I value the opinions here, so I have to ask:  When I 'sold' my 97 gs 500 today to a local guy,
after having about twelve responses per day to my ad..  well, he was first, so I thought it was only fair to give him first choice. He rode it around, came back, said he'd call me in an hour, then he called and said he wanted it. Fine. But I have bought 8 motorcycles and five old cars in my lifetime, and have ALWAYS left a deposit if I really wanted it. This  didn't come up over the phone, and then he said he wanted
a week to come get it and do the transaction. Since I wasn't born yesterday, I figured out that he really wouldn't have the money until this weekend.   Okaaaayy...  I'm not like in a hurry or anything, but I have
20 new eMail responses  to this bike each morning.  Which I answer, because I'm inclined to do that.

Isn't it sort of clueless to 'want' a vehicle but not leave a deposit on it? Do I need to act like his daddy and tell him the facts of life? There's some decent cool guys  out there who really wanted this bike, and have cash in hand. It's like $800-- not a great amount when you are buying a fairly good bike!

Or am I just being a duck?

steve

Either have him put down a deposit or take the money from the first who has the cash. Money talks...BS walks.

All the sellers I've talked to won't even let you ride the bike around the block without cash in hand.  You can't sit around waiting for this guy to flake out on you when there are other buyers interested.

I would extend him the courtesy of explaining why earnest money is required.  If he is willing to put down a deposit that satisfies you then hold the bike pending the rest of the cash.  Otherwise, tell him no deal and work down the list of more qualified buyers.

My only other advice would be to have all the cash in hand at the time of the test ride.  The bike might come back with rash down both sides, or it might not come back at all.  Many used vehicle "buyers" are actually just looking for a joy ride.  Seller beware!

thanks for the advice... plus,  i forgot about the bike possibly getting damaged during test rides. You don't wanna know that he was still trying to find 'neutral' as he was figuring out how to start up the bike..

sr

Quote from: dgyver on September 26, 2007, 06:45:20 PM
Either have him put down a deposit or take the money from the first who has the cash. Money talks...BS walks.

what he said.

I absolutely agree with all above, the bike is being sold on your conditions not his. I would politely tell him that without a realistic deposit you are not prepared to secure the sale. I would also tell any other prospective buyers at the intial phone-call or e-mail the same thing. It will deter the tyre-kickers but wont put genuine and serious buyers off.

Quote from: pantablo on September 26, 2007, 11:23:32 PM

Quote from: dgyver on September 26, 2007, 06:45:20 PM
Either have him put down a deposit or take the money from the first who has the cash. Money talks...BS walks.

what he said.

atye when i sold my 97 i had cash in had, while his friend rode it. ( he being a noob did NOT know how to ride the bike. damn i miss that thing. BUT i might be getting terry gixxer so all is well. also is bike insured, you could be liable if he hits something or someone

Viewing: Requires my convinience, not the viewers.

Test Ride: Requires cash in my hand, full asking price, before I even get the keys out of my pocket.

Phone calls/emails: Require the ability to communicate, along with verifying the party really has money, not just a dream.

Buying/Selling: Requires a title, which actually matches the vehicle VIN (don't ask, it was a really stupid attempt at fraud) cash, no checks, no money orders, no travelers checks, no credit card, no promises.

Cash only, in worn 20's or 100's. NO NEW BILLS !!!

PRetty simple.

Yes, most buyers are clueless. Agreed.

I bought my bike from a member here, sight unseen. I mailed him a deposit check for $600, with the understanding that I would bring the remaining $1600 in cash, when I came to pick up the bike, but I wouldn't be picking the bike up for close to a month. That gave me time to save a little cash, and gave the seller time to cash my check, to make sure I wasn't trying to defraud him. It was also made clear to both of us that if I didn't pick up the bike in a timely manner, my deposit would be refunded, and the bike sold to a buyer with cash in hand.

It worked out great for both of us, and I love my GS... now I gotta make her run...

I went and looked at my bike on a Saturday and told the seller I'd call him later in the day since I still had another bike to look at.  I called him that evening and we decided to meet up Monday so we could exchange the money and title.  No way would I give a deposit to a private party seller.  What's to stop them from running off with your money?  It's happened to my grandpa before.  On the other hand, I wouldn't ask the seller to hold the bike for a week and would understand that if someone came up with the money first the bike would be gone.

I sold my TLR to a guy in VA who drove down here to SC. He provided me with a deposit of $100 (sold the bike for $7400) and I sent a letter stating my intent of selling him the bike. His wife worked in an attorneys office and this was suggested by him to keep both of us safe. Everything went smoothly.

the sale shouldn't go to the first to email.... it should go to the first with cash in hand. I'd do him the courtesy of a call but if he doesn't have same day cash he's sol. sounds to me like you're doing him a pretty big favor holding the bike for him. are you all close friends?

Quote from: max_boost on September 27, 2007, 09:14:34 AM
What's to stop them from running off with your money?

The fact that A. He's a member here, and B. I met him at his house, and I know what he drives.

Quote from: ohgood on September 27, 2007, 04:24:23 AM
Viewing: Requires my convinience, not the viewers.

Test Ride: Requires cash in my hand, full asking price, before I even get the keys out of my pocket.

Phone calls/emails: Require the ability to communicate, along with verifying the party really has money, not just a dream.

Buying/Selling: Requires a title, which actually matches the vehicle VIN (don't ask, it was a really stupid attempt at fraud) cash, no checks, no money orders, no travelers checks, no credit card, no promises.

Cash only, in worn 20's or 100's. NO NEW BILLS !!!

PRetty simple.

Yes, most buyers are clueless. Agreed.

Why no new bills?  When I bought mine I withdrew the money from the bank that I met the guy at - >$2000 in cash is no joke to carry around on public transportation...

cripes it not like you are buying a kilo of coke or something it's just a motorcycle sale

Quote from: frankieG on September 29, 2007, 06:55:37 PM
cripes it not like you are buying a kilo of coke or something it's just a motorcycle sale

...can't it be both?

There should be no worries about a crooked seller running away with your deposit. Or the buyer taking off on your bike with no payment in full.
Just google "bill of sale". Print two copies, one for each party. There's you'll find all the necessary line for questions about 'who, 'whom', 'how much in deposit', 'how much remains to be paid', etc. At least here in Mass it is a no brainer. And you'll need two copies of a receipt where you'll state how much money actually exchanged hands on that day (maybe not the whole sum).

Sign the papers with the other party (preferably with a witness around), and if something goes wrong you get a rock solid proof in Court to recover your funds/vehicle (depends on which side of the deal you are on). ANd it never hurts to look at the other guy's drivers license to ID him.