That sucks, I would always make deposits non refundable. Karma says to give it back.

The standard is the deposit is their’s to forfeit.
But who knows nowadays.

No.

I mean, with prices the way they are it'd probably sell for $200 more nowadays, so if it did then refund?

Just a thought. But if I paid a deposit, I wouldn't expect it back if I didn't get the game.

Chris

A deposit is a promise that your going to pay and if you fail to pay, the deposit is forfeited.

Nope - the $200 is yours as you lost out on 2 months’ worth of opportunities.

Deposits are non refundable unless stated otherwise.

No. That $200 was an agreement for you not to sell it to anyone else. He then can get the game for the full price, less deposit, when he was ready, or he can forfeit the deposit. You have lost opportunity costs as well and that's what deposits normally offset.

Deposits are to hold and take off market, I'd re-list and once sold return deposit if it sells for same or more. If you have a loss, no return or difference between deposit and loss. You are then made whole by the first agreement.

No.

He put a deposit down to hold it, and he cancelled the deal. So, the deposit is forfeit.

Otherwise, you could've listed it and sold it to someone else during that time. So you've lost out on other potential sales/deals waiting for him.

This x1000000

Keep your $200 and get back to work (more work for you now) and sell it again. Hopefully this is a cheap life lesson for him.

As one who often tosses a hold deposit out there I would absolutely expect to forfeit the cash if I ended up reneging on the deal.

That said thanks to everyone for working with me in the above manner. Some even in this thread!

He loses the deposit that is the point of having it. You held the game in good faith it is a totally different situation for example you didn’t get your nib game and want it refunded because manufacturer delays. Keep the 200

Nope. This is exactly what deposits are for!

$200 to hold for a month. I would of refunded this and relisted it after the month expired. The fact that you pushed past this date and let the deal sit for 7 months is the problem. I dont know what I would do. Sounds like the guy is down on his luck to even ask for it back. I would probably just refund it to him just so I could sleep at night and not worry about $200 a guy thinks I stole from him.

If you only held it for a few days or a week I'd say what the heck and give him back the 200, but not for several months let alone one month.

I 100% agree that for the vast majority of us a deposit is not something you would expect back. BUT, different times now. If it wasn't stated clearly that if he didnt buy it within xx days the deposit is forfeited, i could see the guy getting sideways about it. Unfortunately, there's so much expectation now that we have to go out of our way to protect morons from themselves.

With that said.. he is NOT entitled to his deposit. Its a matter of how long do you want to argue over it with him, because the temper tantrum will happen.

Keep the money. One time I put down a $100 deposit on a machine and decided after I saw it that the condition was much worse than it appeared in the photos. Even though I felt that was deceptive on the seller's part, I STILL didn't ask for my deposit back because that's not how deposits work.

As you can see from the wide range of replies, there is no "standard" here.

Your concerns should be both ethical and legal. Your jurisdiction may have laws that govern verbal contract law, define what a deposit is, and whether the default is refundable or not. Before you decide to keep the deposit, it behooves you to do the necessary research to understand what the law is in your jurisdiction, so that you can make sure you don't violate the law.

On the ethical point, it seems to me that the correct approach when taking a deposit is to make 100% sure both parties are clear and in agreement about the nature of the deposit. Lots of situations involve refundable deposits, and lots involve non-refundable deposits. It's very easy to have a misunderstanding, and a written agreement ensures both parties know going into the deal what they are getting and what their obligations are.

It's obvious you failed to take that step before accepting the deposit. As the owner of the machine, and the person who is holding onto the cash, you also have the upper hand in the deal, which IMHO gives you an ethical obligation to give the other person the benefit of the doubt. You've said yourself you were in no hurry to sell the machine, and it's doubtful that you incurred any real financial loss by the delay in having to relist the machine, so it's not like the $200 is compensating you for anything real.

In this situation, if I were you, I would return the deposit. And next time, make sure you don't engage in ambiguous verbal contracts. It is trivial to put in writing what you're agreeing to. Just do it.

These are different times. It's literally "Bizzaro-World" out there to be honest with you. He does NOT deserve the deposit back and even asking for it shows you what type of person you are dealing with.

In this day and age, I would probably give it back to him, plus interest, and pray he doesn't file a case in small claims court for all of his financial woes.

If you didn't make it clear that the deposit was non refundable, I would give it back. If you were put out in some way then you could explain that to buyer and keep the money. Things change and life happens so nice when people cut you some slack.

If you put a deposit down and back out of the deal you lose the deposit. If the machine is not as described, that is another matter.

The buyer reneged on his end, he doesnt get the money back.

I would've questioned him after the agreed upon date passed. Let your conscience be your guide.

Your claim holds no water. Refundable deposits are placed and returned all the time. You cannot a priori claim "you lose the deposit". It's clear what your opinion is, but it's no more or less valid than any other person's opinion, including those that conflict with your own.

