Honor deal or accept higher offer?

[SueDonJ]

That is not the way it works in a real estate transaction. The first person to return a signed purchase agreement with the agreed earnest money gets the property. Anyone who has dilly-dallied and lost their dream home, learns this the hard way.

We don't know that the buyer dilly-dallied although the OP does say that the buyer insisted on hammering out some details in email prior to the contract being drawn up. That's fairly standard I should think, but here eventually it did result in the seller writing a contract and sending it to the buyer, which implies to me that the seller accepted the offer. Within that first 24 hours after the contract was sent, the seller got a higher offer and immediately notified the buyer that he'd have to match the higher offer if he wanted to buy the timeshare. It wasn't that the buyer dilly-dallied or delayed the sale on the agreed-upon terms, it was that the seller changed the terms after sending the contract. Why blame the buyer when he had no control over whether or not the seller would abide by the implied acceptance?

Here's the timeline in the OP's words from several posts:

As I look at the timing I sent the agreement to him at 437pm yesterday and the unsolicited 2nd bid came in this morning at 9am. I immediately contacted the 1st buyer this morning at 1022am with the bad news but with an opportunity to match.

and

He's on the west coast so he got it at 1pm and didn't call or respond in anyway until I gave him the bad news the next day.

I can somewhat understand your position, CO skier, if a seller receives two or more offers and then sends out contracts for all of them with the caveat that the first to be returned with earnest money will be accepted. But that's not what happened here.

 

[uscav8r]

Geez, people. Judgmental much?

Having read this whole thread, it seems like many of you are ready to characterize the OP as an untrustworthy dirtbag.

Well, consider this. How many of you who rent or sell real estate (including TS) on a more than once-every-5-10-year basis have had "interested" buyers who never follow through? Let's consider the possibility that Buyer 1 may never have been serious in his offer. Are you going to push away someone who walks in the door with a bag of cash in the name of doing the "honorable" thing, when the other party may have no intention of following through? Should he not be honorable to his family as well?

Perhaps each of us would handle it differently, but to completely lambaste the OP for his decision is over the top as well. None of us are in his shoes, in his set of circumstances.

At the very least, OP did contact Buyer 1. If people want to split hairs on the consideration aspect, OP is not doing this as a business but as a one-off transaction (I follow the school of thought that consideration is nothing but cold hard cash, or exchange of a physical entity or service performed). And the fact that he asked us shows that he had his own internal moral debate as well. It's not as if he was some soulless (Westgate) salesman, so let's not make him into one.

At the very least, this can be a lesson to anyone who wants to sell a timeshare to include some clause for turnaround time of contract, or something to the effect of "nothing is valid until a deposit is received," etc., and do a "practice run" through similar situations before engaging in a sales effort.

 

[comicbookman]

I didn't mention it earlier but I can honestly say in my first emails always as part of my spiel to all my renters and buyers is to please say "I Accept" and that triggers exclusivity to close the deal and the taking down of the ad.

I have to take this approach because I do get multiple offers at once and if I didn't specify this then I have to worry about someone getting pissed because they delayed, thought they had exclusivity and someone else came along. I'm sure others that rents many units do the same thing

The reason why I did put this string up in the first place is because I was struggling with the decision not for validation. Still am because in an ideal world money wouldn't be an issue but it is so all things considered even having mixed feelings about it myself I did the right thing for my family and "didn't harm anyone" which were the exact words from the first buyer.

That you keep changing the details does not speak well of your integrity. The basic fact is you stated you agreed to terms and enough to send a contract. The fact that you tried to pressure your buyer into saying " I accept" before he had the agreed upon terms in writing shows only makes your actions worse. I too negotiate large It contracts and If I was negotiating with you I would walk away given your admitted lack of integrity. Only bad lawyers play with technicalities and negotiate in bad faith. You acted out of greed, and now your trying to justify your actions. I fail to understand why you posted the question, when you clearly state this is business as usual for you.

