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EFV-8 Club Forum / General Ford Discussion / Earnest Money

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Posted By Discussion Topic: Earnest Money     len47merc 11-10-2017 @ 2:53 PM reply profile send p.m. Senior Posts: 1165 Joined: Oct 2013 Gents - on our EFV8's, should a fully vetted and confirmed buyer wish to provide a non-refundable deposit/earnest money of $1,000 to hold a car, what would be an appropriate amount of time to hold the car pending expiration of the hold period and loss of the non-refundable funds to the seller? Just curious if any of you have any experience in this regard and can share your thoughts. Thanks in advance - Steve ford38v8 11-10-2017 @ 3:47 PM reply profile send p.m. Senior Posts: 2765 Joined: Oct 2009 Steve, I wouldn't jeopardize a possible sale to capitalize on a holding fee. Most guys would want to see the car before making a commitment anyway, so there goes the holding fee if he doesn't like what he sees. IMHO, just get his commitment on when his flight is scheduled, and play it by ear from there. Once he gets there and if he does want the car, demand green money cash, don't fool around with money orders that might backfire on you. If it's you doing the buying, take him with you to your bank and the DMV for the title transfer. Alan kubes40 11-10-2017 @ 4:44 PM reply profile send p.m. Senior Posts: 3407 Joined: Oct 2009 Steve, I've bought and sold numerous antique cars through the years. When a potential buyer has asked me to "hold" the car, I typically require a non-refundable deposit be wired to my bank. The time allowed to complete the transaction has varied. I tend to listen carefully the reason why they need a specific amount of time. Most folks have constraints placed upon themselves - family and career most typically, and as such can't fly across the country at the drop of a dime. I get that. Still, when I sell a vehicle, I want to sell it, IE complete the transfer, and as such, they need to understand that. Nearly all of my transactions have had a seven to ten day limit. I have yet to have an issue with potential buyer and in fact have never had a guy change his mind. Bottom line in my opinion? I suppose it's reasonable that the time could be stretched a bit as the amount of the deposit is increased. NEVER beyond thirty days. Poop, if a guy can't arrange a flight, etc. in that amount of time, why the heck is attempting to buy a car? As far as payment, I accept bank wire transfers. Once it is in my account, it's mine. Period. Have the title signed in front of you. Fill it out completely and honestly as the state requires and make a copy then and there of both sides. Same goes for the receipt. Fill it out completely, both buyer and seller signing and dating it. Most dealers get a copy of the buyer's driver license as well. Vetted and confirmed is good but no guarantee. By the way, a deposit isn't a holding fee IF you have made that clear. Mike "Kube" Kubarth trjford8 11-10-2017 @ 5:18 PM reply profile send p.m. Senior Posts: 4222 Joined: Oct 2009 Whether buying or selling make sure the paper work matches the identification # on the vehicle. If it doesn't match move on if you are the buyer. If you are a seller you should make sure all numbers match. If they don't match you need to get it corrected before attempting to sell. It could cause serious legal problems for the seller if the car sells and cannot be transferred to the new owner due to non matching numbers. voced 11-11-2017 @ 7:36 AM reply profile send p.m. Member Posts: 86 Joined: Oct 2009 I remember selling a guy a car once and he paid for the car, but he never came to pick it up for over a year. And we didn't have his contact information. We were stuck with holding the car. Not sure what else we could do. Now if I sell a car, I always put a mutually agreed upon deadline on the Bill of Sale when it would be picked up and complete the purchase. TomO 11-11-2017 @ 9:26 AM reply profile send p.m. Senior Posts: 7256 Joined: Oct 2009 I would add a storage fee if not picked up within a reasonable amount of time and make sure that you get a certificate of insurance so you do not have to insure the car. Make sure that you have a release of liability signed also. If the car were stolen or damaged while in your possession, you may be liable. Tom supereal 11-11-2017 @ 11:46 AM reply profile send p.m. Senior Posts: 6819 Joined: Oct 2009 Have an attorney draw up simple contract of sale regarding any conditions of the transaction such as any statements, or lack of same, that could arise in the event the buyer becomes dissatisfied, and have the contract signed and acknowledged before a notary. I too, have been involved in the sale of collector cars, and this advice should be carefully considered. The cost of the agreement will be minor compared to facing a dispute or lawsuit.

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