Lol.

A deposit is widely known to be "non refundable" in a sale unless otherwise stated.

Refundable deposits are typically only utilized in rentals.

The "buyer" is out of luck in my book.

wtf

Ethically and morally of course you are entitled to keep the deposit.

The question is do you really want to deal with it? Lots of crazy people these days just waiting for a reason to fuck with strangers endlessly, and whatever hassles they could potentially unleash probably aren’t worth $200. I’m sure you can judge the situation for yourself.

Me, I’d probably just suck it up and give them back the $200. Or maybe try for some middle ground nonsense like saying I’ll pay them back once I sell the machine to another buyer; and hope they just go away.

Should have agreed to the specifics up front, but generally speaking what good is the deposit if it is refundable?

Keep the money and send it to me. Win-win-win

You win because you won't feel guilty about having his money.
He wins a cheap life lesson that he shouldn't be so darn flaky.
I win $200 for my invaluable consulting services.

Generally, no. However, if you are able to sell the pin for more than his purchase price, then as a nice gesture (under no obligation to do so) you might consider offer to refund maybe half of it as a compromise.

My policy is to never take a deposit. Either I agree to hold it on trust or I don't.

Return the money. Sure, there are a thousand ways to justify keeping it but the truth is it's his money and shit happens. Give the man his money back. You won't regret it.

Did you read my response? The world is literally turning upside down on this type of stuff. You have people already showing up here saying "you didn't specify the deposit was non-refundable so give it back".

If you feel bad about keeping the deposit, split it. $100 refunded and you keep the other 100 for your troubles. Tell him you are doing him a favor giving half back and its more than fair.

I agree with this. If you feel like you want to give him his deposit back tell him he needs to wait untill the game sells. You were kind enough to hold the game for 7 months, he should show the same patience. If he gives you an attitude tell him to piss off.

Like your approach. This is a teachable moment. I had one guy tell me he was getting a cash advance to buy one of my machines. Thanks I told him but I’m not going to sell you the machine if you have to do that you shouldn’t buy a pinball machine at this moment in time. I held it for him for a month when he was able to get the funds together he bought it with cash. When your new in hobby hell even now the FOMO is so strong people do stupid things to get another unnecessary toy. However a deal is a deal and deposit is not refundable unless the game is not as described.

If I held a game for that long I would not give him a refund.

The best advice in this thread is for you to check the laws in your jurisdiction.

I say give him his money back, and give him the game. Then a week later send a care package from Marcos to his house in his name worth at least $500

His wife will never believe you gave him the game and go batshit crazy. then when the marcos stuff arrives he'll be living in the shed!

That will teach him to renege on a deal!

My mind is 70% give it back and 30% keep it. While neither choice is technically wrong, one is clearly better. I certainly wouldn’t want any ill will over it, although it is pretty scuzzy to ask for the deposit back.

$200 not worth all the time and headaches to me. Best advice is to not get into these situations where deal is unclear and buyer expects to make payments at his convenience.

Anytime I have taken a deposit I write Non Refundable Deposit on the receipts.I also write Total price and Balance due on pickup.

At one time a mans word was good enough, now even a deposit is negotiable.

A deplorable state we live in.

I just sold several pins and in every case the buyers WORD was good enough for me and every single pinsider I dealt with kept it.

I never take deposits, for this reason. It can lead to problems. Is the guy a nutjob who will come to your house wanting his deposit back? Flatten your tires? Vandalize your house?

Way too many flakes, so I'll hold an item for a day only. When you're ready to come by, call me and I'll hold it for you when you're on your way.

As far as this deposit goes, if you're not hurting for money, appreciate what you have and give the guy his money back. I do agree deposits are not refundable, but the headache is not worth 200 bucks. Take it as a learning lesson and be the better person.

If it is not paid outright then the deal is not worth bothering with most likely. These are items priced more than a used car at times. At best hold the deposit until it sells but then you are committed like a dog with an ex. Guess determine if you like the dog or not......

I would expect it forfeited but that is me. I also would have clarified it through some text to be sure. Those saying they can go after it, I would argue that if they want it back then the time and resources to do so may not be on their side and small claims is not an overnight deal. It drags on for some time.

Nah. For $200, it’s a quick decision one way or the other. I shouldn’t have to research local laws because someone flaked on me. Not worth my time.

I always gave deposit money back, it's not worth the ill feelings it will create towards each other and when he's ready to buy again he will be looking you back up. Just give it back and move on, no harm done.

John

I totally agree that $200 isn’t worth the drama. Especially since the buyer knows where the seller lives (assuming, since he saw the game twice). I’d just refund it, but seems like the OP wants to keep it. If that’s the case, he should check the law before doing so.

What if the law in your area states no deposit is non-refundable unless expressly written on a receipt? If you try to keep it then you’re breaking the law. If OP wants to keep the deposit, he should check the laws in his area first. Gotta protect yourself