Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Selling my house part 2
Old 01-03-2006, 05:00 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Selling my house part 2

As I mentioned in another thread I started, I am selling my house without a broker. Since this is 1st home that I bought and now am selling, I am new on the proper rules that one should follow. I started speaking to a few neighbors about my intention.
A neighbor brought over a buyer that met the price I was asking. He gave me a large deposit check which I haven't cashed yet. There was no written agreement. I was happy with the deal at that time. The following morning, a 2nd buyer knocked on my door and was interested in my house too. He voluntaired to up the price by $30k. I contacted the 1st buyer and he matched the increase. I then contacted the 2nd buyer he again up the price by $30k but said he would not go any further.

Who should get the sale, the 2nd buyer who was willing to increase the price or the 1st buyer who only matched the price?
__________________

__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Selling my house part 2
Old 01-03-2006, 05:11 PM   #2
Thinks s/he gets paid by the post
Jay_Gatsby's Avatar
 
Join Date: Oct 2004
Posts: 1,719
Re: Selling my house part 2

This is a legal question more than anything else, particularly if the "losing" buyer decides to sue you. I would be extremely careful in how you tell the "losing" buyer, whomever that turns out to be.
__________________

__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
Jay_Gatsby is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 05:13 PM   #3
Recycles dryer sheets
 
Join Date: May 2005
Location: In the fog of San Francisco
Posts: 241
Re: Selling my house part 2

I've not sold a house, but if I am selling something and I tell someone they've got a deal, then they've got a deal even if someone comes along with more money later.

If you told the first party "I'll take this deposit, but you are the first person to look and if someone comes along with more money by this date, I'm not going to be held to selling it to you at this price" that's one thing. *If you told them "I'm taking your deposit and you've bought the house for XXX amount" it seems like that person just bought your house, subject to them coming up with the rest of the money in the agreed upon time frame.

cheers,
Michael
__________________
Michael Moore is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 05:33 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Re: Selling my house part 2

MJ, get a real estate lawyer ASAP and have that person sort this out.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 05:52 PM   #5
Recycles dryer sheets
 
Join Date: May 2004
Posts: 495
Send a message via AIM to yelnad Send a message via Yahoo to yelnad
Re: Selling my house part 2

The Statute of Frauds (which I think is federal) dictates that real estate transactions can only occur in written form...says my Realtor husband. Even a verbal acceptance is just a prelude to a written contract. You can google for more information, but I would check with a real estate attorney to be sure.
__________________
Yelnad --"What you're paying for is an education, not a room at the Sheraton,and sometimes that education is uncomfortable."- Jim Terhune, Dean of Student Affairs, Colgate University
yelnad is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 05:57 PM   #6
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Re: Selling my house part 2

In my life once someone shakes my hand and we have a deal I expect both parties to live up to the agreement.

I would hate to take a 30K loss but a deal is a deal and a hand shake is an oath, to me at least.

Now if the first buyer is willing to take the higher price the house should be his.
__________________
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 06:27 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Dec 2003
Posts: 1,375
Re: Selling my house part 2

Quote:
Originally Posted by MJ
As I mentioned in another thread I started, I am selling my house without a broker. Since this is 1st home that I bought and now am selling, I am new on the proper rules that one should follow. I started speaking to a few neighbors about my intention.
A neighbor brought over a buyer that met the price I was asking. He gave me a large deposit check which I haven't cashed yet. There was no written agreement. I was happy with the deal at that time. The following morning, a 2nd buyer knocked on my door and was interested in my house too. He voluntaired to up the price by $30k. I* contacted the 1st buyer and he matched the increase. I then contacted the 2nd buyer he again up the price by $30k but said he would not go any further.

Who should get the sale, the 2nd buyer who was willing to increase the price or the 1st buyer who only matched the price?
The first buyer made a big mistake! He assumed you were a man of integrity, and didn't insist on a written contract after you both agreed on the price of the property.

