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That sucks. My advice, involve cash up front,
Posted By: Tom Bowers In Response To: Bad deal with Tony Marfione - Microtech (Eric@PWS)
Date: 6/27/16 06:09
In Response To: Bad deal with Tony Marfione - Microtech (Eric@PWS)
enough that it's worth your time to screw with it and enough to provide a painful incentive to ensure the buyer's follow through.
I'm typically going to say I want 100% cash up front prior to starting paperwork.
If I decide to do anything else, it will be 1/2 of the cash up front as a non-refundable deposit. I always make it clear that it's not to take advantage of the buyer if shit goes sideways for him and he can't come up with the other half, but that my agreeing to some goofy arrangement like that because he can't slash a check for what he's buying is perceived by me as risky, that I'm removing the item from the marketplace based on his word that he'll come up with the other half in a timely fashion, and that I may well be missing an opportunity to do the clean deal for 100% payment I'd prefer by agreeing to the less favorable terms. Finally, the potential loss of half the cost of the item is to incentivize him to actually make the bother to come up with the other half in a timely fashion.
I always figure that if I end up getting sued for keeping the first half, he's gonna lose anyway, but having it all spelled out clearly prior to the other guy agreeing to it makes it clear that it's not just a black and white "inconvenience" for which my mean ass took half his money.
The agreement will be that after approved paperwork arrives, I will notify the buyer that it's ready for physical transfer to take place. At that point, the clock starts and in some time period (typically 30 days) the deposit is forfeit if I've not received the other 1/2 prior to it expiring.
I always make sure that this is either done via email or other form of writing (a more formal contract format) and that there is an explicit acceptance of the terms prior to pulling anything off the market.
I've never had to keep a deposit or relist the item. Still, the above pain in the ass clearly demonstrates why even that is a seriously second-rate solution to getting all the money up front.
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