changed mind for used car sale

[bleigh824]

Please Advise

What is the name of your state? Colorado

two weeks ago I had an offer to buy my old volvo. The gentleman offered me $800 for the car. He told me he could pay the car off in one months time but, would give me a deposit for $100. I accepted his deposit & signed a piece of paper stating I had accepted his money with $700 due in exchange for the title. Two days ago I had an offer of $1500 dollars from a friend who came through town. Do I have the right to change my mind, return the mans deposit and sell the car to someone else?

 

[Shelby6718]

What did it say???????????

What exactly did your "bill of sale" say when you accepted his $100 deposit?

 

[bleigh824]

The paper stated I had accepted a $100 deposit from said gentleman, with his intent to pay another $ 700 within one months time. At which time he would receive keys, title, and car. This was not a formal document, a piece of notebook paper, with three lines written on it.

 

[Shelby6718]

Do the right thing..........

Dosen't matter if it's written on toliet paper. You accepted a deposit, put the the purchase agreement in writing with the end of the month being the term of the agreement. I'm not a lawyer but it sounds like at least a one month contract has been entered into. I expect you and he did not put in writing what would happen to his deposit if the purchase was not completed. If you decide to return his deposit and sell to the other prospective buyer before the end of the agreement length, he may have legal recourse against YOU. You need to do the right thing.

 

[bleigh824]

Understandable. What if I am not interested in selling the car at all? Regardless of the amount offered to me, I will not be selling the car at this time. I fully intent to refund the deposit.

 

[Bluff Man]

Changed Mind

How much is your word and signature worth ? This board is filled with people complaining about others who do not keep promises, you are looking for someone to tell you it is OK to reneg on your signed contract.....you won't find that here. You already know the answer to your question and how you handle it tells a lot about the kind of person you are.....your choice

 

[panzertanker]

So.....

What is the name of your state? Colorado

two weeks ago I had an offer to buy my old volvo. The gentleman offered me $800 for the car. He told me he could pay the car off in one months time but, would give me a deposit for $100. I accepted his deposit & signed a piece of paper stating I had accepted his money with $700 due in exchange for the title. Two days ago I had an offer of $1500 dollars from a friend who came through town. Do I have the right to change my mind, return the mans deposit and sell the car to someone else?

First, you say you entered into an agreement to sell the car and took a down payment.
Second, you say that you had a better offer on the car and want to renig on the first agreement.
Lastly, you say you want to renig on the first agreement and NOT sell the car at all.

A. Make up your mind on what your question is.
B. Remember as my grandfather and father taught me; you are only as good as your word.
C. You have the right to change your mind anytime you want. Whether you will pay a price and be held liable for changing your mind.....Only a lawyer can tell you the answer to that.