So I had listed a very expensive saddle for sale on Ebay. The reserve wasn't met, but afterwards one of the bidders offered to buy it privately. I agreed...however about 3/4 days later he said he didn't have the money yet, but would have it in a week's time.
That same day, another bidder contacted me as well, also wanting the saddle, but willing to pay a higher price.
I originally told buyer #1 I would hold the saddle for him, and had until X date to pay. I told buyer #2 that the saddle was already spoken for, however I would be in touch if it didn't go through.
I contacted bidder #1 on the day payment was due, asking if they could confirm they wanted the saddle. They said yes, and they would pay that night. Next day rolls around, no payment. I contact again, they say they will do it later that night.
In the meantime, bidder #2 is eager to buy (and pay ASAP) for the saddle. The lower price I offered bidder #1 was based up the exchange rate at the time. Since payment was delayed, forget the lower price, I've now lost close to $200 on the saddle.
If I sell to buyer #2, I will have enough money to pay my horse's vet bill.
If I continue to delay payment in order to allow bidder #1 more time to pay, I am losing money day by day.
Originally I wanted to honor what I said to him (bidder #1) but now I'm desperate to sell the saddle for the vet bills.
I am leaning towards telling bidder #1 the deal is off, but I don't know what to tell him. He seems like a really nice guy and was so thankful I agreed to give him a week to pay in the first place.
This is a busness deal, tell him that. Sell to bidder number two. I appreciate your holding the saddle for number one but enough is enough, you've given him enough time and he keeps delaying it. He can buy another saddle once he gets the funds.
I want a signature but I have nothing original to say except: "STHU and RIDE!!!
Wonderful COTHER's I've met: belleellis, stefffic, snkstacres and janedoe726.
NO pay, no deal. End of discussion. You have already given him time - and the money you are losing! If you want to sell the saddle, it's your choice. It's not being sold through ebay, so even if #1 gets pissy, what can they do, whine and cry?
ALSO - it's not being sold through ebay, so you have no recourse if his payment is phony. Be sure to have the money in your account before you ship!
Nothing worse than some jerk who thinks the whole world needs to take care of their issues for them.
If reserve was not met I am assuming you are selling it off ebay, in that case as bidder #1 has not paid, you have no reason to hold it for them. I wouldn't even flinch, sell to bidder #2. Get your money, bidder #1 is dragging you through the mud and will most likely not pay. EVER.
Maria Hayes-Frosty Oak Stables
Home to All Eyez On Me, 1998 16.2 Cleveland Bay Sporthorse Stallion
& FrostyOak Hampton 2008 Pure Cleveland Bay Colt www.frostyoaks.com
My philosophy on selling anything: The item remains on the market until money changes hands. Period. I won't hold anything on a promise. A substantial deposit and narrowly worded contract to buy, yes. But not on a promise.
You have given Buyer #1 ample opportunity. If the deadline that he set for getting you the money has passed, I'd just inform him that since he missed his own self-imposed deadline, the deal is no longer valid and the saddle is back on the market. You can even offer him second right of refusal if the deal with Buyer #2 falls through.
Then offer the saddle to Buyer #2, with a fairly narrow timeframe for getting you the funds, or at least a substantial non-refundable deposit.
Agreed, put on back on E Bay with a buy it now based on the price #2 agreed to and let them fight it out.
After all, you do not really know either of them and #2 may not come up with the money any more then #1 will. Putting faith in somebody you don't really know-or somebody you do know-when money is involved is naive and likely you will get hurt.
Get a deposit and a contract or put it back on there for cash up front.
When opportunity knocks it's wearing overalls and looks like work.
Thanks for the advice everyone. I just really needed it sold.
I offered the saddle to buyer #2, saying if she really wanted it she was welcome to pay for it (today!) and I would ship it to her.
Not but an hour later, she submitted the money for the saddle plus shipping. I contacted buyer #1 and told him I was very sorry but the saddle was no longer for sale. He completely understood and thanked me for holding it for a week in the first place.
I cleaned the saddle, wrapped it up, and shipped it out to buyer #2 this evening. She should receive it on Friday.
If only everything in the horse world could be so easy. Thanks again guys!