I have an interesting dilemma and would appreciate some advice.

I'm selling my car. I thought it had salvage title. I had a potential buyer come buy, take it for a ride, and agree to put down a $100 cash deposit and pick the car up on March 11 and pay me the other $900 of the purchase price then. I was going to sign the title over to him on March 11.

Well, I found out that the car doesn't have salvage title. I think that this realistically boosts the worth of the car from $1,000 to $1,500.

What do I do? Is it fair to go back and ask the buyer to pay more after he put down a deposit?

I'm not sure how relevant it is (if at all), but I think that if the car had gotten in a wreck and been totaled before March 11 that the deal would not have been completed. I'm not trying to lead anyone to any conclusions with that statement...it may or may not be relevant.

You and he made a deal in good faith, the ethical thing is to stick to it, and not to tell him that it's worth a bit more until it's all settled; then if he offers more to graciously decline,

Anyone else?

Thank you for posting your ethical dilemma. I hope more members come forward with their suggestions, but in the meantime you might find this information from elsewhere on the site helpful:-

http://www.ethics.org.au/content/ethica ... ion-making

Not a lawyer but I think you have made a binding verbal contract with the buyer and can be legally held to it. It may be that it is neither legal nor ethical to attempt to break the agreement.

actuary,

If you made a deal to buy a car for $1000, and put down a deposit of $100 would it be ethical for the seller to raise the price after the fact?

An important lesson is if you are selling something be sure you know its value before accepting an offer and taking a down payment.

Did the issue of Salvage Title come up during negotiations? If so, and if this was a factor in agreeing on price, you would be justified in requesting a re-negotiation.

If it wasn't discussed, you'd be hard pressed to justify an upward price adjustment. But nothing to stop you trying if you want to. Like they say, a verbal agreement isn't worth the paper it's written on.