How to Handle This When Selling?

[jw3571]

How do you guys handle when a buyer needs a few weeks to come up with additional funds to purchase one of your guitars. Do you tell him tough luck and wait for him to come up with the money and if the guitar is still there he can buy it? Do you hold it for him and have him make a down payment? I haven't had a ton of interest in one of the guitars i'm selling. Obviously I'd rather do it a more conventional way. Have others done this and how did it work out?

[RustyAxe]

"Call (write/text/email) me when you've got the money. I might still have the instrument (or whatever)." Not a chance in hell I would hold it or turn away another buyer with cash in hand.

[Ted @ LA Guitar Sales]

Originally Posted by jw3571

How do you guys handle when a buyer needs a few weeks to come up with additional funds to purchase one of your guitars. Do you tell him tough luck and wait for him to come up with the money and if the guitar is still there he can buy it? Do you hold it for him and have him make a down payment? I haven't had a ton of interest in one of the guitars i'm selling. Obviously I'd rather do it a more conventional way. Have others done this and how did it work out?

Really up to you, if you can wait a few weeks, or don't think you can sell it faster anyway, than have the guy give you a 10% non refundable deposit.

[Ramesses]

Buyers are flakes generally. Maybe if you liked the person you could offer to hold it for a deposit or something.

[PTC Bernie]

It may sound mean, but the first one to come up with the cash gets it. I certainly wouldn't pass on a buyer with cash in hand for one who "may" have the cash in a couple of weeks.

If you get a solid offer you can give him the chance to grab it if he's scraped up the money, but don't pass on a sure thing.

Just my opinion.

Originally Posted by jw3571

How do you guys handle when a buyer needs a few weeks to come up with additional funds to purchase one of your guitars. Do you tell him tough luck and wait for him to come up with the money and if the guitar is still there he can buy it? Do you hold it for him and have him make a down payment? I haven't had a ton of interest in one of the guitars i'm selling. Obviously I'd rather do it a more conventional way. Have others done this and how did it work out?

You're not a bank. If the seller isn't ready then that's on him/her. I always have a policy of first come first get as long as they have money in hand. I never take down payments or wait. I've heard of others doing it and it's a sure sign that the deal isn't likely to get completed anyway. I'd say you've got a 50% chance that the person will string you along forever and never come up with the full amount. Don't get caught up in the stress of this kind of situation.

[Bridgepin]

Originally Posted by Ted @ LA Guitar Sales

Really up to you, if you can wait a few weeks, or don't think you can sell it faster anyway, than have the guy give you a 10% non refundable deposit.

This is it in a nut shell

I definitely wouldn't promise to hold it for them or accept a down-payment. That's just asking for trouble, imo. First-come, first-served I say.

[kydave]

Originally Posted by RustyAxe

"Call (write/text/email) me when you've got the money. I might still have the instrument (or whatever)." Not a chance in hell I would hold it or turn away another buyer with cash in hand.

This, absent circumstances where I knew, trusted and liked the buyer and wasn't in a hurry.

[roylor4]

Originally Posted by GraceGuitars

I definitely wouldn't promise to hold it for them or accept a down-payment. That's just asking for trouble, imo. First-come, first-served I say.

Yeah, I agree. Most folks are reasonable but there are those that would get mad if they couldn't come up with the other 90% and lost their deposit. It's not reasonable but all people aren't reasonable either.

Not worth any grief (IMHO) over getting 10% and possibly making an enemy. Did just exactly the same thing once - a lot more trouble than it was worth.

[Bluside]

I did this once for a guy and it did not work out. He gave me a deposit through Paypal and I held it for him for one week. Of course, he never came up with the rest of the money and then badgered the crap out of me to refund his deposit. It was well worth it to me to give his money back and be done with him.

It would depend on the guitar, the individual. and some thorough communications between us. I would definitely not hold it for more than a week. If it was a guitar that would sell fast, I would not hold it.

[MrMartyr]

A bird in the hand is better than two in the bush.

Cash on the barrelhead. Anything else is a headache waiting to happen.

[rmyAddison]

Originally Posted by jw3571

How do you guys handle when a buyer needs a few weeks to come up with additional funds to purchase one of your guitars. Do you tell him tough luck and wait for him to come up with the money and if the guitar is still there he can buy it? Do you hold it for him and have him make a down payment? I haven't had a ton of interest in one of the guitars i'm selling. Obviously I'd rather do it a more conventional way. Have others done this and how did it work out?

I've bought/sold a lot of Martins, never had a bad experience if the deal was done, but...............

the deals that didn't happen were always when the buyer needed time to get the funds or some other reason. They lead to an apology down the road, hope I didn't cost you a sale while you were waiting, the wife said no....whatever.
Even had deals with deposits fall through once or twice (I returned the deposits).

Buyers please take note, if you don't have the funds to buy a guitar, then you aren't really ready to buy a guitar, and you should wait until you are ready before contacting sellers. There aren't that many "you just can't miss this" deals, very few guitars are so truly unique that you shouldn't just wait to buy the same model later when you have the funds.

To answer the OP's question, I don't buy unless I have the funds, and I no longer will hold a guitar even with a deposit, to me that buyer is stretching their finances and those are the deals that often fall through.

Don't offer to buy a guitar unless you have the funds available, otherwise wait........

[SFCRetired]

Originally Posted by PTC Bernie

It may sound mean, but the first one to come up with the cash gets it. I certainly wouldn't pass on a buyer with cash in hand for one who "may" have the cash in a couple of weeks.

If you get a solid offer you can give him the chance to grab it if he's scraped up the money, but don't pass on a sure thing.

Just my opinion.

This really is the only way to handle it. I've seen people hold things for people who they never heard from again. waste of time.

People need to understand, you don't go shopping for things when your pocket is empty.