Opposite of lowball offer: offering deposit on gear in the Emporium. Ever done it?

Discussion in 'The Pub' started by ERGExplorer, May 1, 2016.

  1. ERGExplorer

    ERGExplorer Member

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    Sometimes I notice a great piece of kit for a great price in the classifieds. If I don't have the cash on hand, I sometimes offer the seller a non-refundable deposit, with the balance to be paid by a specific date.

    Sometimes the seller agrees, sometimes the seller prefers to keep it listed but invites me to see if it's still available when I get the cash. At no time have I gotten complaints about my having been unreasonable.

    I would never send a deposit, or even payment, through anything but an escrow service like PayPal. The deposit has the full terms spelled out: Remaining balance of $xxx due by this date, with deposit forfeit after that. Shipping information is spelled out as well, including the obligation to provide a valid tracking number.

    That's the whole point of using an escrow service: With the terms spelled out, the seller can't run off with the deposit, and the buyer either pays it off or pays for the time the item was off the market. The buyer even has recourse in the case of "my dog ate my copy of the shipping tracking number."

    There have been various topics wherein people talk about attempting to bargain people down, and how they want the seller to negotiate. Some TGP members even feel there is an obligation on the part of a seller to engage in negotiation for a lower price. For me, if something is being offered at a more than fair price, I'd rather have the actual item *and* for the seller and me to both feel that we had a good transaction.

    I think the core difference between my getting nice replies back and those who complain about sellers not responding to their offers is that I'm offering a deposit, and making it clear that I'm either going to follow through or lose that deposit. That likely separates me from the tire kickers.

    Anyone else ever go the multiple payment route?
     
    Last edited: May 1, 2016
  2. slowerhand

    slowerhand Member

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    No offense meant -- I was a penniless PhD student myself once and only started to make real money when I was 32 -- but If I couldn't buy the stuff outright I'd rather build up a bit of a nest egg first. There's always unexpected things that can happen and the peace of mind of cash in the bank is worth more to me than any piece of gear. Unless it's something you absolutely need of course.
     
  3. Campfired

    Campfired Member

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    Yep. Once saw a PRS Sig on eBay and contacted the seller as to its authenticity...the seller pulled the auction and said if I sent a deposit via Wells Fargo, he would send the guitar for my perusal, and if I liked the guitar, I could send remaining payment via Wells Fargo. That was the last time I said goodbye to $400, never received the guitar or heard from the seller again. So I'd say, no, gullibility and "too good to be true" is a hazard.
     
  4. vibrasonic

    vibrasonic Member

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    There was a guy here that used to except payments. Had some really nice gear too. Haven't seen him post stuff for sale lately though.
     
  5. stratovarius

    stratovarius Supporting Member

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    I usually regret going along with those deals. Payments drag on forever or the original price gets lost in the shuffle.
     
  6. 84superchamp

    84superchamp Silver Supporting Member

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    to the OP: what's to keep him (seller) from accepting (excepting?) your money and then selling it to the first buyer with the full amount (and keeping your deposit)?
     
  7. ERGExplorer

    ERGExplorer Member

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    @slowerhand - I generally manage to only buy things which are within my budget. Sometimes, though, things pop up which are at a substantial savings. I know it will take me a certain amount of time to get the full amount, so I find it to be worthwhile to make the offer.

    @Campfired - I would never send a deposit, or even payment, through anything but an escrow service like PayPal, with the terms spelled out. That protects me in the case of non-compliance on the seller. That service is what those PayPal fees fund, even though a lot of TGP members complain about them. I'm sorry to hear you lost money by not doing so.

    @stratovarius - Since I always put an end date on the transaction, after which the deposit is forfeit, payments don't drag on. The balance due is also spelled out, as part of the PayPal payment.

    ----

    As I mentioned, I've noticed topics where TGP members feel there is an obligation on the part of a seller to engage in negotiation for a lower price.

    Me? If I decide I want or need the gear, then I'd rather make sure that happens. I'll do so in a way that protects both me (meaning escrow with the terms spelled out, so the seller can't run off with the deposit) and the seller (meaning it's spelled out that either I pay it off or pay for the time the item was off the market). I've always found that it works out better when you make it easy for someone to say "Yes!"

    If I see some guy selling off his studio, with a great price on, say, an Eventide rack unit, I'd rather lock in a sale, and often the seller would as well. The price is more than fair, the seller knows that either I'm going to pay off or he got paid for the period he waited before actually selling, and I got something special.

    Anyway, I just thought I'd toss out a possibility which can lead to a win/win when someone is serious about making a purchase.
     
  8. ERGExplorer

    ERGExplorer Member

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    Using an escrow service like PayPal, with the terms spelled out, prevents those problems.
     
  9. Noise Under The Floor

    Noise Under The Floor Supporting Member

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    I did it once for a buyer who wanted a pricier pedal I had. He offered to put up 50% that Monday when I listed the pedal and pay the rest that Friday when he got paid. I agreed, and he paid that Friday as promised. That's the one and only time I've been asked or done that. I doubt I'd do it on a higher dollar item though.
     