 

[Egret1986]

Yes; Seller accepted, but also included a verbal disclaimer regarding other offers

We don't know that the buyer dilly-dallied. It wasn't that the buyer dilly-dallied or delayed the sale on the agreed-upon terms, it was that the seller changed the terms after sending the contract. Why blame the buyer when he had no control over whether or not the seller would abide by the implied acceptance?

But that's not what happened here.

Wow, "we don't know that the buyer dilly-dallied". And then you say, "it wasn't that the buyer dilly-dallied..."

Which is it? And how would you go about determining which it was?

Was the acceptance supposed to be open-ended?

Doesn't the fact that he verbally told this person that offers would continue to be considered hold any weight?

Why are you so sure that the first buyer was genuinely interested? I send rental agreements all the time to folks that say they want to rent my unit and request that I send them an Agreement. Many don't follow through, much less notify me that they've changed their minds.

I don't get how you can make all these assumptions. Perhaps, it was just as you have determined, but I don't get how you know things played out just as you say unless you were part of the dialogue with the other two parties.

As Joe asked, "have you ever rented vacation weeks to others?"

 

[comicbookman]

Geez, people. Judgmental much?

Having read this whole thread, it seems like many of you are ready to characterize the OP as an untrustworthy dirtbag.

Well, consider this. How many of you who rent or sell real estate (including TS) on a more than once-every-5-10-year basis have had "interested" buyers who never follow through? Let's consider the possibility that Buyer 1 may never have been serious in his offer. Are you going to push away someone who walks in the door with a bag of cash in the name of doing the "honorable" thing, when the other party may have no intention of following through? Should he not be honorable to his family as well?

Perhaps each of us would handle it differently, but to completely lambaste the OP for his decision is over the top as well. None of us are in his shoes, in his set of circumstances.

At the very least, OP did contact Buyer 1. If people want to split hairs on the consideration aspect, OP is not doing this as a business but as a one-off transaction (I follow the school of thought that consideration is nothing but cold hard cash, or exchange of a physical entity or service performed). And the fact that he asked us shows that he had his own internal moral debate as well. It's not as if he was some soulless (Westgate) salesman, so let's not make him into one.

At the very least, this can be a lesson to anyone who wants to sell a timeshare to include some clause for turnaround time of contract, or something to the effect of "nothing is valid until a deposit is received," etc., and do a "practice run" through similar situations before engaging in a sales effort.

It appears from his later attempts to justify the decision he seems to have made before posting, that the OP does in fact rent and sell as a side business. As far as lambasting him, he did in fact ask for it. Sorry, it's just attitudes like the OP do lead to Westgate salesmen who see nothing wrong with what they do.

 

[SueDonJ]

Wow, "we don't know that the buyer dilly-dallied". And then you say, "it wasn't that the buyer dilly-dallied..."

Which is it? And how would you go about determining which it was?

Was the acceptance supposed to be open-ended?

Doesn't the fact that he verbally told this person that offers would continue to be considered hold any weight?

Why are you so sure that the first buyer was genuinely interested? I send rental agreements all the time to folks that say they want to rent my unit and request that I send them an Agreement. Many don't follow through, much less notify me that they've changed their minds.

I don't get how you can make all these assumptions. Perhaps, it was just as you have determined, but I don't get how you know things played out just as you say unless you were part of the dialogue with the other two parties.

As Joe asked, "have you ever rented vacation weeks to others?"

I'm not sure about anything the buyer thought or said or did because he's not sharing the platform here to give his side of the story, but I am basing my opinions on the things that the OP related as far as his actions. And you're right, my using dilly-dally in two separate thoughts is a bit confusing, but I meant that the negotiation prior to the contract being written could have involved dilly-dallying while the time elapsed after it was sent doesn't seem like dilly-dallying to me. Maybe I'm wrong and in the timeshare resale world any time that the buyer takes between being emailed a contract and signing it is dilly-dallying. But to me a period of less than 24 hours including an overnight with contract in hand and not executed, sounds reasonable and is in no way an indication that the buyer intends to renege.

