Quote: john, the car was a little too much for the street and i hated to sell it. at the time i had been diagnosed with a rare blood problem,so a guy made me an offer on the car,i didn't want to sell it but i thought i was really sick,so i agreed to sell it. the guy wired me a deposit and had emails of us talking back and forth. i got new blood tests that said i didn't have what they thought i had, i told the guy that i didn't want to sell the car now,but he threatened me with lawyers and all, so i had to sell it.and that's the real story
I would say thats "sort of" the real story... There was never a threat of lawyers to Pete... it was more of a concern that Pete and I did the deal, the price was agreed, the deposit was sent and at that point, since I felt I had secured the car, I entered into a legal business contract with my buyer for the re-sale of the car.. and he already cashed in investments and wired me money for it. So... to back out after all that was in motion, could have caused serious problems for me, not Pete... He was a 100% stand up guy and honoured the deal we had in place, more to cover my a$$ than anything.... I'm greatfull for that. Had the situation been different, I never would have asked pete to complete a deal he had second thoughts about...
Even after that explanation I don't see how you can sell a car that you don't own?
Sounds to me you really put yourself into a pickle. You are very lucky that Pete went threw with the deal as I believe the lawyers would have been going after you.
Did you ever take possession of the car and put it into your name?
Have you learned anything from that experience or are you still marketing other peoples cars and then buying after you have pre-sold them?
Does this sort of new age flipping have a name?
Man I sure hate when $$$ gets involved in a good hobby...
