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In Reply to: RE: Opinions wanted... posted by roxy54 on March 23, 2010 at 12:29:17
You had made a mistake in leaving the depost without some sort of additional understanding. You (apparently) gave the person $500 with the intention of returning the next day with the full payment. Whether the other parties actions were moral or immoral, they were legally within thier right to keep your $500. good faith money. Note I wrote "good faith" as the money you gave him WAS to 'seal the deal' and the agreement was broken BY YOU.
I would be sad personally if it happened to me. But you had no rights to the money back, and should just 'get over' it.
Plenty of folks have had people go back on deals and the screwed party get pretty angry over it. (I have gone back on deals (YES YES HANG ME) and have to say the other parties anger is real. The guy you were going to STIFF was probably pretty angry, and probably his anger made him tell you where to go if you wanted the deposit back.
The warning here is don't put out money if you are not certain.
And it certainly should NOT be on 'Shady Lane" as the other person did nothing 'shady'. (As I said, what they did was bad, nasty, mean spirited, but NOT illegal, nor unjustified) What YOU did was just as bad.
And, if you still worry about this YEARS AFTERWARD.. jeez get a life.
(I have never kept any money as a deposit or ingaged in any activities like those here, except I HAVE gone back on deals to my sadness)
Follow Ups:
Elizabeth,according to you, he should get a humanitarian award for keeping the money. If that is so, then why do you feel the need to add that you have never done it. Go ahead- do it and be proud!
But, gee, maybe I'm wrong. Since everyone thinks that he's such a nice guy, maybe I should mention his name, so you can all congratulate him.
You asked for opinions. Apparently what you wanted was support for your position.
You know Wendell, I suppose that you may be right about that. And if that is what I was looking for, then I deserve what I get. Still, it is kind of sad to hear people state that it is OK to keep someone's money just because you have it already , and you can. I was raised differently. And to go to the extreme like Elizabeth, and say that I "stiffed" him, and he should be angry, well, it's a bit much.
Once you tendered the deposit the money belongs to the seller. It is no longer yours. Is it that you don't want to understand basic contract law? Or just upset you made a mistake?
You got the opinions you asked for ... just not the validation you really wanted. Since I've been on your end of the deal before I know how you feel, but the seller is entitled to keep the earnest money. In my case I view it as mistake made, lesson learned.
A deposit is a commitment to buy. It is no longer your money unless the seller fells to follow through. Put a deposit down on a house and then back out of the deal. Unless you are very fortunate that money is gone and it is, usually, more than $500. Again, he had no cause to be rude. He had every right to keep the money. How would you feel if someone offered him more for the speakers before you came back to get them? You're there, money in hand, but he took the better offer. Even though you would get your deposit back I doubt you would be pleased with the seller. There are two sides to most stories.
... it is meant to be forfeited if the buyer backs out of the deal.
In exchange for receiving the deposit, the seller agrees to not sell the item to anyone else, even if another buyer comes in with a more generous offer.
If a deposit doesn't mean that, then it is meaningless.
If there are meant to be exceptions to these two rules for either side, they need to be put in writing.
Short story? Never put down a deposit unless you really mean to follow through.
It's been 2 years, it's time to start the healing (insert group hug here).
On a personal note if I have someone try and give me a deposit on an item I have for sale I will not take it. I respectfully suggest that they buy it or come back when they have the funds. Sales are on a CASH in hand basis. I learned this the hard way when I had to juggle my schedule to return a deposit from a guy who backed out, what a hassle. Yes he got his money back and I learned the lesson. It only cost ME my time....
Life's A Long Song...
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