Follow Up On Selling Horse Before You Get Deposit

[CNC MINIS]

I posted about 4 weeks ago to see if anyone had ever sent a depoit on a horse and the person sold the horse before the deposit got there and many of you didn't think there was much of a problem with that, well what do you think as a buyer I should think when I send a deposit, the person sells the horse and 4 weeks later I have yet to see my deposit back LUCKY I stoped payment on the check but what if I wouldn't have and how many people out there do business like this? I guess when you deal with good people it makes it really hard for me to understan people like this. I understand people say they sent a deposit and the seller never gets it because the person was full of it but what about the people that are honestly sending a deposit, I don't think it is fair to automatically catagorize all people the same. I have delt with people (Erica) from the forum here and had great luck with them but I will tell you what after this deal with this lady I will tread lightly on any horse deals.

Christy

 

[Lisa-Ruff N Tuff Minis]

When i am selling a horse if someone says they are sending a deposit and i have another interested party I will call back the first one and give them 7 days for the deposit to get to me (should be more then enough time to not have to send it special mail) and then letthe 2nd party know as well that if I dont get it I will be back in touch just seems fair to all that way

 

[Jean_B]

Before I got "smart" (???) I sent out sales contracts that didn't have a "drop dead" date... and some people left me swinging in the breeze, wondering if or when they would get their deposit to me.

Now I have a clause in my contract that reads "Deposit must be RECEIVED by (date). If not received by that date, this contract is null and void." I usually make the "drop dead" date 10 days from the time I send the contract out.

If in the mean time I get any inquiries on the horse - I tell them a sale is pending but if the deposit isn't received by then, I will contact them.

If the person on the contract sends me their deposit after the drop dead date and another buyer has come along in the interim, they would get their check returned with a big VOID written across it.

 

[CNC MINIS]

Just an up date from the last post. I sent her the deposit told her it was in the mail 3 days later I got an e-mail from that said she had a cash buyer and that she sold the horse. In all of the previous e-mails I had recieved from her there wasn't any rush mentioned or I would have pay paled the money luckily for me now that I didn't do that since I haven't gotten my deposit check back after 4 weeks sure the mail is slow but now that slow. I figure it this way if she was in such a hurry she couldn't wait for a couple more days why shouldn't I have my deposit back by now.

 

[Magic]

Did you tell her that you had the check stopped? I wonder, if she knows that, maybe she figures there is no reason to send the check back?

I agree that communication is highly important in buying and selling horses. It's too bad that you had to go through such a frustrating experience.

 

[Margaret]

I usually will ad to the seller if I am buying the horse to tell/promise me that she will not sell the horse, til my deposit gets there in so many days... and make sure that she repeats it to me so we have "at least" a verbal aggreement over the phone or e-mail.. This way if she defaults she has gone back on her own word.. Sorry that happened to you..

 

[Songcatcher]

1. Are you absolutely sure she received the deposit check? The U.S. mail can be very unpredictable. I have mailed things that took 3 weeks to travel 200 miles and otherrs that never did arrive.

2. I was once emailing a woman about some horses and had a date set to go look at them in two days (approx. 350 miles one way). The day before I was to go look at them I got an email from someone else, wanting me to transport the mares for her as she had bought them. Needless to say, I was a bit ticked, but called the buyer and made a deal to deliver the horses to her as it would pay for my gas and I would have an opportunity to look at some other horses in that area. The next day, when I was over 200 miles on my way, the buyer called me on my cell phone and told me she had got someone else to pick them up and for me not to bother. I was furious!

I don't expect I will ever do business with either of those two women in the future.

 

[Miniv]

CNC, I agree that not sending your deposit back was very bad form. The only time I would agree on not sending it back would be if the buyer changed their mind after several weeks or more. Perhaps you could "sweetly" e-mail her and let her know that she does NOT need to send your check back as you put a "stop payment" on it.

Songcatcher, I'd be furious too. Unfortunately we have dealt with inconsiderate people like that many times. We keep a "do not do business with again" file on them.

MA

 

[DunPainted]

As much as possible, I try to do business via Paypal.

Yes, there's a three percent charge (I always add 3% if purchasing a horse to show good faith), but the speed and convenience is a great way to do business. I also like having a record of transactions at year's end.

 

[Chamomile]

I guess I have a hard time understanding how so many of you can be so understanding in this situation. Maybe it hasn't happened to any of you?? But with the amount of money we are talking it is simply astounding to me that someone would do business this way! I won't EVER buy from this woman!! Yes, I understand that snail mail can be slow, but the money was sent and recieved with plenty of time. The gal just sold her to someone else and kept the check. Even if she knew that payment had been stopped, if CNC asked her to send the check back it's good business to do so. I guess I'm not as forgiving as all you are! I don't have much money so what I do send out, I expect to get a return on, either with a horse or my money returned. Especially when no mention had been made about selling this horse to anyone else! I don't know! I get steamed when I hear about things like this. It's behavior like this that gives horse people a bad name...

Now yes I understand, when the buyer backs out, then usually the deposit is non-refundable. That makes sense! What happened here doesn't make sense to me...

 

[MountainViewMiniatures]

I have worked in banking for 25 years with 10 of those as an AVP

So please believe me when I say you should try to get the check back - most people don't realize that a stop is only good for 6 months (if you actually signed the stop payment form otherwise you may only be protected for 14 days if it was a verbal stop payment).

The theory is that the check should be stale dated after 6 months unless noted on the check or a US Govt check which is good for 1 year. BUT, if the check does slip through the system for whatever reason and is paid out of your account, you could be out of the money if your bank's deposit acct agreement reads that they are not liable for paying on a post dated or stale dated check. And believe me, most banks do use that clause! especially the bigger stock owned banks and just try to get your money back then! If you are concerned and unable to get the check back , please ask the customer service rep what their policy is about stale dated checks - be sure to get their answer in writing and signed by an officer or at least a bank manager. Be sure you have it clearly outlined what happens if the check clears and then you start bouncing checks because you didn't account for that check clearing your account - will they reverse any NSF or OD fees charged by your bank AND the fees incurred by parties they returned checks back too?

Just file that note with your statements if anything ever does happen. I have seen this happen so you can see why it is safer to get the check back.

 

[Robin1]

I'm sorry that you had this happen to you. I have had good and bad dealings in buying horses over the years.

Boy I could tell you some stories!!

Robin