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

Mercdriver

neilmcl wrote: »

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

People that were interested in viewing the car are hardly 'waiting in the wings' to buy the car. They are just interested. They may have found another car, or at least some of them. You have more power if you have more people interested.

OP - did you keep the details of these 5 people? If so you should contact them to say that the prospective buyer let you down.

Jono987

If you are a private seller just keep it surely? Its not like he can leave you a bad review.

You've knocked £50 off the price you agreed on? Sounds like he has just tried it on and it worked - he gets £50 off for no effort at all.

Richard53

I really don't get the idea of the 'refundable' deposit. You agree a sale, and the buyer pays you, in effect, part of the purchase price ahead of collection so that you take the car off the market and (perhaps) put the new tyres on that you had negotiated, or similar. If the seller backs out, the deposit is held to defray expenses and to compensate for time wasted and inconvenience. That's how I have always understood it.

If sellers are happy to refund deposits if the buyer changes his mind, why ask for one in the first place? Shaking on the deal would be just as effective.

missile

If it were me I would not want to sell to this person.
I would not be surprised if he comes back in two weeks wanting you to pay for repairs.

foxy-stoat

If I where him I would not ask for it back - sounds like a waster.

Retrogamer

I've always acted under the impressed when i put down a deposit for something, that's me telling the seller i want it and not to sell it to someone else.

If i then back out, i'd deem me deposit lost as i never followed through and that's the whole point and purpose of leaving a deposit