Good Faith Down Payment?

[Ray,IN]

In 2012 we were MH shopping. I saw one on the internet that was IMO a good deal, emailed the seller who said the MH was in CO per the add. I told him I would drive out to see it and he asked for a "deposit" to insure it would be there when I arrived. I changed my mind and told him we would be flying there the next day instead. He then said the MH was actually in KY at the moment. At that point I ended contact.

Bottom line - any "deposit" would have been forfeit had it been sent to that scammer. When I told this on irv2.com, another member said they had actually lost money on that same internet add.

When we bought our present MH,  we inspected it one day, Camping World repaired/replaced deficiencies within 5 days. When they proved they had fulfilled their part,  we signed the papers and drove it home. Had they sold it to another party we were still looking anyway.

I either buy what I want or someone else does, there are far too many RV's of all types for sale to regret passing a particular one by. First one there with the money buys, but no deposit or earnest money comes out of my pocket.

[Carlos]

That's why you only use safe methods like eBay/Papal, and the like.

It also works the other way.  I did a Paypal deposit on a 28' cabin boat, then picked it up and paid the rest.  Turns out they lied about the condition in ways that were not obvious when I first looked.  Paypal got 100% of my deposit back, which more than covered the repairs.  If I'd paid cash, I would have had zero recourse.

 

[Ray,IN]

4 hours ago, Carlos said:

That's why you only use safe methods like eBay/Papal, and the like.

It also works the other way.  I did a Paypal deposit on a 28' cabin boat, then picked it up and paid the rest.  Turns out they lied about the condition in ways that were not obvious when I first looked.  Paypal got 100% of my deposit back, which more than covered the repairs.  If I'd paid cash, I would have had zero recourse.

 

Thanks for that; now I know to use paypal if/when necessary to put down a deposit.

[RV_]

I agree Jack!

As the buyer, I have always offered a small non-refundable deposit for a seller to hold whatever I am trying to buy, until I could get to the bank, or travel to their location. This done in person or by appropriate means according to the amount (Wire/check/PayPal) I specify how long I expect them to hold it, and that if I cannot come up with the balance, they get to keep the deposit to pay for new advertising, pictures, and compensation for time spent. I do this as a buyer when appropriate, and rarely long distance. I usually make out a receipt and agreement for us to sign. I always have the cash but have to make arrangements for my military oriented bank in San Antonio to raise my self imposed debit card limit to allow me to draw the funds out at my local military credit union. We only do business with our bank so we don't have scads of credit cards to track. We never have any balance more than a month before transferring funds before any interest is charged. Our credit cards are only for convenience, not long term loans. I have offered and had accepted as little as 20 bucks to hold a gun or computer or some such for a day or three if a holiday weekend. I just paid half down for my new to us 2006 (the last year they were made) Subaru Baja last week and it should be ready for pickup this week after they complete installing a new timing belt and gaskets.

As a seller, I have found that ads placed in Craigslist result in a lot of calls for the entertainment of the caller. These call and start negotiating without seeing the item. I answer some questions and when asked if I would take less I tell them I may in person, but not for someone who is under no obligation on the phone, yet would hold me to any discount in person. I tell them I do not hold anything without a deposit and the first one to come with cash will get the item.  I will take a small deposit in person, and am clear it is non-refundable. I will do it differently for folks I know or who know me online.

The bottom line is mailed or in person I hold no item for anyone without at least a token deposit. If they are local and are not willing to come over to see it, then I am as nice as I can be. I have found that aside from the out of state scammers and folks who message in bad English they would like to pay me more than asking if I would accept a money order and ship . . . I reply that I will talk on the phone and to please just call me voice. They won't.

The deposit is non-refundable because of time and trouble and depending on how long they waited to cancel. The deposit I ask for will just pay for paid advertising other than online free ads like Craigslist or here. But if they cancel quickly for good reason and worked with me, I just tear up the check or give them their cash back.

If they are not willing to have some token amount at risk, then I am not holding it. Sometimes the nicest folks fall on hard times or through no fault of their own can't finish the deal. if before the day or week is out I don't need their money. I'd rather have a person who can recommend me in the future, and keep my reputation intact. Or help them if I can get what they need/want. Kindness never cost me, it always returned to me in kind.

I believe a seller deserves compensation if I cause them to lose sales by telling folks it is already sold and then I have to back out and let them keep my good faith money. So I keep them down to new advertising and pay for their trouble. Me, I am retired. I tell folks if they are really interested that I will take their name and number and call them if the deal falls through. If they don't want to give that they weren't serious either.

When someone on finding I sold something says they would have paid me more! I play with them, and tell them that the person has not paid for it yet and I had told him that it would go to the first person that comes up with the cash or a deposit. I ask them when do they want to pick it up? Not once have any of those types who just want to rain on your parade ever really wanted to buy it. But it sure is fun to watch them backing up and trying to come up with a reason.

My point is it is up to the buyer to be serious and offer a security deposit however small. I accept a man's word the second time if we have no history on the first time.