What does it matter if I rent timeshares to others?! For one thing this isn't a rental situation, it's a purchase. But for another more important thing, I know how I do business and as a general rule I don't renege on my word. If the OP had gotten that second offer and immediately contacted the first buyer to let him know that there was now an immediacy in executing the contract as it was written, I wouldn't have the same opinion. Whether this buyer intended to go through with the agreed-upon contract is immaterial - he wasn't given the opportunity and he had no control over that.

The OP asked the question in very specific terms - "Honor deal or accept higher offer?" I'd honor the deal but more importantly, I'd give the other party a chance to also honor it.

 

[CO skier]

I can somewhat understand your position, CO skier, if a seller receives two or more offers and then sends out contracts for all of them with the caveat that the first to be returned with earnest money will be accepted. But that's not what happened here.

It is not my opinion. In real estate, handshakes, emails, phone calls, oral agreements mean nothing. That is the law in most, if not all, states. The seller is under no obligation to inform potential buyers of other offers.

It is considerate of the OP to have done so.

Anyone can send out multiple purchase agreements for a property. The first agreement signed by both parties with an exchange of value is the only one that is valid.

People may have differing opinions as to what is "right" and that is exactly why these laws were enacted -- so that everyone can understand what is "right" in the eyes of the law.

 

[MOXJO7282]

That you keep changing the details does not speak well of your integrity. The basic fact is you stated you agreed to terms and enough to send a contract. The fact that you tried to pressure your buyer into saying " I accept" before he had the agreed upon terms in writing shows only makes your actions worse. I too negotiate large It contracts and If I was negotiating with you I would walk away given your admitted lack of integrity. Only bad lawyers play with technicalities and negotiate in bad faith. You acted out of greed, and now your trying to justify your actions. I fail to understand why you posted the question, when you clearly state this is business as usual for you.

I find it interesting you say you negotiate contracts because I would think you would know a deal isn't done until there is something signed. Corporation know that until ink is on paper anything can happen. When it gets ugly is when one signs and the other indicates verbally "OK we have a deal" or in some form of writing "We accept", then they don't follow through. But even that happens, basically because stuff happens, like a SVP killing a deal, and nobody in the business world think its unethical. Its called business.

The first buyer had 4 days to say I accept but he purposely never did because we were still working on the details. Yes we did agree on all the big elements but not every minor one.

My last email to him was "here is the purchase agreement please review and let me know if you accept and if so sign and send me the deposit. We had never discussed I wanted the deposit, We had never discussed if he was OK with me keeping deposit if he backed out so they deal wasn't fully done as much as you want to believe it was.

Pressuring the buyer by requesting an Acceptance?, again another common business practice. I'm working a global deal right now where a vendor basically finally said "do it or get off the pot" and insisted on a letter of intent. They threatened to stop working on the negotiations because we're sending them all over the word on their dime and haven't committed to the deal yet so they're trying to force our hand.

 

[BJRSanDiego]

It is my personal opinion that some responses to Joe, the OP, were off base in a variety of ways.

Contract = offer + acceptance + consideration. And yes, I understand that consideration can include a promise to pay (I think an attorney may use the word Estoppel).

An offer was made and the potential buyer did not positively (and irrevocably) accept upon presentation. They said that they wanted to look at the paperwork. Granted, given enough time, they probably would have accepted, but that is just conjecture on my part. But at the time that Joe contacted them the following day, they apparently had not yet accepted the offer. Also, I recall from business law that an offer can be rescinded at any time UP TO the acceptance. If there is a question that the buyer's limited actions constituted an acceptance, consider whether Joe could have prevailed in a legal action against the first buyer if he tried to enforce the verbal "contract" through legal action ? I think that most of you would say that there was not really a contract and that he would be unlikely to win that fight.

Alternatively, when the seller confronted the first buyer that he had a second offer, Joe was in effect rescinding the first offer and replacing it with a new (more expensive) offer. The buyer declined that.

I think that the "lesson" here is that offer paperwork should be clear that the offer can be rescinded up to the point of acceptance and it should also spell out that the offer is only good for some finite and short period of time. It should also spell out what form the acceptance should take (e.g., signed and returned contract, down payment, etc.

