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Have a question, selling something, asking for deposit....

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Old 08-27-2004, 11:07 PM
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Default Have a question, selling something, asking for deposit....

Whan do you ask for a deposit? When they take a test drive?

What percent normally is the deposit?

If I hold it for a week and we agree on a price, and someone happens to offer more $ on the spot than person who left deposit, save for person with deposit or sell to person with more $?
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Old 08-28-2004, 06:30 AM
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Default Re: Have a question, selling something, asking for deposit....

you should take a deposit on the test run. if the person wants the boat they should already have finances set up. if you agree on a price and you are waiting for the $$, then it would be unethical for you to sell it to someone else. you tell the other buyer that a deposit has been put down on the boat and they are welcome to come look at it......and maybe you can do a deal with them if the other falls through.
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Old 08-28-2004, 07:05 AM
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Default Re: Have a question, selling something, asking for deposit....

Quote:
Originally Posted by HyperBaja
Whan do you ask for a deposit? When they take a test drive?

What percent normally is the deposit?

If I hold it for a week and we agree on a price, and someone happens to offer more $ on the spot than person who left deposit, save for person with deposit or sell to person with more $?
1st you have to be over 18 to buy/sell a car

2nd noone will give your punk ass a deposit cause you will blow it on GI Joes and comic books

3rd. With cars if u asked me for a deposit before a test drive I would tell u to KMA. Deposits if they agree oon a price and don't have the cash on hand.

4th. If you agree on a price and deposit is left as far as I am concerned it is no longer for sale, even if someone offers more money. selling it out from under a deposit is not even an option
 
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Old 08-28-2004, 09:15 AM
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Default Re: Have a question, selling something, asking for deposit....

Several years ago I sold a vette and recieved a deposit. He wanted the wheels of the other vette on the one he was purchasing. I went through the expense of mounting and balancing etc. Several weeks went by "waiting on the bank" but I lost several potential buyers because there was a deposit held. Finally I told him to come by and get his deposit. Learned a valuable lesson.
In writting with the amount of deposit if balance is not paid by "X" date contract will be void and deposit non-refundable.
On a boat it may be differant. Usually upon sea trial, percentage for deposit must be paid in advance to avoid the "thrill seekers/tire kickers" for your trouble. It all depends on the individual and the price of the boat.
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Old 08-28-2004, 09:28 AM
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Default Re: Have a question, selling something, asking for deposit....

If you accept a deposit, then you have accepted his offer. To bail on that for more money would be wrong. How would you feel if someone did that to you? Not busting on you at all here, just pointing out what is right, in my belief.

I would let someone look at my boatand survey my boat. I would tell this honestly every single thing about the boat. Then if he was still interested enough I would ask him for a deposit before sea trial with the understanding, in writing, that if the boat did not perform as I stated, the deposit would be immediately returned. However, if the boat did perform as stated, he would have "X" number of days, mutually agreed upon, to finalize the deal or the deal would be void and deposit kept.
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Old 08-28-2004, 10:01 AM
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Default Re: Have a question, selling something, asking for deposit....

On the other side of the coin,,,, Don't take a deposit and donut make any promises,,, tell the buyer that the item ,,, ie: boat or car or your little red wagon , is for sale and the first person that brings the cash to you will be the next owner... To many people today do not keep there word and you don't want to be left holding an empty bag of promises.

Cash in Hand Punk!!!

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Old 08-28-2004, 10:21 AM
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Default Re: Have a question, selling something, asking for deposit....

Last boat I sold, I asked for a 10% deposit... they had no problem with it and everything went very smoothly
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Old 08-28-2004, 11:51 AM
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Default Re: Have a question, selling something, asking for deposit....

1st you have to be over 18 to buy/sell a car

NO.

All of my cars have been paid for by me, and in my name. When buying I need a parent to sign the insurance thing saying I have insurance. That is the last they need to be involved.

Thanks for the answers.
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Old 08-28-2004, 11:56 AM
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Default Re: Have a question, selling something, asking for deposit....

I've been in car business here in New Jersey and you ABSOLUTELY must be 18 in order to purchase a car here. As a matter of fact under Jersey rules and regs if your under 18 i cant even tell you how much the car is unless you have an adult with you...
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Old 08-28-2004, 12:48 PM
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Default Re: Have a question, selling something, asking for deposit....

Deposit for a test ride, no. If they want the item and you agree to a price then ask for 10% to hold for a set time limit. If they don't follow through keep the deposit and move on to the next buyer. As far as keeping the deposit, if you waste my time it will cost you!
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