No stupid reason to back-out deal

[lee5627]

Hi ALL

Just wanted everyone to know about this little event. I am a BUYER while BMWSILVER is the SELLER.
I know I am at fault cos I was the one who backed out of this deal. I wanted to buy this front bumper. After giving him a $100 deposit, ( I was so stupid to give him a deposit in the first place ) I decided later to back out of this deal as my wife is screaming at me for another mod upgrade. I SMSed/spoke to him and apologised profusely on this small hiccup that I cannot buy from him. All I got was this SMS back from him telling me that he CANNOT return my deposit and hope I understand!!!!!!!!
anyway, I replied to him ( via SMS ) and told him if he can buy another buyer, he should at least return me $50. That was in June! Until today, I have not heard from him. Other BMW forum members actually encouraged me a few times to write to forum to tell everyone.....I hestitated until Ryan agreed to have this Buyer/Seller feedback column!

3 cheers to Ryan for his kind work!!!!!!!!!!!!!!!!!!!!!!!!!!!


E46 Facelift Front Bumper for Sales

--------------------------------------------------------------------------------

Dear all,

E46 Facelift Front Bumper for Sales.
Excellent condition with no scratches
Colour Titamium Silver
Round Fog Lamp with White 5800K Bulb
Titamium Airdam (330i Look)
Exclude Black Bumper Stripe
Price : S$300.

If you are interested, please SMS or PM me.

Thanks for reading.

Ben
96255661
Attached Thumbnails

[BMWSILVER]

Hi ! Lee5627.

Surprise to find this kind of mail from you (Shameless).

My bumper is still available and yet to find a buyer.
You are the one who backed out the deal with stupid reason ==> Wife screaming at you for another MOD.

I have Bought and Sold many items in this forum and all goes well because we all honoured our words as a gentleman.
Except with you

We need sincere buyer and seller in this forum and not someone who chicken-out with stupid reason to back-out deal.

Angry Ben.

[T6]

Originally Posted by lee5627

Hi ALL

Just wanted everyone to know about this little event. I am a BUYER while BMWSILVER is the SELLER.
I know I am at fault cos I was the one who backed out of this deal. I wanted to buy this front bumper. After giving him a $100 deposit, ( I was so stupid to give him a deposit in the first place ) I decided later to back out of this deal as my wife is screaming at me for another mod upgrade. I SMSed/spoke to him and apologised profusely on this small hiccup that I cannot buy from him. All I got was this SMS back from him telling me that he CANNOT return my deposit and hope I understand!!!!!!!!
anyway, I replied to him ( via SMS ) and told him if he can buy another buyer, he should at least return me $50. That was in June! Until today, I have not heard from him. Other BMW forum members actually encouraged me a few times to write to forum to tell everyone.....I hestitated until Ryan agreed to have this Buyer/Seller feedback column!

3 cheers to Ryan for his kind work!!!!!!!!!!!!!!!!!!!!!!!!!!!


E46 Facelift Front Bumper for Sales

--------------------------------------------------------------------------------

Dear all,

E46 Facelift Front Bumper for Sales.
Excellent condition with no scratches
Colour Titamium Silver
Round Fog Lamp with White 5800K Bulb
Titamium Airdam (330i Look)
Exclude Black Bumper Stripe
Price : S$300.

If you are interested, please SMS or PM me.

Thanks for reading.

Ben
96255661
Attached Thumbnails

Bro,

I don't understand your purpose for starting this thread. A deposit, unless expressly agreed that it is going to be refundable is otherwise not refundable. It is no different from placing a deposit to buy a car. If you back out, you bear the consequences. Whether BMWSILVER wishes to refund you is really at his discretion. Even if he sell the bumper to another subsequently, he is not obliged to refund you anything.

So your attempt to start this thread to recover $50 or $100 or to cast aspersion at the seller, if any, is meaningless. If in doubt, check with your wife in future before committing to any mod. I am sure if BMWSILVER had his choice, he wld rather you have the bumper for $300 then to forfeit the $100 deposit.

[CyberTron]

I thought is norm when buyer put a deposit (property, 2nd hand car, etc), if he backs out of the deal, he loses the deposit and if the seller backs out of the deal, the seller returns back double the deposit.

[jaskin]

Hi Ben,

With regards to the deposit, if you find a buyer would you be returning lee5627 his $100? I don't see the point in having a non-refundable deposit.

Cheers
J

[ryan]

Dear all,

Please note that i moderate all posts / threads before i allow them to be posted. This is to ensure that flaming / OT posts are not allowed onto this folder.

There may be some delays with regards to posts being delayed and i appreciate your patience.

Thanks.

[rex7_vtec]

Hello Quicksilver and lee5627,

standing on a neutral basis I have to agree with what Andy (T6) posted.

A deposit made to intiate a transaction is deemed non-refundable unless otherwise any indications verbally or written statement is made.

However it can also come down to how the seller might negotiate with the buyer. The seller MAY still refund out of goodwill even though it is not an obligation.

I'm not exactly sure if there were other verbal exchanges made that was not shown above which therefore prevents me from commenting too much.

I am just sharing my view as a seller and contact person for BMW parts.

[kenntona]

Be definition of the term deposit, we mean a partial or initial payment for something the buyer is keen on. Implicit is the word trust, given that the deposit is handed over as an security for that item. Trust is embedded in the agreement.

The buyer has the option (not a legal obligation) to buy the item from the seller. However, if and when the buyer backs out (for whatever reasons), the deposit should be foregone, since it was securitised against the option to purchase.

As far as the seller is concerned, he has the obligation to hold the item for the buyer. For locking in the agreed price and foregoing a better bid (even if surfaces), the seller accepts the deposit as a collateral somewhat. Only if and when the buyer back out can the seller re-offer his item again.

Hence whether BMWSILVER finds another buyer is irrelevant. The deposit has been given as an entrusted "chope" for the item. Had BMWSILVER turn down other offers during that period, he is worse off holding on that $100 and the bumper. He would be better off selling off the bumper had he know that lee5627 will back out.

As for the refund, it is a goodwill thingy. Up to BMWSILVER entirely.

What's the admin take on this, given that many buyers and sellers do not necessarily know one another?

[diablo_728]

End of the day all deals are abt willing buyer willing seller, when there is a deposit placed its primarily to ensure the the seller will 'reserve' the item for the prospective buyer, during this period the seller may have to turn down other offers. So i feel that the if we choose to place a deposit its achoice a by us to make a commitment. Vice versa i would like to pose this question to the seller how would he feel if the seller chose back out of the deal after taking the deposit just bc he got a higher offer. End of the day a Deposit is a commitment either way.

No offence to anyone, as adults we have to bear responsibilties for our own decisions. If the seller chooses to refund i guess its out of pure goodwill.

I have made my share of bad decisions but its only a learning curve.

BTW i dont know either parties n this is just my own opinion. My suggestion is for the an amicable discussion in person to resolve the issue, there is no point in haggling over in forum, after all we all just among friends. right?

cheers

[reardriven]

I agree with the others' definitions of "deposit".

This is a function in common terms of trade in general that protect both the interests of the buyer (against the seller from selling to a higher bidder) and the seller (for reserving the goods for the buyer). Unless otherwise stated, it should be non-refundable by default; anything else is at the pure discretion of the seller.

Amen.