Thank goodness, I am not an attorney, nor do I play one on TV.

 

[comicbookman]

I find it interesting you say you negotiate contracts because I would think you would know a deal isn't done until there is something signed. Corporation know that until ink is on paper anything can happen. When it gets ugly is when one signs and the other indicates verbally "OK we have a deal" or in some form of writing "We accept", then they don't follow through. But even that happens, basically because stuff happens, like a SVP killing a deal, and nobody in the business world think its unethical. Its called business.

The first buyer had 4 days to say I accept but he purposely never did because we were still working on the details. Yes we did agree on all the big elements but not every minor one.

My last email to him was "here is the purchase agreement please review and let me know if you accept and if so sign and send me the deposit. We had never discussed I wanted the deposit, We had never discussed if he was OK with me keeping deposit if he backed out so they deal wasn't fully done as much as you want to believe it was.

Pressuring the buyer by requesting an Acceptance?, again another common business practice. I'm working a global deal right now where a vendor basically finally said "do it or get off the pot" and insisted on a letter of intent. They threatened to stop working on the negotiations because we're sending them all over the word on their dime and haven't committed to the deal yet so they're trying to force our hand.

Again you change the details. You originally stated you and the buyer had agreed on the terms. You also attempt to mix legal concepts and honor. Finally, you bring up details of other deals to justify your actions. Of course no one is LEGALLY obligated until everything is signed. Your original post asked if you should honor your word. I always honor my word when it is up to me. I try to only deal with others, whether working on multi-million dollar deals business deals or small personal deals who are also trust worthy. I don't play bait and switch games and I don't play word games with the details. Have I always gotten the best price, no. Do I usually end up with clear deals with little hassle, yes. In the long run that is more efficient, both economically and personally. You asked for opinions about honoring a deal, and when you had clearly already made up your mind, as is your legal right. Obviously you feel some guilt or you would not be trying so hard to justify your actions. That should give you your answer.

 

[comicbookman]

It is my personal opinion that some responses to Joe, the OP, were off base in a variety of ways.

Contract = offer + acceptance + consideration. And yes, I understand that consideration can include a promise to pay (I think an attorney may use the word Estoppel).

An offer was made and the potential buyer did not positively (and irrevocably) accept upon presentation. They said that they wanted to look at the paperwork. Granted, given enough time, they probably would have accepted, but that is just conjecture on my part. But at the time that Joe contacted them the following day, they apparently had not yet accepted the offer. Also, I recall from business law that an offer can be rescinded at any time UP TO the acceptance. If there is a question that the buyer's limited actions constituted an acceptance, consider whether Joe could have prevailed in a legal action against the first buyer if he tried to enforce the verbal "contract" through legal action ? I think that most of you would say that there was not really a contract and that he would be unlikely to win that fight.

Alternatively, when the seller confronted the first buyer that he had a second offer, Joe was in effect rescinding the first offer and replacing it with a new (more expensive) offer. The buyer declined that.

I think that the "lesson" here is that offer paperwork should be clear that the offer can be rescinded up to the point of acceptance and it should also spell out that the offer is only good for some finite and short period of time. It should also spell out what form the acceptance should take (e.g., signed and returned contract, down payment, etc.

Thank goodness, I am not an attorney, nor do I play one on TV.

I think you missed the point of most of the responses. This is not a legal question. Joe did nothing illegal. His was specifically a question of honor. Also most of the details you site where added later. Reread the original post, and I think you will find most of the responses are on base.

 

[Pat H]

I don't think this is any different than selling your house. Until the contracts are signed by both parties, it's not a done deal. Just because someone agrees to accept an offer doesn't mean they are bound by it. To those of you who think Joe is unethical, if you agreed to sell your house to buyer A for $X and then buyer B came in with a higher offer before you signed the contract with A, would you really reject the higher offer? I doubt it and if you say you would still take the lower offer, frankly, I don't believe you.

