Should You Accept Payments When Selling Your Horse?

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When you advertise your horse for sale, you may find that some buyers contact you and ask if you are willing to take payments. This is more common when you’re asking a high price for your horse, but it also happens sometimes even when a horse’s asking price is low. Whether or not to accept payments on your horse for sale is up to you, but here are some things to think about.

Accepting Payments Can Get Your Horse Sold

It can be tempting to accept payments, especially if you have an interested buyer who can only complete the sale if you’re willing to take payments. In some cases, accepting payments can mean a sale. This may be particularly meaningful if you’re been trying to sell your horse for a long time, or if the buyer can provide an ideal home for your horse.

Accepting Payments Can Prolong a Sale

When you agree to accept payments on your horse, you are, essentially, extending the amount of time that the sale requires. This can work in your favour when it allows a sale to take place, but if you have other buyers interested in your horse, taking payments means that it will take longer before you complete the sale.

In some cases, a buyer may make a payment and then you may never hear from them again. This situation means that you may have to start all over again by advertising your horse. It can be frustrating, especially if you’re under pressure to sell your horse quickly.

Precautions When Accepting Payments

If you decide to accept payments on your horse, you will want to take some precautions. First, get everything in writing. Draw up a contract which specifies the payment amounts, when each payment is to be made, and the consequences for missing a payment or for being late on a payment. You will also want to include language which specifies what happens if a payment isn’t made on time, or if the buyer stops paying entirely. The horse returns to your possession; what will you do about the payments that have been made? Make sure that both you and the seller sign this contract.

Next, get a large down payment on the horse. The larger the down payment, the less of a chance that the buyer will walk away from the purchase.

You will also want to specify that the horse is to stay in your possession until all of the payments are completed. There are countless horror stories about owners letting their horses go with buyers while accepting payments. Often, those payments stop coming and the original owner loses money – and possession of their horse.

Don’t forget to also outline what happens if the horse is injured while still in your care. Who is responsible for the horse’s upkeep costs while payments are being made?

Ultimately, the decision of whether to accept payments on your horse is up to you. It’s worth thinking about before you advertise your horse for sale so that you can be prepared with an answer if someone asks to make payments.

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