Would you refund the deposit?

[Brownmare]

I am selling a horse for someone and had some people view a few days ago, fell for the horse and left a deposit (20%) saying they would get back to me as soon as they could arrange to collect.

I then had a text at the weekend saying they had changed their mind and want their deposit back. It is obviously the owners decision whether they want to refund but I think they will probably be guided by me. Unfortunately i don't know what to do to be fair to both parties. If there was a proper reason like a failed vetting then I would refund the deposit without question but they just changed their minds...

 

[BobbyMondeo]

No i wouldnt refund it....if they had left a deposit on a house then changed there minds it wouldnt be refunded.

 

[GLW]

Nope. Deposit is indication of serious intention to buy and holds the horse (you might have turned away other buyers!) and is only to be refunded if it was subject to vetting and horse failed the vetting.

 

[tinap]

Nope I wouldn't either, for the reasons above!

 

[Daytona]

Nope unless it failed vetting I would not refund it. That's what it was left for to hold the horse, not your problem they changed mind for all they no you might of turn another buyer down later that day as you thought horse sold.

 

[AmyMay]

Nope, the deposit was to secure the horse - which they did. Not the owners fault that they've changed their mind.

 

[alainax]

Nope no refund. And you are perfectly withing your rights not to. That's the whole point of a deposit - it annoys me when people think they deposits should be refundable no matter what - whats the blooming point in leaving one then!

As for your rights, its who ever forfeits their side of the bargain who loses out. If your friend decided against selling the horse, then she would have to return it - as its her who broke the deal.

 

[niagaraduval]

No, Don't refund it ! They changed their minds.

 

[Patterdale]

No. It's their fault they changed their minds, so don't be intimidated.

 

[mandwhy]

Yes I'd give it back, I wouldn't keep someone's money and I wouldn't want them to end up having the horse anyway knowing they didn't really want it. A deposit is not always non-refundable and I think it should be clearly specified if it is!

 

[Brownmare]

OK wow, that is pretty conclusive! I was wondering whether a partial refund would keep everyone happy? - or am I just being soft

 

[AmyMay]

OK wow, that is pretty conclusive! I was wondering whether a partial refund would keep everyone happy? - or am I just being soft

On what basis did they put a deposit down??

 

[Annagain]

As a result of them changing their minds you could have lost out on other sales (tell them you've turned people away), will have incurred costs in keeping the horse for longer (extra livery / feed etc) and will have to pay for re-advertising, so you're perfectly within your rights.

 

[Brownmare]

On what basis did they put a deposit down??

To secure the horse for themselves and prevent me selling to anyone else. I did give them a receipt but didn't specify whether it was refundable or not. TBH they were so excited and happy I never dreamt this would happen

 

[AmyMay]

To secure the horse for themselves and prevent me selling to anyone else.

In that case, I'm absolutely sure of my 'no'.

 

[ihatework]

You are not obliged to refund the deposit, and on the only time I took a deposit and the buyer backed out I didn't refund (and they didn't ask).
However 20% is quite a big deposit, so although not obliged, maybe consider refunding half as a goodwill gesture.

 

[Aarrghimpossiblepony]

I left a deposit on a pony once and a couple of days later, financially, our world fell apart.

It never occurred to me that my deposit wan't forfeit and I still felt guilty about letting the sellers down.

As people have said, it's to cover costs if you let the sellers down.

 

[MerrySherryRider]

Incredible ! I think they don't understand what deposits are for. Very politely say no. End of story.

 

[Polos Mum]

If you want to be ultra generous then give some back but I think you're perfectly entitled to keep it and spend it on extra advertising etc. as you thought the horse was sold and not it is not. For no good reason, if it happens again make sure you write on the receipt that it's refundable only in the event of failed vetting (or failed something else if there is a specific trial that they want done - maybe sucessful hack in traffic etc.)

 

[millitiger]

I wouldn't refund at all but maybe I'm hardhearted!

