sale problems
Instructor
Joined: Jun 2007
Posts: 131
Likes: 0
From: Stony Brook New York
Pro
Joined: Dec 2006
Posts: 582
Likes: 3
From: Glen Allen (Richmond) Virginia
You are on the right track, I would give him a 5 day deadline to finish the payment and let him know that you will remarket the car and deduct any reduction in price that you get from his initial payment.
Le Mans Master
Joined: Sep 2002
Posts: 6,689
Likes: 0
From: Michigan
St. Jude Donor '15
A week, maybe two. I assume you don't have a sales agreement that specifies a time limit. I would notify the non-buyer in writing and then refund his deposit if he can't make full payment by your final deadline. Make sure you get a signed acknowledgement canceling the deal and return of the down payment.
Pro
Joined: Apr 2004
Posts: 594
Likes: 0
From: Gotham City CA
I agree with C3 RV, not having an agreement as to when the car would be fully purchased makes it a little more difficult (at least in CA) keeping the deposit. However, giving him a deadline to which he agrees would make it easy. Since that is unlikely, give him back his money and start over, but do all of it in writing via registered mail with a deadline for full payment. At least you still have the car and title (I hope).
