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My neighbor is selling his home. He and his realtor agreed upon a price with a buyer approximately 5 days ago. Yesterday, they received an offer of 185K over the original offer. At this time, no contracts have been signed.
What should he do?
Quoted from CrazyLevi:He should accept the offer for 185K over and sign it with a smile on his face.
I think we've found the one subject that is cargument-proof!
Oh wait, except for classic cars. NOOOOOOOO!
But Levi, dear lord, he would no longer be a man of his word!
Quoted from fosaisu:It's been a while since I last bought a house, and I'm sure it varies from state to state, but my recollection was that the buyer and seller exchange written, time-limited offers, which become binding once accepted and signed (or e-signed, since everything's electronic these days) by the receiving party. If they're not even at the stage of exchanging written offers and have just verbally been discussing price, there's no "deal" and your friend shouldn't feel the least bit bad about going with another offer. If the first buyer wanted the house, he should have submitted a written offer and got it signed, instead of dicking around for 5 days.
I don’t think there was too much dicking around because it was a holiday weekend. However, there was definitely a verbal agreement between the realtor and the individual who made the first offer. It will be interesting to see if they try to contest the sale or just move on.
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