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I just had a tough experience selling a used car, looking for feedback on what/if you would have done differently.
I had a pretty unique vehicle, advertised it extensively through Craigslist, Facebook, and enthusiasts forums. The advertising generated a lot of nation-wide attention. Over the past few weeks, I must have received up to 25 emails/calls/texts with varying degrees of interest.
While there are many I got pretty far along with in conversation, it ultimately came down to two potential buyers:
Buyer A - The first buyer to contact me, reasonably local, wanted the vehicle badly but didn't have the money at they time we talked. He gave me an offer on price which I accepted and he said he'd get back to me when he had all the money together. I did not explicitly state it, but this buyer was fully aware I was going to continue to market the car.
Buyer B - Distant buyer (other side of the country), spoke quite a bit over the phone, also wanted the vehicle badly. This buyer was trying to get his finances together as well. After a little over a week, finally told me his loan was good-to-go. Made me an offer on price which I accepted. This buyer implied that he wanted me to stop marketing the vehicle. I had promised not to sell it out from under him once he had plane tickets in hand. We spent the next couple of days with some back-and-forth determining the best way to deliver and accept payment (afraid of scams, I wanted to make sure I was going to get the most secure payment), finally agreed on method. This buyer had indicated he wouldn't be able to come get the vehicle for 2 1/2 weeks. With other buyers I would have to turn down, and plans to order a new vehicle once this one was sold, I was uncomfortable with this timeframe - I had asked for him to come the upcoming week. He couldn't commit and asked me about days I might be available the following week. I had not yet gotten back to him when...
Buyer A calls me and tells me he has his funding together and wants to come get the vehicle if I still have it. I call Buyer B to let him know I won't be able to turn down Buyer A's offer if it's genuine. Buyer A comes by, test drives the vehicle, and leaves a deposit. We finalize the deal the next day.
Would you have done anything differently? Would you have continued to work with Buyer B because you and he had invested more time trying to seal the deal? It was a tough call to Buyer B to let him know the vehicle had been sold; I'm sure he felt like I sold it out from under him.
For completeness: I had not taken a deposit, not asked for one, nor had I written any sort of contract with Buyer B. In all of my conversations with potential buyers, I was vague about the level of other interest I had on the vehicle - I alluded often to having others potential buyers waiting in line - but I never played one against the other as leverage for a higher price.
i think you handled it just fine. as long as you are upfront with potential buyers that the vehicle is first come first served, then you did just fine. if buyer b had been truly serious, he would have sent you a substantial deposit for you to hold the vehicle while he arraigned to come get it.
once you take that deposit, you are locked into the buyer that sent the deposit at the price you agreed on. the only thing i would have done is set a time at which you need the vehicle gone though, and set a grace period where by you could then determine that the buyer is not as serious as he suggested, even with the deposit, so that you could again market the vehicle.
as to whether to make the deposit refundable is up to you, again as long as you are upfront about it.
If Buyer B put down a deposit, then you should waited for whatever amount of time you agreed but he didn't. There's no consideration on his part so no implied contract exists. If he'd put down a deposit, absolutely, you would have sold it out from under him. He didn't though. I probably would have asked for a deposit if I wanted to wait for 2 1/2 weeks. If he really wanted the car he could have wired to the funds to your bank and had it shipped before then.
You present several potential conflicts in how you planned to deal with your prospective buyers regarding the vehicle on or off the market. But the important detail is what compensation you would receive to take it off the market.
Absent any compensation, you have no cause to take your vehicle off the market given your representation that it was a desirable in-demand vehicle.
The most important detail in any such transaction: value received for both parties.
Your buyer A came back with money and finalized a deal. Money talks: Buyer A had the money, time, and interest to close a deal. Buyer B apparently did not before Buyer A completed a purchase.
When I sold cars for a living the amount of times that someone said over the phone that they would take a certain car and that they were on their way down only never to show.. It was crazy which led to the phrase "Buyers are Liars"
I'm in real estate now and it is the same deal, my neighbor my friend my whoever wants to buy the house...
Ok then SHOW ME THE MONEY !
If I was selling my own car with the OP's circumstances I would have taken a non refundable deposit. NON Refundable would certainly weed out the tire kickers and the dreamers wasting your time.
First one with the money, gets it. That's ALWAYS the rule.
It gets a little different when you've taken a deposit and then turn around and sell to someone else, but that's not what happened.... the first person to put money in your hand got the vehicle. Easy pesy...
If I kept my rentals off the market for every tenant who wanted me to hold it for them I would never rent it. I don't hold anything for anyone. You want me to hold it it's gonna cost you in a non refundable manner. I had too many flakes so I don't offer that option.
Buyer A gave you good faith money. Buyer B could of given you a check for 1k (no refundable) to keep the vehicle off the market for x weeks to get loan together. In fact that's what I would if said if Buyer B approached he to keep/pull the vehicle off the market.
I wouldn't feel bad. If someone wants it bad enough to keel it off the market they can put up some non refundable money. This way they got skin in the game.
I just had a tough experience selling a used car, looking for feedback on what/if you would have done differently.
I had a pretty unique vehicle, advertised it extensively through Craigslist, Facebook, and enthusiasts forums. The advertising generated a lot of nation-wide attention. Over the past few weeks, I must have received up to 25 emails/calls/texts with varying degrees of interest.
While there are many I got pretty far along with in conversation, it ultimately came down to two potential buyers:
Buyer A - The first buyer to contact me, reasonably local, wanted the vehicle badly but didn't have the money at they time we talked. He gave me an offer on price which I accepted and he said he'd get back to me when he had all the money together. I did not explicitly state it, but this buyer was fully aware I was going to continue to market the car.
Buyer B - Distant buyer (other side of the country), spoke quite a bit over the phone, also wanted the vehicle badly. This buyer was trying to get his finances together as well. After a little over a week, finally told me his loan was good-to-go. Made me an offer on price which I accepted. This buyer implied that he wanted me to stop marketing the vehicle. I had promised not to sell it out from under him once he had plane tickets in hand. We spent the next couple of days with some back-and-forth determining the best way to deliver and accept payment (afraid of scams, I wanted to make sure I was going to get the most secure payment), finally agreed on method. This buyer had indicated he wouldn't be able to come get the vehicle for 2 1/2 weeks. With other buyers I would have to turn down, and plans to order a new vehicle once this one was sold, I was uncomfortable with this timeframe - I had asked for him to come the upcoming week. He couldn't commit and asked me about days I might be available the following week. I had not yet gotten back to him when...
Buyer A calls me and tells me he has his funding together and wants to come get the vehicle if I still have it. I call Buyer B to let him know I won't be able to turn down Buyer A's offer if it's genuine. Buyer A comes by, test drives the vehicle, and leaves a deposit. We finalize the deal the next day.
Would you have done anything differently? Would you have continued to work with Buyer B because you and he had invested more time trying to seal the deal? It was a tough call to Buyer B to let him know the vehicle had been sold; I'm sure he felt like I sold it out from under him.
For completeness: I had not taken a deposit, not asked for one, nor had I written any sort of contract with Buyer B. In all of my conversations with potential buyers, I was vague about the level of other interest I had on the vehicle - I alluded often to having others potential buyers waiting in line - but I never played one against the other as leverage for a higher price.
Thanks in advance.
Buyer A gets my vote.
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