If you wanted to be generous, you could refund minus new advertising costs and cost of livery/keep for horse for the time he was 'reserved' and off the market.

 

[Tnavas]

Deposits are rarely ever refundable - they are given to secure the purchase so that no-one else will buy it.

It is a contract to buy - if they change their mind it's their loss.

Don't be soft and don't give any back, you may have lost a buyer that would have paid up there and then, you may now have the additional costs of re advertising the horse.

They will think more next time and not impulse buy.

 

[JillA]

I don't think you are compelled to, and it depends on the value of the horse. If 10% would be enough to cover costs incurred because they changed their mind, head them off at the pass and compromise on half and half. If it isn't enough, tell them the deposit was non refundable, you could easily have turned away another buyer on the basis of it and don't return it.

 

[marmalade76]

You are not obliged to refund the deposit, and on the only time I took a deposit and the buyer backed out I didn't refund (and they didn't ask).
However 20% is quite a big deposit, so although not obliged, maybe consider refunding half as a goodwill gesture.

This, but I would probably give the full amount back (unless I had to readvertise in which case I would just keep enough to cover that) as I just don't feel it's right to keep it. However, I might feel differently if they happened to be really arkward so and sos who had messed me about no end!

 

[AmyMay]

OP, is the horse on livery with you?

 

[Spit That Out]

No, a deposit is to secure that horse from you selling to others, removing from the market and holding until you recieve payment in full and they collect. If they change their minds then that's tuff and they shouldn't have left you money to secure.

You could have sold that horse to someone else in the meantime, and you might have missed out on sales, cost of your time and advertising costs.

 

[FairyLights]

I lost a deposit on a horse . It was 35% I placed the deposit on a foal at a stud which breeds to sell; but due to unforseen circumstances had to pull out of the deal. Buyer refused to refund my deposit. I was ok about this as it wasnt her fault that I pulled out.Some months later we went back to her to buy the then 10 month old but she refused to knock my original deposit money off the asking price. I think this was rather mean.
We bought elsewhere.

 

[OldNag]

To secure the horse for themselves and prevent me selling to anyone else. I did give them a receipt but didn't specify whether it was refundable or not. TBH they were so excited and happy I never dreamt this would happen

Then I wouldn't refund. It's what a deposit is for, surely?

 

[HBM1]

As others have said, you could have turned away other offers because they left the deposit, which to me says "I want the horse, so this is my security so you don't show him/her to other people". You/owner, will now possibly have to keep longer and readvertise, so yes I would keep the deposit. Completely different if the horse failed a vetting.

Edited to add, I once kept one of mine for two weeks after the lady said she definitely wanted him, but her vet was away for two weeks...she then pulled out the morning of the vetting (before it took place)...I have to say I really wish I had taken a deposit against this sort of "buyer" and it most definitely would not have been refunded..lesson learned though!

 

[hnmisty]

Nope unless it failed vetting I would not refund it.

I put a deposit down on a horse who later failed the vetting...two months later and I'm still trying to get my money back

That's to share some of my frustration.

to the OP: if you aren't sure, you don't put a deposit down. Therefore I wouldn't refund. If they'd just broken their leg or something, then it's fair to assume they won't want/need a horse right then, and it's fair to ask for it back. But because they've changed their mind? Nope.

 

[CBAnglo]

No i wouldnt refund it....if they had left a deposit on a house then changed there minds it wouldnt be refunded.

Not true; you can claim back the deposit and the seller has the right to damages.

If the deposit was consideration for taking the horse off the market etc then no refund. If it was a deposit against the purchase price (with no further consideration) then strictly speaking, the buyer could try to sue under the contract saying that you are only entitled to damages. For a £20k horse I imagine this would be the buyer's preferred route but on a £2k horse they would probably be happy to come to an arrangement i.e. deposit repaid if you manage to sell the horse for the same or more less any costs of keeping the horse until sale.