Deposit Return

[CurlyDave]

For my entire adult life, I have tried hard to leave every situation in a way where no man feels that I have cheated him, or even shorted him a little bit.

I know I have left money on the table over the years, but the other side of that coin is that I have made many times more than I have ever left on the table. People seek me out for partnering in profitable business deals because I have a reputation.

 

[Harold_J]

Something I learned a long time ago is I NEVER take a deposit on anything.
The first person that shows up with cash gets the item.

 

[valleydweller1]

Ok, so the Priority Mail is a bit excessive; I was angry. But is this how business is often done? Someone puts down a deposit, then changes their mind and wants it back? There was no outside situation, no family crisis, he said he just decided after looking at other tractors that he didn't want my tractor. No big problem there, no tractor is perfect for everyone.

Every other deposit situation I've been in (Real Estate, Landlord-Tenant, etc...) if a person expects to be able to get their deposit back there is some sort of a contingency. "Must pass inspection", "contingent upon approval for financing", etc.

I'm about to have an open rental. I have someone lined up that's very excited to move-in. He put down a deposit for the rental; I agreed to take the rental off the market and deliver it in move-in ready condition by a certain date. If I can't hold up my end of the deal (if the rental isn't ready by said date) then he gets his money back. If the agreed upon date rolls around and he decides he doesn't want to move in then he loses his deposit. Either party has the option to extend the agreement in leiu of refund. Is this any different from the tractor situation?

Maybe things work differently where Mr. Doe is from (he moved over here from far away), and most of the replies in the negative towards me have been from his general area. Is this a common way to do business east of the Mississippi?

Greg

 

[crabjoe]

Maybe things work differently where Mr. Doe is from (he moved over here from far away), and most of the replies in the negative towards me have been from his general area. Is this a common way to do business east of the Mississippi?

Greg

I think it's you. You lawyer is probably from west of the Mississippi and they said to return the money.

Just return it and know that in the future, have things in writing, if you don't plan to return any deposit.

It's just the decent thing to do.

BTW, although not all business is done this way, when I bought my pickup, it was done on a handshake with a dealership. This was on a factory order because they couldn't find one equipped the way I wanted it. No deposit, not contract ... Just a handshake, and yes I am East of the Mississippi.

 

[Skyco]

I think it's you. You lawyer is probably from west of the Mississippi and they said to return the money.

Just return it and know that in the future, have things in writing, if you don't plan to return any deposit.

It's just the decent thing to do.

I agree with the above. I mean 3 hours? Come on...if it had been 3 days maybe...3 hours is petty.
Remember the Golden Rule.

 

[Hondo1]

Bad Karma there. Just remember it is a round world. That kind of get even mentality is why there are so many rich lawyers out there. What if your lawyer ends up sending you a bill for the phone call? You gonna argue that one? Then again with the attitude you are displaying you probably have them on retainer.

With that being said, I too have been burned by promises to buy or pay for something. It really doesn't matter what the other guy does as long as you do what is right.

Hondo

 

[putt_putt_green]

The buyer calling and threatening doesn't help the situation any. I'm not sure I'd want to give someone their deposit back after acting like that. Did you have any calls on the tractor during the 3 hours it was held on deposit? If so, don't send the deposit back. If you didn't have any calls in the 3 hours, send the money back via regular snail mail and subtract a dollar for the envelope, stamp, and check.

 

[Squeak n Itch]

We learned, while selling our own cars, that a deposit is the wrong way to go. If someone wants to buy something, sell it. We are all disappointed when the sale doesn't go through. Holding on to something for someone, unless a trusted friend, only prolongs or interferes with the sale.

 

[Soundguy]

I have to agree with some of the others... Just mail the guy his 100$ back and be done with the issue, try to think of it in a positive light. Never know.. something pretty bad may have happened to the guy.. like he might have went home and found out he had lost his job!.. and now that tractor purchase was a big no-no.. that 100$ may be nexts weeks ketchup and chicken broth for his family or something...

Sure.. it sucks.. but that's life...

When i take a deposit on an item for sale, and another person comes to look at it during the deposit period.. I usually take their name, and tell them that if the sale falls thru I will call them ASAP.. ( in the order that they showed up.. )

This kind of thing happens alot. A while back i noticed a relative was selling a ford 861.. I was no my way to work that afternoon.. stopped.. looked at it by the road.. liked it.. calle dthem on my way to work.. Told them it was 'sold' and that I would be by in the morning as soon as the bank opened with cash, and my trailer. 3hrs later at work they called me and told me they had just sold the machine.... go figure!

soundguy

 

[valleydweller1]

The buyer calling and threatening doesn't help the situation any. I'm not sure I'd want to give someone their deposit back after acting like that. Did you have any calls on the tractor during the 3 hours it was held on deposit? If so, don't send the deposit back. If you didn't have any calls in the 3 hours, send the money back via regular snail mail and subtract a dollar for the envelope, stamp, and check.

I did indeed have a call during the three hours; I told them I had taken a deposit and they said "thank you" and hung up.

Greg