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Dave H 
Orange Level
Joined: 11 Sep 2009
Location: Central IL
Points: 3595
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 Topic: Down Payment Problem
Posted: 10 Jun 2010 at 7:43am |
That is not a problem. I would have had the check in the bank shortly after i got it. To me hanging onto a piece of paper is no down payment.
For you nothing but cash folks, I have never written a bad check and have never had one written to me. But for those high ticket items I take a cashiers check made out to me. Kinda hard to expect someone to have 10 grand in his pocket , at least I think it is.
Edited by Dave H - 10 Jun 2010 at 7:46am
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GARY(OH/IN)
Orange Level
Joined: 19 May 2010
Location: Findlay,Ohio
Points: 917
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Posted: 09 Jun 2010 at 11:44pm |
Adhere strictly to whatever oral or written agreement you had with this buyer. If the down payment is yours go to his bank and verify if the check is good.
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WC7610
Orange Level
Joined: 11 Sep 2009
Location: Sioux City, IA
Points: 764
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Posted: 09 Jun 2010 at 9:59pm |
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write "VOID" across it and send it back. Cash next time.
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Thanks
Most Bad Government has grown out of Too Much Government- Thomas Jefferson
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DanWi
Orange Level Access
Joined: 18 Sep 2009
Location: wttn
Points: 1996
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Posted: 09 Jun 2010 at 9:53pm |
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Banks are getting fussy about cashing old checks, they mite not want to cash it anyway.I would go with the check with him and return or destroy the check.
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Osage_Orange
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Joined: 11 Sep 2009
Location: SW MO
Points: 1593
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Posted: 09 Jun 2010 at 8:45pm |
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Ask him if he wants you to mail the check back to him or for you to destroy it? From his perspective, I would not want a $200 check lying around that could someday be found and cashed unless it is "stop paymented". From your perspective, I always require cash when selling something and tell the prospective buyer "the first one who shows up with the cash in hand is the new owner". I've had too many people say "I'll be back before the end of the day with the money" and I never heard from them again. FWIW
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Why is there never time to do it right the first time, but always time to go back and fix it?
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Larry Miller
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Joined: 21 Nov 2009
Location: NWIL
Points: 909
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Posted: 09 Jun 2010 at 8:43pm |
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Thanks Guys. Live and learn. In the future I will get cash and set a specific date to deal or I keep the money. What I really want is to complete a deal - not get to keep a down payment. If the other guy gets into a situation and can't do the deal - he can have the payment back. I will hold this check and do nothing with it and get cash if he wants the tractor. Asking $3000 for the G. Can email pix if interested. Thanks again, Larry Miller
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I used to be young and stupid, now I am not young anymore.
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GT in Indiana
Silver Level
Joined: 14 Sep 2009
Location: Indiana
Points: 219
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Posted: 09 Jun 2010 at 8:28pm |
Tear up his check, he's wasted enough of your time... Now back to business, what are you asking for the G?
GT
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1955 WD45 we like to call Ruby
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RickUP
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Joined: 12 Sep 2009
Points: 803
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Posted: 09 Jun 2010 at 8:06pm |
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A check??? He never had a deposit down it anyhow. Pay me CASH and I will hold it for you. I will go 30 days. No refund. Get the money first. The serious buyers never give you grief. They bring cash. My $.02.
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Fred in Pa
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Joined: 13 Sep 2009
Location: Hanover Pa.
Points: 9210
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Posted: 09 Jun 2010 at 4:56pm |
Well ,if the guy give you a deposit and is just plain backing out of the deal.You lost, not him ,now others that might have bought may already got something else or just had too much time to think Why do i need this now.
If you take a deposit ,have it worked out when or how long until the deal is off or DONE!
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Dave(inMA)
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Joined: 12 Sep 2009
Location: Grafton, MA
Points: 2399
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Posted: 09 Jun 2010 at 3:39pm |
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Yes, you could keep the down payment. But would you want that to happen to you if the situation were reversed? I'm totally in Glenn's camp.
