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Car buyer left a deposit, but I want to back out on selling

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C

carseller

Junior Member
STATE: FLORIDA
I am privately selling a used car. I offered to sell it for $900 and the potential buyer came, inspected it and gave me $800 cash for a deposit to hold it for two days until they come back with the additional $100.
I discovered it is worth around $2500 and want to back out. I realize it is a contract we have. I gave them a receipt for the deposit stating that it was for the car and they owed an additional $100 with no time limit specified.
My question is, what is likely to happen if I refuse to sell it to them as agreed, or what could happen, in a courtroom? I would like to return the deposit.
 


J

JETX

Senior Member
carseller said:
STATE: FLORIDA
I am privately selling a used car. I offered to sell it for $900 and the potential buyer came, inspected it and gave me $800 cash for a deposit to hold it for two days until they come back with the additional $100.
I discovered it is worth around $2500 and want to back out. I realize it is a contract we have. I gave them a receipt for the deposit stating that it was for the car and they owed an additional $100 with no time limit specified.
My question is, what is likely to happen if I refuse to sell it to them as agreed, or what could happen, in a courtroom? I would like to return the deposit.
Click to expand...
What you would 'like' is not relevant.
Assuming you made a valid contract (likely), you must abide by it.... if the buyer does.
You can certainly contact the buyer and offer to terminate the purchase agreement and refund the deposit. If he agrees, great, get it in writing. However, if he doesn't, then you have to comply.... or risk a breach of contract lawsuit.
If this gets to court, you could be facing the difference between the agreed purchase price and whatever the seller ends up having to pay for a comparable vehicle.
 
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