Backing out of a deal?

Well I got pair of seats for my mercedes and it turns out the seat adapter bracket is a very rare part. I had an interested party contact me and agree to buy them for 150$ + shipping but decided to opt for local pickup. Well I gave the guy my phone number and told him if he is in town to give me a call. I never got any call, I hung around the house for a day waiting for the call. The guy wasn't as considerate as I'd have liked but I'll still honor the deal if he shows up in person.

It turns out the part the guy wanted to buy wasn't the part I thought, I'm an ignorant guy! I looked online and it seems the part is worth a bit more than I was asking. To ask 300$ + shipping wouldn't be unheard of. Basically if I was to sit on it I won't lose any money but I could use the money for getting seat brackets for my car and repair.

What would be the appropriate way to tell the first interested party I think I want to sell it at full market value? If the guy had either showed up and bought the brackets or just ate the 50$ shipping he would have had a deal now I am conflicted.

What would GRM do?

He didn't show-up for the first agreed-upon deal; tough crap to him. Tell him your new price and if doesn't like, big deal.

It is unethical to change your price.

However, he didn't show up. Is there a reason you think he will?

Deal died when he broke the agreement by not showing. Put it on the market looking for a new buyer at the new price.

However, if he were to call, personally I'd honor the original price (but I'd put a deadline on it, like "If you pick it up by THIS weekend AND pay cash"). Bird in the hand...

BTW- you used the phrase "full market value".

The definition of market value is the price that a willing buyer and a willing seller can agree on when neither of them is under duress.

It is NOT that you've seen it for sale at such and such price.

I'm not comfortable with the implication in your last paragraph that you have a right to sell it for higher, and that you should expect him to buy it. You should have checked the value before you named the price. But, if you are saying he killed the deal by not showing and therefore you'd like to take your chances looking for a new buyer, I have no problem with it.

My Opinion: That deal is dead, as Karl & Rex say. List it again at whatever price you want. If he calls, tell him "Sorry, you didn't call when you said you would, I waited around all day for you to call. I've relisted the item and the new price is x and if you want it, be here with cash in the morning and if someone beats you to it, tough."

I don't put up with BS like that. If someone makes arrangements and doesn't have the common courtesy to even make a free phone call to tell you they changed their mind/can't make it, they're out.

If you don't have his contact information and he didn't show up as promised, relist it. If the guy calls tell him you gave uup on him and relisted the item.

No illegal, unethical or immoral wrong doing I can see.

Dan

You had a deal, and you say you'll still honor it, so there's no problem there. That's the way it should be.

Since he didn't show up (although it doesn't sound like you had a set meeting time), relist the item for sale at your new price, and if it sells to somebody else, you're golden. If he shows in a reasonable time, honor your deal. That's what I would do.

Doesn't matter if anyone isn't comfortable... He didn't show up, he ripped off your time, the deal is over. If he wants to buy them now you can renegotiate a new deal. He already broke his obligation, so you must restart negotiations. On the other hand if you changed the deal when he showed up, then you would be wrong.

Joey

I would talk to the guy...maybe something happened (probably not, but then you'll know for sure). See if the deal is dead, and if so,tell him you are going to re-list them at the going rate.

Thanks folks, just didn't want to be a big jerk. I always act ethically when doing business online, and some people don't reciprocate.

I used the term "full market value" because these items are quite rare. The seat dealer I talked to wanted 280$ for each seat bracket new, for a piece of square sheet metal. The brackets I'm selling fit a w126(sel or sec) and trust me when I say the big sedan guys have money. Basically the economical hierarchy for mercedes owners is w123<w107<w126.

I am going to email the guy before relisting them as an act of courtesy, it sounds like the guy had a busy schedule visiting the Bay Area from LA. I just figure if I would have gotten a phone call the deal would still be on, but I don't want to dick the dog.

Here is a pic of the bracket I'm talking about for reference.

http://cgi.ebay.de/Anbaukonsole-Montagegestell-Recaro-Sitz-/160500345449?pt=Autoteile_Zubeh%C3%B6r&hash=item255e90ea69

Wow.

Looks like about $10 worth of materials...

benzbaron: you've got mail.

Sounds like you're a decent, conscientious vendor. It appears he has already reneged on the deal, so IMO you're free to do with it what you will.