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WC, CA, D14, WD45
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GlenninPA
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Joined: 11 Sep 2009
Location: Ashley, PA
Points: 5054
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Posted: 09 Jun 2010 at 1:55pm |
There is legal and there is honorable.
You got to look at yourself in the mirror every day. Do what you are comfortable with. It will reflect who you are.
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john(MI)
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Joined: 12 Sep 2009
Location: SE MI
Points: 9262
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Posted: 09 Jun 2010 at 12:00pm |
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In MI you can keep it, legally! If someone gives you a deposit and it doesn't specifically say in the receipt it is refundable, it is yours.
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D14, D17, 5020, 612H, CASE 446
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bigfish_Oh
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Joined: 13 Sep 2009
Location: West Liberty,Oh
Points: 1226
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Posted: 09 Jun 2010 at 11:40am |
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control ?, a money order, you did not cash the check the when you got it? A 2 month old piece of paper serves no purpose for a down payment(commitment).
I would be upset that you did not cash my check day one. I would not be expecting anything back for breaking my word. I would be asking you how we could work it out if I had a unplanned issue.
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1941 WC sat for 29 years,started & dynoed 27 h.p.
1957 WD45 Grandpa bought new,factory p.s.,added wfe
1951 WD, factory p.s.
1960 D14 HnMk IV BkHoe 4 sale
2014 HD Tri Glide
2009 GMC CC SLT Dually
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DaveKamp
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Joined: 12 Apr 2010
Location: LeClaire, Ia
Points: 6109
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Posted: 09 Jun 2010 at 11:34am |
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Larry- I'll second what Glenn and Bill said- if you still have the check, save yourself the effort and just mail his check back. Allis G's are in high enough interest that it shouldn't be a big deal to find someone who really wants it.
It oftentimes seems crappy for this kind of thing to happen, but aside from having it sit around for a while, there really isn't much foul. From the other perspective, someone wanted it enough to agree and send downpayment, but can't finish, you can bet it's not because they don't WANT to, but a change of circumstances that doesn't allow it... and circumstances do change.
Fortunately, it sounds like you're in a no-loss situation.... you have is check, AND your tractor. He says he wants to sell his other tractor, that means his hobby budget is fairly limited, so my bet is that the unable buyer has other, more serious problems to address, and if that means losing out on a good tractor deal, he's clearly making the right fiscal decision.
Someday, this kind of thing, in both aspects, may happen to me, and I may have to ask myself... what comes first- my tractors, or my family?
Edited by DaveKamp - 09 Jun 2010 at 11:38am
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Fred in Pa
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Joined: 13 Sep 2009
Location: Hanover Pa.
Points: 9210
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Posted: 09 Jun 2010 at 11:32am |
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Like said ,send it back to him. Tell him if he sells his tractor call you ,if you still have tractor he can buy it !!!
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Bill Long
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Joined: 12 Sep 2009
Location: Bel Air, MD
Points: 4556
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Posted: 09 Jun 2010 at 10:05am |
Good Idea Glenn. Don't incur any more possible expense and complications.
Good Luck!
Bill long
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GlenninPA
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Joined: 11 Sep 2009
Location: Ashley, PA
Points: 5054
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Posted: 09 Jun 2010 at 9:38am |
If you still have his check, why don't you just mail it back to him?
The deal is off, go ahead and sell the tractor to somebody else. He said so.
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Larry Miller
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Joined: 21 Nov 2009
Location: NWIL
Points: 909
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Posted: 09 Jun 2010 at 9:32am |
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Took a couple hundred dollar down payment on a G. Now 2 mo. later - no show. I called once and got a "if you can sell it go ahead" Part of delay is he wants to sell another tractor first. I am going to relist the G and see what happens. It is a check - I plan to cash it at his bank to make sure it is good. ( $29 charge if it comes back at my bank) Don't want his money and plan to return it if I sell the G and he comes to gets the money. I just want to be more in control of the situation. So - what is the right thing to do with the down payment ? Any thoughts or experience ?? Any way I have a G for sale. Thanks, Larry Miller
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I used to be young and stupid, now I am not young anymore.
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