Deposits on parts

oldkimmer said

What does the FABO crowd think on this subject? This year I have stated that any deposit I take on parts is non refundable. I also put a time limit on when the part has to be paid for. I don’t mind taking a couple of payments on big ticket items. How long do u guys/gals think a guy/gal should hold a part for with the non refundable deposit? What about if/when a guy/gal misses a payment? Do/should they forfeit the money and part then? Thanks. Kim. Thanks. Kim

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It depends on the item.
I think you either agree on a time frame and allot a reasonable grace period and then if it doesnt pan out... just give the money back.
You will look better in the end for it . At most maybe less 10% for reserving it and turning down offers in the meantime. At what $$ do you implement that fee is up to you.
I don't mind waiting.. mostly cause I dont sell because I have to. I sell because I want to.
I think the people who have dreams beyond their means is more what needs addressed...and honesty. **** does happen.People do hit rough spots.
Be upfront, if you NEED it gone...tell the buyer that. Overall...be reasonable.
Patience is a virtue.