I'm the seller in this case. I gave a price, and the person agrees to take it. Turned out that the price is waay too low. Can I back out of the deal now?
Uh oh.. What should I do??
- Thread starter lupin
- Start date
If you haven't taken the money yet, I'd say yes. As the seller, you're not required to make a sale just because somebody matches the price you originally asked.
What I would do is e-mail the person & explain the situation. Say you were unaware of the item's real value, & that you'd like to give them the first shot at the new price. Otherwise you're going to re-sell it to someone else. If they take it, great. If not, neither one of you has lost anything.
Viper GTS
What I would do is e-mail the person & explain the situation. Say you were unaware of the item's real value, & that you'd like to give them the first shot at the new price. Otherwise you're going to re-sell it to someone else. If they take it, great. If not, neither one of you has lost anything.
Viper GTS
Actually, I'd say you have a valid contract. Granted, it's probably not something that'll end up with you in court. But if you make an offer to sell at a price and someone accepts, you can't say "Oops, my price was wrong."
Besides, you should have checked prices BEFORE you offered to sell. You didn't do your homework. Take the responsibility for it and learn from your mistake.
That's my philosophy. If people can't take you at your word, what can they take you at?
Besides, you should have checked prices BEFORE you offered to sell. You didn't do your homework. Take the responsibility for it and learn from your mistake.
That's my philosophy. If people can't take you at your word, what can they take you at?
fdiskboy...
I don't really see it as any different from a typo. Granted, he should have been more careful, but still... If no funds have been transferred, there's no harm done.
Viper GTS
I don't really see it as any different from a typo. Granted, he should have been more careful, but still... If no funds have been transferred, there's no harm done.
Viper GTS
Viper,
I see where you're coming from. I think it's more important to follow through on your word--he's already agreed to sell it, it's not the buyers fault he didn't do his research.
Just another case of living in the age of "The Abdication of Personal Responsibility."
I see where you're coming from. I think it's more important to follow through on your word--he's already agreed to sell it, it's not the buyers fault he didn't do his research.
Just another case of living in the age of "The Abdication of Personal Responsibility."
Wihle I'm all for personal responsibility, there should be a limit for errors like this. If it's a cheap item, say <$100, I'd probably stick to the original price just out of principle. But if we're talking about an expensive item, it's not worth the loss. Besides, only an asshole would push for a price that he knew was too low. From a store, maybe. But from an individual?
Viper GTS
Viper GTS
I agree with fdiskboy
<< I don't really see it as any different from a typo >>
Viper its much different from a typo. As a seller you have a reponisbility to do some HW on how much you item is worth. You cant post a particular price and then back out because it was too low. If you do that your penalizing the seller for your irresponsibility. Being that this is an online medium, your word is the only thing that people have to go on. So make sure its reliable.
He could probably do what you suggested viper, but if the buyer doenst agree, he has a obligation as a seller to sell for the price agreed.
Of course, there is a point where its better to just lose a little face as a seller than lose a large amount of money. Its yours cal to draw that line.
lupin just suck it up as an learning experience. Ive ben in your position before as well as paying TOO much for something. ah, ignorance is bliss.
just my .02
imhotepmp
edit:speeling erroes
<< I don't really see it as any different from a typo >>
Viper its much different from a typo. As a seller you have a reponisbility to do some HW on how much you item is worth. You cant post a particular price and then back out because it was too low. If you do that your penalizing the seller for your irresponsibility. Being that this is an online medium, your word is the only thing that people have to go on. So make sure its reliable.
He could probably do what you suggested viper, but if the buyer doenst agree, he has a obligation as a seller to sell for the price agreed.
Of course, there is a point where its better to just lose a little face as a seller than lose a large amount of money. Its yours cal to draw that line.
lupin just suck it up as an learning experience. Ive ben in your position before as well as paying TOO much for something. ah, ignorance is bliss.
just my .02
imhotepmp
edit:speeling erroes
- Oct 28, 1999
- 62,484
- 8,345
- 126
I agree, it is much different than a typo. A typo would be messing up a decimal point or leaving off a couple zeros in lue of a data entry error.
This was bad research, an error in price reguardless of how it was represented.
Lupin, talk the guy/gal and see if they realize how much you boofed the price. Tell them that it was the first time selling this item and you were wrong in pricing it at what you did.
As long as no papers have been signed, and no $$ has exchanged hands, it would be your word versus his and would end up going to court. Unless the pricing error was in excess of several thousand dollars, or if it was an incredibly rare item, I doubt the person would take you to court over it.