  10. Stratonator

    Stratonator Member

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    If there's one thing I learned over the years is that almost every piece of gear will eventually be found again somewhere.

    It's not worth putting your short or long-term financial future at risk just to own a new toy.

    I know of what I speak as I eventually was down almost 20K in debt by the time I was 30. Cleared it but it was a long long road. Learned a lot of patience, wisdom, and restraint in the process. My 2 cents.
     
  11. fareye

    fareye Member

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    I've never offered a deposit but I just did the opposite of a lowball offer. I offered the seller more money than they were asking if we could do the transaction via regular paypal vs. paypal gift. He accepted and my pedal is on it's way. I'm just not comfortable using paypal gift with someone I have no history or interactions with.
     
  12. vltjd

    vltjd Supporting Member

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    Never had anyone offer a deposit, but have had people ask me if I could hold an item for them. Explained it was first one to pay, gets it.

    Have also had people ask me to contact them if a deal in progress falls through. Hasn't happened yet.
     
  13. HoboMan

    HoboMan Silver Supporting Member

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    Someone once asked me if I would hold a guitar for a week that I had listed in the emporium.

    I told him I would if he would send me a $40 non-refundable deposit via PayPal.

    He sent me the deposit and I never heard from him again, even after repeated attempts by me to contact him.
     
  14. RustyAxe

    RustyAxe Member

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    I won't do that ... I'm not K-Mart and don't do layaway. Cash on the barrel head, thank you!
     
    Turi likes this.
  15. ERGExplorer

    ERGExplorer Member

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    Just out of curiosity, was that all one big purchase, or a way of life, which led to that debt?

    It's funny... I don't do this very often, and haven't in quite a while, but I just thought it was interesting to see some of the reasoning regarding being entitled to a seller negotiating, and was curious if I was the only one who had gone the path of being willing to pay in full, albeit with two payments.

    And it's fine that a seller might not do that, as in the case of RustyAxe. I'm not entitled to the seller agreeing, as I noted.
     
  16. Stratonator

    Stratonator Member

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    A way of life. It was easy to justify it by saying stuff like "I'll put the next paycheck into paying it back/off" but fooling yourself into thinking that was your sole debt when the rent and bills also had to be paid.

    Had a single amp and ended with a bunch plus a few guitars, all while living in an apartment on a paycheck-to-paycheck basis. I was young and didn't completely understand how to manage money. Credit cards and loans make it seem as if it's easy to stay afloat while borrowing more and more. They break it down in monthly payments which spits out a relatively small number and you think "Yeah, I can cover that." They're selling a lifestyle, if you will.

    Meanwhile, I was going on message boards like FDP and seeing all kinds of people with great gear that I've envy. The fact that these people had all this gear made it feel as if I deserved it or that I should own it as well. What I'd forget to remind myself of is that these guys were 3x my age, had worked their whole lives, had managed their finances properly which led to much more money, and had jobs that paid up to 4x more than what I was making.

    Being naive and entitled, I fell for the bait and would go on spending rampages. The fun of playing with new gear would mask the mounting debt and I eventually found myself in a very bad situation. It wasn't until I met and started to see the girl who eventually became my wife that I was made aware of just how dire my situation had become. She is quite savvy with money and knows all the tricks and ins & outs of how banks and credit card companies screw you over. And how I was screwing myself over.

    After many long talks, it was apparent that I had dug myself into a gigantic hole. Sold all the gear I had and kept a single amp and some cheap guitars, rolled up my sleeves, and dedicated every free cent to my debt while abstaining from spending for anything other than food and basic necessities. No more take-out every day which is another way I'd bleed money. Took a very long time to get rid of it all but now that I had, it taught me a few hard life lessons that have to be experienced to be learned.

    Like what? Well, never comparing yourself to anybody else. There will always be somebody else with more money or a more impressive collection of gear, houses, cars, what have you. You have nothing to gain by pitting your situation with anybody's. Be happy with what you have and if you can afford more/better gear, great. If not, don't stress over it and dive heavily into what you have. The grass isn't always greener.
     
  17. FFTT

    FFTT Member

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    Yes I have and it worked out great.

    I put a STRONG deposit on an amp with receipt from seller with appropriate I.D. info etc.,
    but needed to wait for next pay period to cover the rest.
    Since he kept the amp till I covered the balance, it worked out fine.
     
  18. FenderBigot

    FenderBigot Supporting Member

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    I did it twice, both deals worked out. I am not so sure I would do it again though.
     
  19. vintagelove

    vintagelove Member

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    I've held items for a deposit before, worked out fine. However, you have to be the type of person who isn't afraid to tell the person, "no you can't have your deposit back, you missed the deadline" (usually $50-$100 on a few $K item).
     

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