I have somone interested in my car, he's had RAC report done, driven etc and is keen. But I'm yet to see a deposit and he's sent me a 'letter of offer' to buy the car, but saying this is subject to finance within 21 days. Does this mean if I accept his offer I can't sell my car to anyone else until the 21 days are up? His letter below:

The reason why i am offering $37,000 instead of your asking price of $38,000 is because both of the rear tyres need to be replaced and i am deducting your share of the RAC inspection report (to follow). I have based the replacement cost of the tyres off a quote from Bob-Jane for a pair of 245/45/r18 bridgestone tyres, for which i was quoted $405 each. The RAC report cost $295, which means your share is 145. That comes to just over 37k.

This offer is made subject to me being able to obatain finance within 21 days of the offer being accepted you.

let me know what you think

money up front or fuck off!

__________________
MY93 Impreza GX 1.8L, 0hp, 0nm

$405 a tyre wtf
agree with jester.. but hey, kinda hard to sell cars lately so if hes positive he can get finance i would take it

__________________
MY02 WRX STi - sold :(
'12 Golf GTI

probably be RE050s.. expensive little shits, problem is thats what Holden uses on the VE range too.

From my understanding, if you accept, then he has 21 days to come up
with the money. If someone else offers you more in that time and you
decide to sell, then his bad luck.

Roughly the same as a house. You can
put in an offer on a house which is accepted, but before you sign/seal it someone
else can offer more and sign/seal before you and walk off with the house.

From what I can tell, by you accepting, he gets a guarantee that if he can
get the money in that time, then the price is fixed (ie, you will not ask for
more when it comes down to a cheque in 18 days). This also allows him
to let the finance company know the price details etc...

You could accept it with the condition that "if someone else offers more
then the sale will be made to them"

__________________
[SIGPIC][/SIGPIC]

My flame suit is on. Give it your best biatch.


[COLOR="Red"]My STI's carbon emissions are offset by killing puppies.[/COLOR]

my understanding is that if you get a higher offer you have to give him the option to come up with the difference before you take the new offer.

OK that makes sense. I'm not sure why he's mentioned 21 days. It surely doesn't take that long to find out whether or not you can get finance?

And yeah the tyres are that much

wouldnt you just say you got an offer of $38,000 so he has to come up with the cash??

and why do you have to pay half of the RAC report????
you know the condition of the car.....

really if you think about it its a paper version of a deposit...

usually you give the seller $500 (or whatever) to hold the car until you get finance.

I myself usually say I will hold the car for you for xx days but you have to give me $200 deposit so I wont sell the car in the mean time. That way he has an interest to go back to you and not just get cold feet and leave you in the lurch. He could push it to the 20th day and say "nah I couldnt get finance... sorry" and then he has bolted. In that time you could have had 3 offers on your car for the original $38k you asked for and the people could have had cash in their pockets!

I wouldnt accept the letter and tell him "you give me a non-refundable deposit and I'll hold the car for you".



For interest... what other tyres have you got on the car already?

__________________

TEAM オレンジ

Dyno queen

Offer + Acceptance of that offer = legally binding contract.

Do not accept the offer unless you want to be bound by that contract.

Like fobz said, I'd recommend for you to add your own condition so that you are not stuck if someone else offers you more or the same, in cash then and there.