 

[vacationhopeful]

I don't think this is any different than selling your house. Until the contracts are signed by both parties, it's not a done deal. Just because someone agrees to accept an offer doesn't mean they are bound by it. To those of you who think Joe is unethical, if you agreed to sell your house to buyer A for $X and then buyer B came in with a higher offer before you signed the contract with A, would you really reject the higher offer? I doubt it and if you say you would still take the lower offer, frankly, I don't believe you.

When you are selling YOUR HOME, you have a intermediary known as a Licensed Real Estate agent(s) being paid a commission to act as the GATE-KEEPER(s). It is in their BEST interest to broker as MANY offers as possible and to clearly let all the other parties know WHEN the drop dead date is for submitting offers. They do NOT disclose WHAT other bidders have offered or the terms. They get the contracts SIGNED by all parties - then notify the losing bidders. Plus, when selling your personal home, there are conditions like repairs, certificate of occupancy, mortgage terms and even the settlement and move out date. I have seen deals that looked like perfect fall apart ...

Do I think Joe needs a real estate agent for selling a timeshare? No.

Is Joe happy about the outcome of his sale? Should be, as he got a higher price over this first bidder he was entertaining (a term to mean trying to get the terms acceptable to Joe).

Overall, my comments regarding this thread, where made as to info KNOWN to me at the time of each of my posts. Initially, it seems like a 1-2-3 deal ... but it appears these discussions happened over a period of time (except for the very end).

Joe appears pleased and truly feels he handle the transaction correctly -- it appears both bidders were experienced ... one just wanted it a little more and bid accordingly. And Joe wanted this SOLD ... the winner bidder seemed to "close" the deal without dragging on bidding process on and on.

My reflection was perhaps the first bidder would have or would not had closed the offered deal (the cheaper bid) forthwith ... Joe wanted a CLOSED deal - not a continued and delayed longer debate with the first bidder. Afterall, the 2nd bidder owned multiple Marriott weeks and a WILLING and ABLE buyer who was NOT hedging on his decision to BUY Joe's week.

And Joe decided to MOVE now on the 2nd bidder was most likely a smart move... no more discussion, week SOLD.

 

[csxjohn]

I don't think this is any different than selling your house. Until the contracts are signed by both parties, it's not a done deal. Just because someone agrees to accept an offer doesn't mean they are bound by it. To those of you who think Joe is unethical, if you agreed to sell your house to buyer A for $X and then buyer B came in with a higher offer before you signed the contract with A, would you really reject the higher offer? I doubt it and if you say you would still take the lower offer, frankly, I don't believe you.

In this case, according to the OP we have 2 unsigned transactions.

The OP states that he "accepted" an offer then got a higher offer.

You can believe this or not but If I've decided to accept an offer and the only thing between now and the signing is that the buyer wants to see everything in writing, then I'm going to get it in writing for him and give him a reasonable time to read and decide.

The original question posed was a moral one, not a legal one. Honor, or dishonor? I stand by my previous post.

 

[SueDonJ]

In this case, according to the OP we have 2 unsigned transactions.

The OP states that he "accepted" an offer then got a higher offer. ...

Yes, and that's the basis for my opinion. After the negotiation process the seller obviously agreed to the price offered by the first buyer because he drew up and sent a contract.

You can believe this or not but If I've decided to accept an offer and the only thing between now and the signing is that the buyer wants to see everything in writing, then I'm going to get it in writing for him and give him a reasonable time to read and decide.

The original question posed was a moral one, not a legal one. Honor, or dishonor? I stand by my previous post.

I agree. The phrasing of the thread title - "Honor deal or accept higher offer?" - in itself implies dishonor in the second option. I'd honor the deal and give the buyer a reasonable amount of time to execute the contract.

If the OP had posed the question as to whether or not he was legally correct, I'd defer to the experts here. But that's not what he asked.

I'll leave it up to the reader to decide if my word can be believed or not. Funny how it works out that that's the premise of this thread.

