Boat Buying Blues

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Cate

I am in the process of buying a used O'Day and put a deposit on one in upstate NY. I planned to pick it up this weekend, but then saw another O'Day for sale closer to home. I liked it very much and put another deposit down. When I called the first seller to tell him I had decided on another boat, he said he would not return my deposit. The boat was off the market for five days. Is this right?
 
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bill R

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Mar 28, 2005
12
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I believe he has every right to keep your deposit

What is the reason for a deposit it not to ensure you will follow through on your commitment to buy. Five days is a short time, but he could have missed making a sale in that time. That said, a real stand-up guy would return your money. Just my thoughts on the subject. bill
 
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DaveM10278

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Jun 14, 2004
26
- - Stamford, CT
Sorry but probably yes

It depends on the contract you signed. If there was an inspection clause in it, you might be able to take the matter to court and get your money back. By the sounds of it yes he could keep your money since you where the defaulting party. Sorry Dave
 
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Cate

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Apr 21, 2005
36
Oday 20 Point Pleasant, NJ
Happy Ending

Well I just got call from the seller and he was able to sell his boat today and is sending me back my deposit. Win-win. Next time I will get everything in writing whether I am the seller OR buyer.
 
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