Deposit to hold RV until it passes inspection

[bpaikman]

I have 3 questions. Say we find a motorhome that could work for us, but it’s in another state - 2 days drive.
and we want to ask the owner to take a deposit to hold it until we have it inspected.
1. How much deposit is reasonable? (Yes, we plan to hire an independent NRVIA inspector.)
2. How can we be sure we’d get the deposit back if the inspector turns up some bad stuff? Surely we don’t have to invent this document -there must be some agreement dcoument online that we could use. i’m visualizing something very simple like; I________agree to hold this unit ______until _____ for a deposit of $_____, applicable toward the purchase price of $_______.
I wouldn’t be spending several hundred for the inspection if I were not serious, but I suppose it‘s possible that the inspector could turn up more than one item of extreme concern. I don’t know how to specify how bad it would have to be before I back out. I’m hoping the deposit would be sufficient for them to wait, The unit has been on the market for a while.
3. I can’t remember the third question ….you know …the thing ?

It seems I recall this has been discussed before, But I’d appreciate your comments.

 

[redbaron]

First of all--who is going to hold the funds? If you are going to hold the funds, you want the amount to be much smaller, and non-refundable.

Offer to send them $500-1500 to prove you are serious and to hold it. If they are using a 3rd party for the paper work ( like a reputable dealership, a bank, etc.) that you trust, then a larger deposit is warranted. I don't see a reason to exceed $10k for a deposit.

When I sell my RV's, I ask the buyer to send me an email or text with their offer. Once the offer is in writing, then I respond in the same manner. Verbal discussions are ok, but getting the agreed upon terms in writing is very important for both parties.

I just purchased a new Travel trailer from a dealer. To hold the deal on a $44k trailer, they wanted a deposit that they would take on the credit card. I tried to get them to take $15k on the card..the most they would accept is $5k. Yes, I was being sneaky trying to get more points for my travel budget. Normally they ask for $500-1000 on the trailer.

For the new motorhome I purchased, with a price tag of $500k+, they wanted a $15k deposit, and gladly accepted my credit card for that.

 

[bpaikman]

We’re relaxed about this - we decided not to offer anything at the moment. Let the other two “interested parties” duke it out. If they don’t come through, we’ll fly there and make an offer.
I’m hesitating because 1. we have a hurricane possibly maybe heading our way. 2. Family business will delay us until Monday. 3. I hate being a buyer in a greedy seller’s market! I can’t blame people for wanting a good price, but I won’t be tangled up in someone’s greed, a reneg, or a bidding contest.
Something else will turn up if this doesn’t work out. There’s a LOT of rvs out there.

 

[bpaikman]

We slept on it, and found several others we’d prefer. It’s cheaper, but in long run, too risky.

 

[latech]

Good for you. Mama said fools rush in....LOL