 

[MOXJO7282]

Yes, and that's the basis for my opinion. After the negotiation process the seller obviously agreed to the price offered by the first buyer because he drew up and sent a contract.



I agree. The phrasing of the thread title - "Honor deal or accept higher offer?" - in itself implies dishonor in the second option. I'd honor the deal and give the buyer a reasonable amount of time to execute the contract.

If the OP had posed the question as to whether or not he was legally correct, I'd defer to the experts here. But that's not what he asked.

I'll leave it up to the reader to decide if my word can be believed or not. Funny how it works out that that's the premise of this thread.

I really would like this thread to die but when people continue question my intergrity I'm compelled to respond.

I used a bad choice of words when I said "honor the deal" because there was no deal to honor. While I accepted his dollar amount he never accepted the full deal. So you can say what you want but I never went back on my word.

I told him I accept but he never did. All he said was it looks good and wanted to see the purchase agreement. We were in discussions for several days where the price never changed and we were just discussing details. He had plenty of time to accept in principle and I told him my "rules", offically say "I accept" and then you get exclusivity.



This is how I do all my rentals. If someone says "I accept" they get exclusivity and I take down my ad. Why do I take down the ad then? To avoid this exact scenerio. I don't want higher offers coming in so I can kick myself that I couldn't get more so I take the ad down immediately.

So I never went back on my word. Did I remind the first buyer that he was risking losing the purchase because he didn't officially accept? no.

So if you want to criticize me for doing that you can but that is common business practice, not unethical or dishonest.

 

[DavidnRobin]

Joe - this is along with typical TUG lines. I totally got where you were coming from, and see the logic and ethical issues (but no deal was ever concluded...). Someone even responded to my post supporting your position to insinuate that I had no integrity because his folks brought him up to honor ones' deals (vs. mine who raised me to be a slime-ball ) I could respond in kind that my folks raised me to put family first - implying his did not. Things like this get easily taken out of context quickly here - especially when looking for advice in a grey area such as this.

I see it very simply - no deal was ever consummated - and the $2K is not minor amount for you given your family situation. If a deal had been consummated (papers signed, hand-shake, money transferred, etc) - then I would feel obliged to follow-thru (and I have been in that spot before), but it was not - therefore, taking the best deal for you and family is neither unethical or dishonest - merely business. IMO

 

[Roger830]

I don't see anything wrong with what Joe did based on his last explanation.

After my most recent ebay timeshare purchase, I was emailed a contract. A few minutes later, I emailed the the seller stating that I was signing the contact and mailing it the next day. There were other bidders and I didn't want to risk someone making a higher offer.

If Joe's buyer thought that it was a good deal for him, he should have responded quicker.

 

[SueDonJ]

I really would like this thread to die but when people continue question my intergrity I'm compelled to respond.

I used a bad choice of words when I said "honor the deal" because there was no deal to honor. While I accepted his dollar amount he never accepted the full deal. So you can say what you want but I never went back on my word.

I told him I accept but he never did. All he said was it looks good and wanted to see the purchase agreement. We were in discussions for several days where the price never changed and we were just discussing details. He had plenty of time to accept in principle and I told him my "rules", offically say "I accept" and then you get exclusivity.



This is how I do all my rentals. If someone says "I accept" they get exclusivity and I take down my ad. Why do I take down the ad then? To avoid this exact scenerio. I don't want higher offers coming in so I can kick myself that I couldn't get more so I take the ad down immediately.

So I never went back on my word. Did I remind the first buyer that he was risking losing the purchase because he didn't officially accept? no.

So if you want to criticize me for doing that you can but that is common business practice, not unethical or dishonest.

I have just one final question (because obviously I've stated my position clearly enough at this point.)

If a buyer/renter was to agree to your terms of a sale/rental, would you later allow him to change the price or any of the terms based on his "situation?" The two of you have negotiated and come to a preliminary agreement, you draw up the contract and send it, and then he responds, "You know what? I should have offered less and you should take less because I need the money due to my family situation." Would you insist that the original agreed-upon offer is the only offer you'll accept, or would you allow for his circumstances and agree to the decreased price?

