Re: Having something sold from underneath you?

Posted by docmirror on March 31, 2019 at 19:32:00 from (107.213.165.255):

In Reply to: Having something sold from underneath you? posted by jocco on March 28, 2019 at 09:10:27:

Whelp. I have to admit, I've been on both sides of this, on both cars and RE.

My worst missed deal. Saw an ad for a 1937 Cord Beverly. It was only 40 miles away, and I drove straight over and checked it out. Was asking $24,000(driver condition). We squared up at 22,500 and I gave him $500 cash deposit, and he gave me a written receipt for the deposit. It was after banking hours, so I said I would be back at 10am next day with cash and a trailer.

You know, I got there next day at 9:52am, the car is gone, and the guy won't answer the door. All he does is shout through the closed door that the car is sold. But - hey, where's my deposit? The chicken-spit actually stuffed it under the window sill one bill at a time. I had a mind the night before to block the driveway with my truck and have my wife get the money. Oh well.

Next deal. Was a Porsche 928GT for sale a few counties over. The guy is asking $16,000. I learned my lesson. I stopped at the bank, drew out the money, hooked up the trailer and off I went. Guy said he's had a lot of offers, and people wanting to look. I get there, see the car, check the title, offer $15k, and load it up. As I get in the truck, a guy shows up in a rental car, he's just flown down from Denver to buy it haul back. He was -- hot.

RE deal. We were shopping for another rental. Happened to drive by a FSBO. The owner was in the drive, obviously showing the house to a guy and gal. We went and looked at an open house, and on the way back, just for grins we drove by the FSBO again. The buyers were gone, so I called the number on the sign, and asked if we could come look. He said yea, sure come on in.

I did a pretty thorough check of the house, and we talked about a deal, closed it at $154k. I left my wife there, and drove 6 blocks to a RE agent and asked for a blank TX state contract. Went back and sat at the counter and wrote out the deal. We left him a personal check for $1500, and said we would meet at the title office next morning(bring the check). He called that night, and the couple that were there earlier came by and wanted to make an offer. I told him he can take all the backup offers he wants, but unless I don't perform(pay title fees, do inspections, pay for balance) he was obligated to sell to me. If it fell through, then he could sell to them. Sorry, but that's the deal we wrote up.

But wait, there's more! We saw a listing for a drug seizure house in Simi Valley CA and the date of the auction by the county. The way they ran it was sealed bid, with a 10% check in the sealed envelope. I made my offer, put it in the envelope, and was going to put the check in but the clerk wouldn't give me a receipt for the envelope with the check. No way am I handing the county a check without an receipt! So I kept the check in my pocket. They opened the envelopes, and we won! But wait - there's no money! I ran down the aisle, and give it to one of the county commissioners and said "Now, I want a receipt for my deposit". He wrote it out by hand. We had a great time refurbing that house.

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