Best thing to do is talk to them. Not over email. Get their phone number and talk to them over the phone if thisn't was a local sale.
This was bad research, an error in price reguardless of how it was represented.
Lupin, talk the guy/gal and see if they realize how much you boofed the price. Tell them that it was the first time selling this item and you were wrong in pricing it at what you did.
As long as no papers have been signed, and no $$ has exchanged hands, it would be your word versus his and would end up going to court. Unless the pricing error was in excess of several thousand dollars, or if it was an incredibly rare item, I doubt the person would take you to court over it.
Best thing to do is talk to them. Not over email. Get their phone number and talk to them over the phone if thisn't was a local sale.
Thanks for all the responses. I personally don't feel good about backing out from a deal, but the price is roughly $500 too low.. That's not an easy thing to let go for a college student like me.
I'll see what I can do about this...
I'll see what I can do about this...
$500 is a pretty serious error, you should have researched it better.
Be honest with them, tell them you thought it was worth $500 less than it really is. If they're halfway decent they'll back out of the deal themself. If not, without a written contract or exchange of finances... You're free to back out. I would offer them something of a consolation prize, though. Maybe a gift certificate at a decent restaurant or something.
Viper GTS
Be honest with them, tell them you thought it was worth $500 less than it really is. If they're halfway decent they'll back out of the deal themself. If not, without a written contract or exchange of finances... You're free to back out. I would offer them something of a consolation prize, though. Maybe a gift certificate at a decent restaurant or something.
Viper GTS
kranky
Elite Member
- Oct 9, 1999
- 21,019
- 156
- 106
If I was the buyer, I would not be too happy. My first thought was that you're just trying to squeeze more money out of me since I agreed to take the deal.
Maybe one way to have a happy ending would be to tell the buyer you screwed up, the price should have been $500 more than you asked, and you'd be willing to give him $25 as a "cancellation fee" to cancel the deal. Or, you'd be willing to go through with the deal for $400 more. That way, the buyer still gets a great bargain, you only have to eat $100 loss for the mistake, and the buyer doesn't feel you are trying to squeeze him, since you willingly offered him $25 for the inconvenience.
Maybe one way to have a happy ending would be to tell the buyer you screwed up, the price should have been $500 more than you asked, and you'd be willing to give him $25 as a "cancellation fee" to cancel the deal. Or, you'd be willing to go through with the deal for $400 more. That way, the buyer still gets a great bargain, you only have to eat $100 loss for the mistake, and the buyer doesn't feel you are trying to squeeze him, since you willingly offered him $25 for the inconvenience.
Think you should probably eat the loss. This situation happens in the For Sale/Trade forum and if a person backed out of the situation as you stated they would be rounding up a posse
apoppin
Lifer
The idea of the "cancellation fee" is a good one.
Since you didn't give us enough details of the transaction it is hard to give any other suggestions.
Since you didn't give us enough details of the transaction it is hard to give any other suggestions.
kranky does have an excellent idea. A cancellation fee might appease him somewhat. He may still be upset, but at least he would not feel like your just trying to take advantage of the situation. Good luck!
lupin -- fdiskboy is right. You have entered into a legally binding contract with the buyer. That same contract can be legally altered by the mutual agreement of the parties. It is up to you to try to explain the situation and work out whatever you can with him/her.
An offer of some sort of reward (cancellation fee) would be a show of your good faith, but the bottom line is that we all make mistakes. Sometimes we just have to live with the results. The value of your word is on the line.
Good luck.
An offer of some sort of reward (cancellation fee) would be a show of your good faith, but the bottom line is that we all make mistakes. Sometimes we just have to live with the results. The value of your word is on the line.
Good luck.
I've decided to stick with my words. Sell it for $700 and be done with it.
Besides, I think $500 too low might be pushing it. $250 too low seems more like it. (Yeah.. yeah.. I know what you guys are thinking now: Did this guy did ANY research at all?? )
Thanks for the responses.
Besides, I think $500 too low might be pushing it. $250 too low seems more like it. (Yeah.. yeah.. I know what you guys are thinking now: Did this guy did ANY research at all??
)Thanks for the responses.
Probably a good decision. I know for me, though, if someone approached me with that I'd back out of the deal with no problems.
Good luck.
Viper GTS
Good luck.
Viper GTS
If the buyer had as much honesty as lupin has shown he/she would let you gracefully back out of the deal. Good job lupin!
lupin -- WTG!!! I hope the buyer gives you some serious strokes on Heatware. You've earned them!
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 21K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter