Selling car, buyer pulls out

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ezzatoa
ezzatoa Posts: 16 Forumite
in Motoring
Hi all

Just hoping someone can shine some light on where i stand on this.

To fund another car project I have been working on and to make some space I put up my old project car up for sale, i started advertising a car for sale (well a project car with no engine), with a listing that included a comprehensive description and links to the 'build threads' (where the progress of the car is documented).

I received a few messeges of people interested, so on sunday i took a deposit via paypal of £100 (the car was up for £600) for me to secure the car for one guy, and obviously i had to tell any other potential buyers that the car was no longer for sale.

he has now decided today that he can no longer afford the car and wants his deposit back.

Now obviously i have lost potential buyers and am stuck with the car on the drive for however long it takes for me to find another genuine buyer.

Any help much appreciated
«13456

Comments

  • Rolandtheroadie
    Rolandtheroadie Posts: 5,102 Forumite
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    I'd keep it and cross whatever bridges I had to when and if they came.
  • ridethelightning
    ridethelightning Posts: 175 Forumite
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    I thought the point of a deposit was that if the buyer pulls out he loses the deposit. This discourages buyers pulling out and reimburses the seller for any expenses and wasted time... I'd keep it.
  • BoGoF
    BoGoF Posts: 7,099 Forumite
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    ridethelightning wrote: »
    I thought the point of a deposit was that if the buyer pulls out he loses the deposit. This discourages buyers pulling out and reimburses the seller for any expenses and wasted time... I'd keep it.

    Not according to Flyboy121 (or whatever number it is). If you eventually sell the car you have suffered no loss and have to refund any other deposit.
  • redped
    redped Posts: 736 Forumite
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    If you had other prospective buyers on Sunday, i.e. 3 days ago, then I assume at least one of them may still be interested in the car. If so, then you could return the deposit as you won't be out any money; if the other buyers aren't interested, I'd point out to the buyer that his change of mind has lost you a buyer, you'll have to pay to re-advertise the car, and therefore you'll be keeping the deposit.
  • jim22
    jim22 Posts: 1,227 Forumite
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    I see the point about the deposit. But keeping it! In my view not worth the potential hassle it might bring.
  • ezzatoa
    ezzatoa Posts: 16 Forumite
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    Is there anything in black and white that says what has to happen?

    The payment also has no description attatched and doesnt seem to be from his account (under a girls name)
  • scheming_gypsy
    scheming_gypsy Posts: 18,410 Forumite
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    Did you say the deposit was none refundable?
  • pitkin2020
    pitkin2020 Posts: 4,029 Forumite
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    BoGoF wrote: »
    Not according to Flyboy121 (or whatever number it is). If you eventually sell the car you have suffered no loss and have to refund any other deposit.

    You are likely to suffer a loss though, advertising isn't cheap now depending on where it was advertised. IF the OP pulled the ad he will have to pay again to readvertise it. Whilst the other people may still be interested its unlikely the OP took their details if he was sure the car was sold.

    You have 3 options,
    Give the deposit back
    keep the deposit
    give some of it back, after the car has sold minus any difference i.e lower sale price and advertising costs.

    Personally I wouldn't give it back as the buyer has wasted your time and you have turned down others who may have been genuine. You will also have to re-advertise the car which doesn't look all that good to those who saw it the first time around. Especially those you told it was sold.
    Everyones opinion is the most important.....no wonder nothing is ever agreed on.
  • ezzatoa
    ezzatoa Posts: 16 Forumite
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    this was my train of thought^

    but IF he decided to try to take legal action to get it back where would i stand there?

    The deposit was not stated as none refundable

    I took the deposit as his insentive to buy the car, i.e. he loses it if he backs out. Im not sure there would be a point in a deposit otherwise?
  • BoGoF
    BoGoF Posts: 7,099 Forumite
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    Here is the thread I was on about - rather lengthy now!

    http://forums.moneysavingexpert.com/showthread.php?t=3337292
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