable?

 

[merekc]

Part of it depends on what your discussions were. In the future, if you take a deposit, I'd let them know it is non-refundable. I'd also probably have them sign something that says it just to cya.

If the person knows where you live, I would be inclined to refund part or all of the money.

People are crazy and you don't know how this person will react. I'd refund it so he wouldn't have any reason to want to retaliate.

I would also suggest that you not allow future buyers to come to your house when your DH is at work. Not to be doom and gloom, but I can remember a realtor friend saying that they've heard of situations where realtors show a house to a couple, the DH asks to see it a second time alone and then attacks the realtor. Don't know if it has truly ever happened, but better to not put yourself in that position.

 

[OceanAnnie]

Part of it depends on what your discussions were. In the future, if you take a deposit, I'd let them know it is non-refundable. I'd also probably have them sign something that says it just to cya.

If the person knows where you live, I would be inclined to refund part or all of the money.

People are crazy and you don't know how this person will react. I'd refund it so he wouldn't have any reason to want to retaliate.

I would also suggest that you not allow future buyers to come to your house when your DH is at work. Not to be doom and gloom, but I can remember a realtor friend saying that they've heard of situations where realtors show a house to a couple, the DH asks to see it a second time alone and then attacks the realtor. Don't know if it has truly ever happened, but better to not put yourself in that position.

All sage advice.

I would discuss with the person deducting for relisting fees. That would be fair and the person shouldn't have a problem with it.

ETA- Even if your DH is available, I would meet a potential buyer at a mall parking lot or somewhere that has people milling about. The two of you should meet the person and park where others can see you. I've done this with e-bay customers that buy local and it has worked well for me. I don't want people that I don't know coming to my home. You never know their intentions.

 

[dalt01]

Did you tell him the deposit was non-refundable?

Part of it depends on what your discussions were. In the future, if you take a deposit, I'd let them know it is non-refundable. I'd also probably have them sign something that says it just to cya.

If the person knows where you live, I would be inclined to refund part or all of the money.

People are crazy and you don't know how this person will react. I'd refund it so he wouldn't have any reason to want to retaliate.

I would also suggest that you not allow future buyers to come to your house when your DH is at work. Not to be doom and gloom, but I can remember a realtor friend saying that they've heard of situations where realtors show a house to a couple, the DH asks to see it a second time alone and then attacks the realtor. Don't know if it has truly ever happened, but better to not put yourself in that position.

give it back and move on with life.

 

[Dancemom03]

Thanks everybody. DH took the deposit and talked to the man. It was to have been a done deal. I was just taking the balance due & delivering the title/keys. We did have a 22 yr old "man" in the house b/c DD20's BF was here just in case.

The buyer was adamant that he be the first to see it and then that he'd pick it up first thing Monday so we didn't change our minds. Originally, he was coming Sat night so I gave him directions but then changed his mind so I said to call us in the morning just to be sure the truck was still available and we were home to show it to him. Instead he showed up before 8 am, looked at the truck, test drove it, and gave DH the deposit b/c he was worried we'd sell it to someone else before the banks opened. I'm not sure what the discussion was as to whether he'd get it back. DH is a mechanic by trade and this was his truck so we knew it was sound.

Today, the buyer came to pick it up and, instead of handling the cash/title transfer, spent time with a friend looking under the hood, then took it back out again right in front of the house. It almost looked like he was looking for something wrong, now that I think about it.

Anyway, he said the needle for drive (the one on the steering wheel that tells you which gear you're in) was sitting a little off center of the D so he was worried about the transmission and had changed his mind. DD20's BF22 went out to drive it after buyer left to see what he was talking about. He said it was nothing, ran just fine w/o noises or anything, but the gearshift indicator needle was off a little and could be easily adjusted. I wondered if maybe the buyer couldn't get the money from the bank so instead looked for a problem. We've sold lots of vehicles over the past 30+ years of marriage and never had an issue before. If the quarter inch off center was a problem DH could have adjusted it for him in just a few minutes.

I know I can resell it without a problem,
I'm just really irritated that I wasted half the day waiting for this bozo to come change his mind b/c today is DD8 - make that DD9's - and we'd had plans to go into the city that needed to be cancelled to be here for the non-transfer.

 

[Whistle]

I would say it depends on the conversation you had with the potential buyer. Was it stated that it was nonrefundable? If I were you I would want to keep the 100.00 but then again, it's not worth it if you think it will cost a lot of hassle in the long run.

If the person seemed "okay" ask them what they perceive to be fair explaining just what you have to us.

 

[TinkerBrie]

I agree~ Give it back and call some of the other people back....

 

[MapleGirl]

Give the deposit back. I think it quite reasonable to keep enough to cover the re-listing in the paper. You're not obligated to give the money back, but it would be a nice thing to do. Build some good karma.

 

[TupperMom7]

First off, have your Dh fix that needle!

I would tell the non-buyer that once the truck is resold, you will refund his deposit minus the cost of any advertising you need to do to complete a sale.
Call back others that were interested - if they ask why it didn't sell, tell them the other person changed their mind.

Maybe you will not incur any further expense before selling the truck and can refund his entire $100, but I would be sure to tell him what an inconvenience the situation was with having to stay home and miss plans for your child's birthday celebration!

 

[allison443]

You may not even have to relist it...you had over 30 inquiries over the weekend, can you email/call some of those folks back? What's the odds they already bought something else?
Hope you get it sold soon!

 

[Blue.Fairy2]

If you told him the deposit was not refundable then keep it, if you did not I think you should return the whole deposit.

 

[UGAFan0829]

Honestly, if it were me, I would give the guy his deposit back.

Good luck with getting it sold...hopefully one of the others who contacted you will still want it!

 

[Lisa_M]

I would give the deposit back and call some of the other people that inquired about the truck.