Selling a Tractor.....

Just curious to get some input on how you guys might handle a potential sale of a tractor. Back in mid November, I had a gentleman from Texas contact me about a 1953 Super M I was selling expressing high interest. He stated he would like to buy it but that it might take him 3-4 weeks to get up here to Kansas to get it. He sent a $500 deposit and I told him that would be fine. Here we are, 3 months later, and he still has not picked it up. When I contact him about an update, I get different explanations as to why such as weather, trailer issues, too busy etc. I have been patient and have let it go this long, but I am losing patience and wanting it gone to clear space. I have had a few folks tell me to keep his deposit as storage fee and tell him the deal is off. Others have said to send him $500 back. How would you gents handle this if you were in this situation? Thanks!
 
It was a cashier's check I got back in mid November from him that I already took to the bank early on to cash. Wanted to make sure there were no issues!
 
Well, I guess you would be entitled to keep the $500., during this time it could have been sold to a buyer with the funds in hand !, It's a tuff call, maybe a even split would be fair ? Just a thought, Alan
 
That is true, I have had several buyers I have passed on while giving him the benefit of the doubt for all this time. I have tried to be accomodating and think I have gone above and beyond to keep it stored and be fair.
 
I would have made it clear that the deposit counted as a down payment and storage fees for x amount of time and if the tractor was still in my possession after x time it would be relisted for sale with no refund of deposit. I would have gotten him to send a text or emailing stating that he agreed to this and then I would have taken a screenshot of it just to cover my bases. Having said that, I still might send some money back or at least let him buy it if he shows up before anyone else does.
 
At this point, I still can't get him to commit on coming to pick it up. When I inquired earlier today about it, I got a few excuses again and he said he hoped to be able to come by March 5th. Again, cannot pin down a date or get a more firm commitment.
 
Dog-gone-it. That's the way it goes sometimes. Just send the money back and move on. Consider it a lesson learned. You're smarter now then you were then. You will do better next time.
 
I would just tell him, if he doesn't come get it on March 5th or before that, then you have no choice but to sell it to the next guy that comes along. As for the deposit, I personally would send it back to him, but that is entirely up to you.




Rock
 
I sold someone the power steering parts off a JD 60 years ago and they paid for it but they have yet to pick up the parts so I'm not sure what I should do
 
I think I would tell him as of March 6th if it's not picked up, it's going back on the market, and if someone makes an acceptable offer you will have to take it, and then return his deposit.
 
If you're gonna send any money back, do it by a registered letter so there is evidence that it was received in case the letter is either lost, or you are challenged.
 
The $500 is considered a "Good Faith Deposit". If he has failed to meet the agreed upon terms, he forfeits the deposit and you continue in your efforts to sell the tractor to someone else. Been my understanding in private business deals since as far back as I can remember.
 
I just have more questions.
How much more does he owe on the tractor?
Do you need the money now?
Is the tractor in the way and you need the room?
Could you ask him to pay off the balance - say by March 5th and you'll hold it longer?
I understand that you want a buyer to perform - want the tractor outta there but $500 is a pretty good down payment after all.
And it Is winter time...
 
If it were me, unless you have a written agreement stating the deposit is nonrefundable, I would send the $500 back and move on.

I've been through someone paying for a tractor and then passing on before taking possession of it. Anymore, I dont take deposits. I might agree to hold something for a buyer, but you pay me when it leaves the property.
 
Possible he is waiting for his tax refund? I dunno. Your call. But if he can't give you a firm date in the next 2 weeks let him know the money is being returned. Only you have spoke with him, so you have to be the judge on this one.
 
Two very different things happen in these situations. Life circumstances get in the way
and there are more than a few around that thier mouth is bigger than thier bank accounts. Been there done this a few times and when it happens I worry more about feeling good about how I handle it than the legalities that some suggest. Since there was appearantly no hard date set to pick it up you do need to be a bit careful how you go forward in case he decides to get a fancy lawyer. I send a letter and keep a copy giving them a set period of time to pick it up, usually 30 days. After which the deposit money will be available to them AT WHICH TIME THEY REQUEST IT. Refusing to give them the deposit back just doesn't sit well with me personally.

I have told this story maybe too many times here but I had an AC pull type plow that was sold, and paid for 3 times now over a period of probably 10 years and none of the buyers ever showed up or requested thier money back. Finally sold it for scrap. IF any of the buyers would again surface I would still send them back what they paid, because I would need to do that to feel good about it, not because of legalities.
 
I had a fellow gave me 1/2 down and said he would be back next week after it and pay me the balance on a WD45. I never saw him and couldn't contact him for 2 months. Then he showed up and told me he had been in jail cause he and his now x-wife had gotten into a fight. He gave me tha balance +100 to deliver it 20 miles for him. I didn't want to take the extra money but he insisted so I delivered it. I, like you needed the space but it all worked out in the end. I believe I'd give him a date to be there after it or he would loose his deposit and I'd sell it to someone else. Send him a registered letter informing him and keep a copy for your records including the paper from the registered letter
 
I took a paid in full check for some implements a couple years ago and the guy decided he wouldn't be able to come get them and told me to keep the money.I sent it back in full and still have the implements,I have to look at myself in the mirror and knew that was the right thing for me to do for my piece of mind.You have to decide what's right for yours.
 
$500 sounds like a significant portion of the price for a Super M, around 1/3 of the total price instead of the normal 10 percent deposit. I would set a deadline and return the full deposit if the tractor is not picked up by the deadline.
 
Texas has had a bit of misfortune this last week. I would send a registered letter indicating the need to have it moved by March 15 or the seposit is forfeited. Jim
 

I went through this awhile back with an old Ford pickup. 1984 F100 with short bed, 5.0L and factory air that didn't work. Nice, straight truck.

Buyer was very excited on the phone, really wanted to see and drive the truck. Came and left a $100 deposit. Described how he wanted to chop and lower the truck and do this and that. Fine, if you want to ruin it that's your business.

I was leaving on a trip, wouldn't return for 2 weeks. When I got back I got in touch, told him who I was and why I was calling. It was clear he didn't remember buying a truck.

"Oh! The truck! Yeah, right. The truck. Ummmm....let's see now. Yeah, gotta get the truck..."

I got in touch a few more times over the next three weeks, finally gave him week's notice if he didn't come with payment to get the truck I was selling it to the next guy. Never heard from him again. Quickly sold it to someone in PA who liked original old Fords, didn't plan to chop it up.

For what it's worth, I think the $500 is yours. What is an earnest money deposit for if in the end you simply return it because someone changed their mind? Much better not to take any deposit at all. And, lastly, are there no Farmall Super Ms in Texas? Must be one heck of a tractor!

Gerrit
 

I would give him a date and ask him to agree on it. If you are keeping the tractor inside, I'd tell him that you need storage fees and if there is anything left, you'll send it to him and start over.
 
Are looking for permission to keep his money? You have that right, but is that how you would want to be treated? Sell the tractor and then do as you wish. Sending him all or none of the money. You have to live with your decision. Be the man you can be proud of.
 

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