I know what the legal position is, but I'm wondering if you give as you expect to get.

 

[comicbookman]

I really would like this thread to die but when people continue question my intergrity I'm compelled to respond.

I used a bad choice of words when I said "honor the deal" because there was no deal to honor. While I accepted his dollar amount he never accepted the full deal. So you can say what you want but I never went back on my word.

I told him I accept but he never did. All he said was it looks good and wanted to see the purchase agreement. We were in discussions for several days where the price never changed and we were just discussing details. He had plenty of time to accept in principle and I told him my "rules", offically say "I accept" and then you get exclusivity.



This is how I do all my rentals. If someone says "I accept" they get exclusivity and I take down my ad. Why do I take down the ad then? To avoid this exact scenerio. I don't want higher offers coming in so I can kick myself that I couldn't get more so I take the ad down immediately.

So I never went back on my word. Did I remind the first buyer that he was risking losing the purchase because he didn't officially accept? no.

So if you want to criticize me for doing that you can but that is common business practice, not unethical or dishonest.

I too will bow out of this discussion. If you did not want people to disagree with you should not have started the thread. Since you are not interested in any opinion that disagrees with your position, have a good life and hopefully you won't piss off the wrong person in the future.

 

[MOXJO7282]

If Joe's buyer thought that it was a good deal for him, he should have responded quicker.

Exactly. I followed the same protocol with the 2nd buyer and guess what he did? He said he accepted immediately and now he has exclusivity for 7 days to sign the paperwork and send me the deposit. He has already signed and returned to me the agreement and is now bugging me to do the same which I will do tonight.

I now emphasized with him the need to get me the check in 7 days or the ad goes back up and I entertain offers. He said check will be in the mail Friday.

That is what I would do if I wanted to procure something I knew had other interested parties. I'm sure the 1st buyer was assuming someone else wouldn't come around but unfortunately they did.

 

[Phill12]

So I listed a week for sale and accepted an offer. I sent a purchase agreement for review but it has not been signed or no money has been exchanged.

What would most do if you were in my shoes?

Honor is the word that caught my eye! I would contact the buyer and tell him you do have a higher offer so if he has any doubt of buying to please tell you now.

I have to wonder what your selling that someone would pay $2000 more than your last offer. Also how would he even know the selling price of your deal.
This sounds more like a timeshare sales pitch when they try and up the price at the last minute so be honest with your buyer or you might lose both buyers.

PHILL12

 

[MOXJO7282]

I too will bow out of this discussion. If you did not want people to disagree with you should not have started the thread. Since you are not interested in any opinion that disagrees with your position, have a good life and hopefully you won't piss off the wrong person in the future.

I welcome other opinions but that doesn't mean I have to agree with them. And you I definitely don't agree with.

 

[MOXJO7282]

Honor is the word that caught my eye! I would contact the buyer and tell him you do have a higher offer so if he has any doubt of buying to please tell you now.

I have to wonder what your selling that someone would pay $2000 more than your last offer. Also how would he even know the selling price of your deal.
This sounds more like a timeshare sales pitch when they try and up the price at the last minute so be honest with your buyer or you might lose both buyers.

PHILL12

Who said the 2nd buyer knew the 1st bidders price? He had bid previously which i rejected and then came back with the higher offer that exceeded the 1st by $2k.

I sold my Marriott Kauai Beach Club 2BDRM OV. The 2nd owner has 12 of these already so he knows the market or wants more inventory for his rental business.

 

[Talent312]

I 'spose Joe could'a waited one the 1st buyer to pony-up and hedged his bets by stringing the 2nd buyer along, saying, "If the deal that's pending falls thru, I'll let you know." The problem is that there's a significant chance both offers will fall thru. The 1st buyer could say, "I'm just not comfortable with these terms." Meanwhile, the 2nd may well have moved on.

IMHO, there is nothing unethical or underhanded about accepting an offer from the 1st guy who unreservedly say, "Lets git-r-done." As the saying goes, "He who hesitates is lost."