The first buyer, regardless how this plays out, will get the biggest education!
__________________
Jarhead* is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 06:34 PM   #8
 
Posts: n/a
Re: Selling my house part 2

Quote:
Originally Posted by MJ
As I mentioned in another thread I started, I am selling my house without a broker. Since this is 1st home that I bought and now am selling, I am new on the proper rules that one should follow. I started speaking to a few neighbors about my intention.
A neighbor brought over a buyer that met the price I was asking. He gave me a large deposit check which I haven't cashed yet. There was no written agreement. I was happy with the deal at that time. The following morning, a 2nd buyer knocked on my door and was interested in my house too. He voluntaired to up the price by $30k. I contacted the 1st buyer and he matched the increase. I then contacted the 2nd buyer he again up the price by $30k but said he would not go any further.

Who should get the sale, the 2nd buyer who was willing to increase the price or the 1st buyer who only matched the price?

The first buyer should get the house at the original price! - You had a verbal agreement and he wrote a check. I would not be able to look myself in the mirror if I charged him $30K more than the original agreement.

You made a deal man - You stick to it, even if it hurts you $30K. - You'll sleep better at night!
__________________
  Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 06:49 PM   #9
Recycles dryer sheets
 
Join Date: May 2004
Posts: 495
Send a message via AIM to yelnad Send a message via Yahoo to yelnad
Re: Selling my house part 2

Although I stated the law (or what I think it is), I would go with the original offer from the first guy. Did you do your homework before you set your "asking price"? Sometimes not using a Realtor doesn't really save you any money.
__________________
Yelnad --"What you're paying for is an education, not a room at the Sheraton,and sometimes that education is uncomfortable."- Jim Terhune, Dean of Student Affairs, Colgate University
yelnad is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 06:52 PM   #10
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,534
Re: Selling my house part 2

Quote:
Originally Posted by MJ
Who should get the sale, the 2nd buyer who was willing to increase the price or the 1st buyer who only matched the price?
The buyer that met the price you were asking, period. *Doesn't mean a thing that you didn't cash the check. *Do the right thing for God's sake. *
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 07:06 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 2,083
Re: Selling my house part 2

Ouch!
__________________
I look to the present moment because that's where I live my life.
MJ is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 07:13 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Selling my house part 2

Quote:
Originally Posted by Cut-Throat

The first buyer should get the house at the original price!* - You had a verbal agreement and he wrote a check. I would not be able to look myself in the mirror if I charged him $30K more than the original agreement.

You made a deal man - You stick to it, even if it hurts you $30K. - You'll sleep better at night!
Even though all real estate agreements MUST be in writing to be
enforced, I agree with C-T 100% on this. There was a time when
the most valuable thing a man possessed was his honor.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 07:18 PM   #13
Recycles dryer sheets
 
Join Date: Jan 2005
Posts: 118
Re: Selling my house part 2

An agreement to sell real property is usually invalid if not in writing. I'm not offering legal advice, but the Statute of Frauds was created to protect naiive sellers from their ill-considered mistakes. Consult a real estate attorney if you turn away that first seller.
__________________
rapoole is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 07:29 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Selling my house part 2

Quote:
Originally Posted by davew894
The baby boomers have made honor a quaint little notion of a bygone era.* Honor has been replaced with a myriad of rules, regulations, statutes, laws, fines, penalties, etc.* Follow the rules.* That's why they are there.* If there's no written contract, there is no agreement.* This isn't 1940, when honor was important because there were fewer laws and regulations and a man's word was sacred.* Business in this country is now a free for all, within the confines of said rules and regulations, of course.
I'll have to admit Dave makes a good argument. I'll stick with my first
position though. Call me old-fashioned.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 07:30 PM   #15
Recycles dryer sheets
 
Join Date: May 2004
Posts: 495
Send a message via AIM to yelnad Send a message via Yahoo to yelnad
Re: Selling my house part 2

