Need some advice

GoJDpuller · Nov 15, 2008

Last December I sold a tractor to a guy, he asked if i could hold it for a month and put a $500 deposit on it. After 3 months of not hearing from the guy, I called him and asked what was going on. He said he wouldnt be able to get it for a month or so because he didnt have the money. So after a couple of more months of not hearing from him I decided to re-sell it because I really needed the money. Thats why i sold it the first time. So I sold it to some else last month and now the guy finaly called and said he was ready to pick it up. Do i owe him his $500 or do i keep it as a storage fee for the last 9 months? Please help! Thanks.

larry cook · Nov 15, 2008

if you had a written agreement that spells out the details of the deal then that is the deal. a verbal agreement will hardly if ever hold up in court. probably you should just give him back his money.
l cook
south texas

IaGary · Nov 15, 2008

I would give back the 500. And hope he does not sue for the tractor.

Gary

GoJDpuller · Nov 15, 2008

It was only verbally agreed

Jiles · Nov 15, 2008

Never do business with ANYONE without written agreement!! Cheapest insurance you can buy.
Give deposit back, free and clear, get written RECEITE and mark it up as experience. He can't sue you no more then you can keep the deposit.
You word against his.

Janicholson · Nov 15, 2008

I assume you did not tell him you were reselling the tractor. Thus you were "kind of" selling his tractor. (you had his earnest money, he had a problem filling out the deal) No matter what, he is owed the earnest money. Don't make verbal agreements. and do inform peopele when things must change. Good luck, and I hope you got as much as you were asking. JimN

RodinNS · Nov 15, 2008

Wouldn't you want the 500 back?
You sold the tractor to someone else. Give him his.
Yeah, he shoulda come and bought the damn thing on time. Etc. Etc..... and you shouldn't have sold it to someone else, etc. Hopefully, if he's reasonable he'll be happy with getting his money back and leave it at that.

Rod

MarkB_MI · Nov 15, 2008

Personally, I would give him back his 500 bucks and be done with it. Do you really want the aggravation of going to court? I don't think any judge would side with the buyer in this case, but do you really want to find out?

Anonymous-0 · Nov 15, 2008

you should of contacted him before the sale and told him to finsh the deal or forfit his down payment now it would be nice to just give him his money back but i dont think a judges would find you at fault but i would ask a lawyer if you wanted to keep the money

Anonymous-0 · Nov 15, 2008

just give him his lousy 500 back, he aint gona sue nobody, arnt you still gona end up with the amount you wanted?

Rusty wheel · Nov 15, 2008

I think you should treat him the way you would want to be treated. Do what you know in your heart is the right thing to do. rw

Dozer Guy · Nov 15, 2008

Treat him the way you would want to be treated... Thats what I would do if I was in your possition. Good Luck!!!!

northener · Nov 15, 2008

A good man would give the deposit back and get a good nights sleep that night.

Clint Youse MO · Nov 15, 2008

next time dont take any deposit cash talks and bs walks first guy to show up with money gets the tractor

Anonymous-0 · Nov 15, 2008

I think a judge would side with the buyer in the absence of a written agreement that said he would forfeit his money if he didn't finish the deal in a specified length of time.

Anonymous-0 · Nov 15, 2008

I don't think he can sue for the tractor. 9 months is a long time but more importantly, the guy never paid for the tractor. All he paid was $500 and even if he wanted to sue you, I think the only thing he can sue for is what he's out, which is only $500. If you still got the same price you wanted for the tractor, you could show him that you really did need the money from the tractor and now that it is sold, return the $500 to show him it wasn't personal. If he gives you a bad time, tell him that you aren't obligated to return his deposit. $500 usually isn't worth going to court for. A lawyer would want $3000 up front as a retainer before he'd do anything. I really don't think you have any obligation to return his deposit. Whether it was in writing or not, you and him agreed that you would hold the tractor for a month. You lived up to your obligation. If it did make it to court, I can't see how any judge is going to make you pay back a deposit after waiting for 9 months. This is a rediculous amount of time. If you took a vehicle in to be repaired and even left a deposit, there's no way a shop would wait 9 months to be paid. They'd either sue you after 30 days or so, or sell the vehicle to recoup their costs. I'm not even sure if they'd have to give you anything back if it sold for more than the repair bill since they would be able to charge for storing it. No way they'd wait 9 months. Dave

Walt Davies · Nov 15, 2008

I once found a table and chairs and hutch in the back of an antique store all covered with dust. I ask the owner about he said a couple from SF put $20 down to hold it for them but he never heard from them. He called them the next week and they said that they were out of work and could no longer buy it.
He called me and I went up the next weekend and bought it. He did the right thing and all three of us were happy.
Yes you should have called to see if he was still interested would have saved you some grief in the short run.
Walt

sasedivy · Nov 15, 2008

It was only verbally agreed

In Wisconsin [size=18:d2ece43c22]'deposits'[/size:d2ece43c22] are refundable & [size=18:d2ece43c22]'verbal agreements'[/size:d2ece43c22] are binding for 1 year!

Of course a paper trail does bolster the buyers argument...

Be careful & good luck!

Anonymous-0 · Nov 15, 2008

Give him the money back. You will spend more than that before a good lawyer even walks into the court room to defend you.

Anonymous-0 · Nov 15, 2008

You made a very bad deal, but you did agree to keep holding the tractor, every time you talked to him. You should not have agreed, but you DID AGREE. Then without calling him and giving him a last chance, or without telling him you were going to sell, you sold his tractor, in a behind-his-back manner. Give him his money back, and explain that you had to turn the tractor and that time had run out. If you try to keep it, hope he and 4 or 5 buddies doesnt come to collect it. You made this mess, or at least participated in makeing it, now pay up.

Next time, either dont take a deposit, or write a note that you both sign, that specifies the exact date he must pay the rest and pick up the tractor, or the deposit will not be returned and kept by seller as a charge for taking the product off the market. Also write that in no conditions can the agreement be extended in time. Also write that you are not obligated to provide written or verbal notice of keeping the deposit and selling to someone else. Tom

Anonymous-0 · Nov 16, 2008

I know times are harder on some folks than others, but is things hard enough for you to put a price on your integrity? You already pawned it by selling the tractor out from under him after you made a gentleman's agreement (that didn't include hard dates), Up to you if you recover it or not.

Everything we do comes back sooner or later, up to us if it pats us on the shoulder or bites us in the butt.

Dave

Anonymous-0 · Nov 16, 2008

"Tom Tex" has nailed it besides its the ethical thing to do.How would you feel if this was done to you, suspect it would not be acceptable.

Hills of TN · Nov 16, 2008

If you have to ask, then you already know the answer. The "deal" was carelessly done from both parties. Both parties will have been inconvenienced - you had to wait to finalize a sale and the first buyer lost the ownership of the equipment. Call it even and return his deposit.

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