Where is the car and can you go see it or ask someone here to stop in and see if the car really does exist. Does it run or is it a rust bucket. You got a lot of COUSINS here that could take a look at it and feel the guy out. I flew to Ohio to look at my SC before I bought it and it was well worth the $235 I spent.

There was a post a couple of months ago about someone who made the same type of deposit on a completely mis-represented car who was fighting for a refund. It was in Georgia or Florida or somewhere in that area. Do a search and read the story.

I agree. If your going to spend that kind of money on a car you should not be afraid to spend a few bucks to fly out and see it.

Thank you guys very much. Your advice means a lot to me. I will respond at length, later tonight.

Btw, is a carfax something I should do just as an extra source of background on the car?

Kurt

Yes, keep looking and tell him no thank you...

Yes. Autocheck as well.

What year is the SC ? Carfax only goes back to 1981 when a 17 digit VIN started

In Texas I have seen cars with close to 50% body damage repaired and nothing recorded 2 years later in Carfax because reporting damage lowers the value of the car. The seller sure does not want it reported.

Hi Guys,

Still ironing out the details, but making forward progress thus far. I did a carfax and found an odometer discrepancy back in '90-91. Car had 28,300 miles in '90, then 12,000 in'91. Says it may be a clerical error. I'm disappointed that the report doesnt show mileage for each title change like it usually does. Should I be concerned about the odo issue? Should I alert the ppi mechanic? Thanks again,

Kurt

A competent guy should note whether or not the car looks like it has the miles on the odo. I'm not sure I would worry much about 9000 miles more or less - but I would use the fact to get a price concession.

will do. Thx again, Eric!

I deal with Cali Real Estate every day. Please note, I am not giving you legal advice.

As long as terms are clear and not vague you should not have a problem unless seller lied or withheld something material that would have effected your decision to buy.

That said, a good faith deposit with a purchase agreement will show your seriousness to purchase and with this consideration, seller can not legally sell it to another party from under you due to the deposit but the final purchase & even price must be conditional to you approving the PPI. One of the basic terms should state If PPI is not approved, deposit must be refunded immediately by seller upon demand by buyer or by a specific time. BE CLEAR OF ALL TERMS, repeat if needed, it is annoying but it will be crystal clear as to the intent.

So: PRICE ( Initial Price then Final Price after PPI ), CONDITIONS( if ) & TERMS ( time line, with and ending, can not be open ended ).

This will avoid any misunderstandings unless seller intends to defraud.

Jim

wait a min, I missed the part the selling is taking the car off the market. I was expecting the buy come anytime he wants. Selling is still selling if there is a buyer. If I ask/expect the seller to stop selling and deal with me, I would have to spend some money/deposit.

That is what a purchase agreement/contract and consideration aka deposit does, takes it off the market, it protects both buyer and seller.

Buyer from other Buyers swooping in to pay a $1+ more.

Seller from buyer if Buyer even after approving the PPI changes his mind then Seller is compensated by keeping the deposit.

Rnln, can you imagine when you bought your home and after you approved all inspections and paid for fees then right before you move in you are notified that the Seller sold to someone else for more money? That would be unfair, right?

Now you are the Seller and at the last minute before close buyer changes his mind and does not bring in the balance of the money to close, Should you not be compensated for losing other potential buyers for taking it off market?

Write up a purchase agreement with contingencies, $1K in an escrow account. Refundable if the seller fails to complete steps or the ride fails the PPI.

I found my car in a different city, drove down and gave the guy $500 to "hold" it. Then the next day, I got it checked out at a auto shop, and then I bought it. Seemed only fair as they guy was getting other offers, but I was the first one to get some deposit (read: "I'm serious") cash in his hand. If I didn't like the car after checking it out, I would expect not to get my deposit back, as I just wasted the guys time and messed up other potential sales.

Thank you very much, Jim! There are conditional clauses now, after getting specific with the seller. Thx again..

Thank u, too, Joe and Doug!


Booked the flight for tomorrow to see the car. If it fits seller's description and passes ppi I will be a new SC owner. Thanks again, everyone. I would be lost without u guys! Regards,

Kurt

And just think - I was here to see it actually happen! :)

Plecostomus,

Good for you!
Post pictures while you are there.



Others;

Has anyone read my previous post and link?
http://forums.pelicanparts.com/porsche-911-technical-forum/666427-deposit-question-advice-please-2.html#post6632667 post
http://forums.pelicanparts.com/porsche-911-technical-forum/148416-buying-process.html

Sure, many ‘handshake’ deals work well. Porsche owners and perspective buyers are generally ‘good, honest’ people.
We all know there are ‘bad apples’ and ‘scam artists’ in society.
It is a shame that good, honest owners and perspective buyers have the need to protect themselves.

One way two parties can avoid disagreements is with a contract.
A contract allows both parties to agree and understand what the ‘deal’ is.
A good contract has everyone go away happy.

Even when a buyer pays for a PPI, travels for inspection, doesn’t like the car or condition and walks from the deal, he has 'gotten his money’s worth’.
His cost was for the right to take the car off the market for a specified period and inspect it.
The seller doesn’t want to collect forfeited deposits, he wants to get the car sold and paid for.

Seldom is a car for sale another’s’ ‘ideal’. If one wants a ‘perfect’ 911, buy a new one.


There is discussion about the amount of a deposit.
The amount of the deposit should reflect two things:
The price of the car, different deposit for an $8K 911 or a $80K 997GT3.
The price compared to the ‘market’, above market probably doesn’t require a deposit.
There are situations where the price is so low (compared to market) that “first cash buys”. Buyer beware.


Read the link.
Make up your own contract.
Email it to the seller.
Agree on whatever revisions you both can agree to.
Both sign with your driver’s licenses copied next to your signatures. (I would redact my dob.)
Fax each other copies.
Complete the ‘deal’.
Everyone goes away having understood and agreed to the ‘deal’.

If you don’t want to do this, hire an attorney.


Another ‘BIG DEAL’ part of buying a Porsche are all the scams.
People are ‘selling’ cars they don’t own or even possess (clipped pictures from someone else).
It seems they are just ‘trolling’ for deposits.

I have no ideas of what scams are out there. :eek:
This is where spending the money to personally go look, inspect the car and inspect the title paperwork are critical.
Knowing how (and where) to inspect the VIN is important.
I would even confirm the title with the DMV.
Having documented ‘chain-of-ownership’ from new commands a premium price.

The closest I came to getting scammed was a ‘kid’ (~28) selling me his 911.
He had a clear Colorado title in his name (same as his Colorado Driver’s License).
Fortunately I had my secretary go by DMV to get a new title as she was going to my bank for a Cashier’s Check.
It turned out that he had claimed “lost title” and there was a huge lien recorded on the replacement title.
The title document he signed over to me was invalid.
It got even more complicated when we discovered he had filed for bankruptcy and not declared the 911.

Best,
Grady

“I am not an attorney. I do not give legal advice. This is not legal advice. You should consult an attorney.”

As usual, Grady gives the best advice (not legal). That is why I love this forum.