MJ - how far away are you moving?
__________________
Yelnad --"What you're paying for is an education, not a room at the Sheraton,and sometimes that education is uncomfortable."- Jim Terhune, Dean of Student Affairs, Colgate University
yelnad is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 07:45 PM   #16
 
Posts: n/a
Re: Selling my house part 2

Quote:
Originally Posted by davew894
The baby boomers have made honor a quaint little notion of a bygone era. Honor has been replaced with a myriad of rules, regulations, statutes, laws, fines, penalties, etc. Follow the rules. That's why they are there. If there's no written contract, there is no agreement. This isn't 1940, when honor was important because there were fewer laws and regulations and a man's word was sacred. Business in this country is now a free for all, within the confines of said rules and regulations, of course.
Spoken like a man that has never kept his word!

- When you are at the end of your life friend, honor is all you'll have!
__________________
  Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 08:04 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Selling my house part 2

Quote:
Originally Posted by davew894
The baby boomers made it so they don't have to worry about such trivial issues (and can feel good at the end of their lives).* Personally, I think the system sucks (if you haven't been able to tell by my previous posts) and I would have loved to have lived in the time where honor and a man's word meant something.* I didn't make these rules, I was born into them.* One can't be held to a higher standard and expect to compete... that's simply a fools game.* *
Hey C-T, in spite of my fondness for the "good old days", this guy
is makin' some sense. Could be because he's an accountant I
suppose (the old "Accountant to Accountant Respect" Rule) ?
Anyway, I'm staying the course (keep your word) even though I see
his point.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 08:07 PM   #18
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,120
Re: Selling my house part 2

Quote:
Originally Posted by Cut-Throat
- When you are at the end of your life friend, honor is all you'll have!
C-T, your statement reminded me of a recent news article. Here's a real man of honor...

Daughters killed to save ‘honor’
Alleged adultery by family member enraged Pakistani

MULTAN, Pakistan — Nazir Ahmed appeared calm and unrepentant as he recounted how he slit the throats of his three young daughters and their 25-year old stepsister to salvage his family’s “honor.”

...“We are poor people, and we have nothing else to protect but our honor,” he said.

http://www.kansascity.com/mld/kansas...d/13504438.htm

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 08:10 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,439
Re: Selling my house part 2

Quote:
Originally Posted by MRGALT2U
Hey C-T, in spite of my fondness for the "good old days", this guy
is makin' some sense.* Could be because he's an accountant I
suppose (the old "Accountant to Accountant Respect" Rule) ?
Anyway, I'm staying the course (keep your word) even though I see
his point.

JG
Well I'm a bean counter too but I don't buy it. You accept a check, the deal is done. Yeah, there are loop holes in life but that doesn't make it right.

__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Re: Selling my house part 2
Old 01-03-2006, 08:14 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Selling my house part 2

Quote:
Originally Posted by REWahoo!
C-T, your statement reminded me of a recent news article.* Here's a real man of honor...

Daughters killed to save ‘honor’
Alleged adultery by family member enraged Pakistani

MULTAN, Pakistan — Nazir Ahmed appeared calm and unrepentant as he recounted how he slit the throats of his three young daughters and their 25-year old stepsister to salvage his family’s “honor.”

...“We are poor people, and we have nothing else to protect but our honor,” he said.

http://www.kansascity.com/mld/kansas...d/13504438.htm

This is getting too rough for me.

Elvis has left the building.................
__________________

__________________
MRGALT2U is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Own a house versus renting; expenses obryanjf FIRE and Money 42 09-23-2006 05:01 PM
Emotionally Attached to my house Bimmerbill Young Dreamers 31 08-23-2006 09:24 AM
House selling question Mwsinron FIRE and Money 2 07-29-2006 03:24 PM
What to do? Lake House or earlier FIRE ? panhead Young Dreamers 29 06-13-2006 11:05 PM
Buy House Now w/Low Down or Save Bigger Down? BigMoneyJim Young Dreamers 11 07-14-2004 05:23 PM

 

 
All times are GMT -6. The time now is 09:12 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.