Buyer changed his mind - do I have to refund deposit?

A_Star

I'm currently selling a vehicle, a buyer put down a £200 deposit on Sunday, due to collect on Thursday. He has now changed his mind because he's decided it's too expensive.
Do I have to refund the deposit?
I need a little clarity because I'm quite angry at being messed about.

Kentish_Dave

Look at it this way, what do you think that he’s going to do if you don’t.

Re-list it, and once it sells you can return it less any costs or shortfall in the selling price. Until then you should keep it to cover you in case the next buyer ends up paying less.

pinkshoes

You refund the deposit less any expenses e.g. readvertising.

sevenhills

A_Star wrote: »

I'm currently selling a vehicle, a buyer put down a £200 deposit on Sunday, due to collect on Thursday.

You entered into a contract to sell your car, the buyer broke that contract, you should do what is reasonable, as there are no details to that contract.

If the buyer has backed out, it seems resonable to me to keep some or all of the £200

neilmcl

Can we assume you are a private seller? Did you state that the deposit was non-refundable?

Being a bit angry isn't a reason for keeping the deposit, if you have actually had any losses due to them pulling out of the deal a day after agreeing then you can deduct this but at the end of the day do you really want all the hassle.

loskie

did you have a written/email acknowledgement of the deposit?
If I were you I would keep it as payment for being messed about. You could possibly pursue the buyer for a loss of sale/breach of agreement too. Not that it will be worth it but worth making him aware.

AS LONG as your car was exactly as described.

Joe_Horner

Have you still got the details of the person who offered you 50% more on Sunday evening, who you "turned down because you'd already accepted the deposit"?

A_Star

neilmcl wrote: »

Can we assume you are a private seller? Did you state that the deposit was non-refundable?

Being a bit angry isn't a reason for keeping the deposit, if you have actually had any losses due to them pulling out of the deal a day after agreeing then you can deduct this but at the end of the day do you really want all the hassle.

I know, hence me saying I need a little clarity! It was also two days later and I have turned away 5 other people who wanted to view.

Yes I'm a private seller

A_Star

Joe_Horner wrote: »

Have you still got the details of the person who offered you 50% more on Sunday evening, who you "turned down because you'd already accepted the deposit"?

:rotfl:

I did turn away five other people after he put the deposit down so I shouldn't have any trouble selling it to someone else.

A_Star

Thank you all for your view points.

We have agreed to knock £50 off the price and I've told him that if he doesn't turn up on Thursday we'll keep the deposit. In reality I'd probably refund less the cost of readvertising.

I feel bullied by this guy and I don't like it!

neilmcl

A_Star wrote: »

Thank you all for your view points.

We have agreed to knock £50 off the price and I've told him that if he doesn't turn up on Thursday we'll keep the deposit. In reality I'd probably refund less the cost of readvertising.

I feel bullied by this guy and I don't like it!

What readvertising costs? You've just said you have 5 people waiting in the wings to buy the car. Where did you advertise it?