PorscheStrong

Curious to hear from the group...what would you do???

On Sunday night, I reached a verbal agreement with a seller on price and generally time frame for settlement timing (vehicle is located out of state), and we had a deal. The agreement was: first, do the PPI at my expense; second, execute a bill of sale and I send deposit; third, we settle with payment and clean title at a near-term date. Simple, right?

I requested the PPI at a local (to him) mechanic, which I selected and he coordinated. In the meantime, I spent hours coordinate details to prepare to travel and take/arrange delivery

Fast forward to today and the inspection came back fairly clean, nothing major, but when I spoke to the mechanic, he nervously indicated that there was a separate buyer with a deposit on the car. That's news to me! Thankfully, they'd not taken my payment info on the PPI and I never actually paid for it. I'm not sure who did, frankly.

I called the seller immediately afterwards to see what he would say. To his credit, unprompted, he mentioned that another buyer had previously called and they'd reached a verbal agreement at a slightly lower price, but then the guy went dark. During that time, he and I spoke and came to an agreement, but then the first guy's (small) deposit showed up in the mail. He's feeling torn, and to his credit feels a bit conflicted and wants to do the right thing.

If you're in my position, what do you do?

HkPlinker

You can either pass and continue to look or Stand firm with your offer (the higher price) and follow through.
Since he has a deposit from another party, it's really his call.

CincyScott

Yeah, agree with HK. Youre kinda the odd man out in this case. It's the seller who has to choose.

Bob in NY

Let him know if the deal with the 1st buyer falls apart you're still interested but be prepared to move on. In this case the seller holds the cards.

Slakker

Major bummer! I would point out to the guy that if he hadn't received the deposit when your offer came in then technically he could still accept your offer. Truthfully though he should have been up front with you that he had someone mailing him a deposit check.

Chaos

1. Bob NY I love your car (again)
2. as for revenge fill out a bunch of subscription cards to him from assorted gay magazines!

eviligloo

Very similar situation happened to me. Reached an agreement with a seller on day 1. Agreed on price and that he would get a PPI. Arranged all the logistics for him and even found him a shop that would give him a loaner car. 2 weeks later he finally took it in for the PPI that i scheduled for him.

Turns out someone else flew in, came in and paid for the PPI and bought the car. I didn't even find this out from the seller...I found out from the dealership that the car was already gone when I went to get the results of the PPI. The seller never told me he sold the car out from under me.

My advice: it sucks. it REALLY sucks. Try to put it behind you and move on. I ended up finding a WAY better car later on.

In the meantime it's all up to the seller but try not to worry about it. There are a lot of good cars out there so if this one isn't the one there will be another.

Slakker

+1! :P

cgfen

agreed

and Bob, post up some photo's of your Cobalt Turbo, don't see that color often enough.

Macster

If the seller wants to honor the other buyer with his lower offer since he talked to him before you and the other buyer sent in a deposit that's the seller's decision.

When I've sold used cars, motorcycles, machinery, etc., this is my rule: First person who shows up with the money gets the car, motorcycle, machinery, whatever. I don't take deposits. I don't create a waiting list. Money talks. Talk walks. A buyer going "dark" is pretty much a sign the buyer's not real interested or serious so I don't feel any obligation to this person.

From a buyer's point of view, the first rule of used car buying is there is always another car. If this deal falls through for you, then keep looking. A nice car will turn up.

Also, if you really really like this car and would still like to buy it, a deal (?) like the seller has with this other "buyer" often fall through, so you might still find the car available. You have to be careful though if too much time passes. The car might be test driven by this buyer or another shopper and possibly overreved so any DME overrev counter read out you got from the PPI may not be up to date when you come back to buy the car.

PorscheStrong

Thanks for the thoughts, laughs, and sympathies -- I dropped out. As some of you have noted, there's always another set of wheels...