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Should I feel bad?

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37chief

Well-known Member
Location
California

I have a 1/2 acre for sale. The neighbor said she wanted to but it. I gave her a around so much number, we never settled on a firm price. The family went out and started the process to qualify for a loan, which they can use on a house as well.Out of the blue a realtor came buy. First he said I am selling it too cheap. He said let me sell it. I will list it for a lot more, and charge you 3% sale charge. She is a nice lady, but If I can get a whole lot more I don't think I will feel bad too long. Then another relator came by and said she has someone looking for a building sight. This is prime land one of the last building sights in the valley.What do you think. Stan
 
Tough call....a guy's reputation is hard to build and easy to destroy. If this could cause that to happen, I'd think hard about the final decision.
 
You told her what you wanted and on that basis she is taking action to secure a loan. Guess for me, there's a lot of things far more important than money. Even more so with a neighbor.
 
37chief,

What would you think if she bought it at your price, then sold it or arranged an agreement to the real estate folks for more?

I am not suggesting greed, an angry neighbor or anything of the such, but perhaps you could live the rest of your days without selling.

D.
 
Boy that's tough.

I think for me I'd feel committed to her at that point.

But I always feel it's best to be completely open and honest with people - let her know what's going through your head.

I'd talk it over with her and feel her out.

You might be surprised, she might insist you get more money for it.

You might suggest splitting any profit over what she was going to pay - that'd ease her pain and your guilt, and you'd both end up ahead of where you were.
 
I think an old woman here pulled that stunt on me after I had the loan approved and let's just say,I don't give a rats azz about her health anymore.

Clear enough?
 
37Chief,
I think you may want to ask her what her intensions are with the 1/2 acre. I feel that you are somewhat committed with your neighbor.

You can tell her you changed your mind which is actually what you're wanting to do. That would be the best and honest way out. Tell her the sooner the better for you.

You never want to blurt out a price before researching the item you may want to sell. Another rule never blurt out a price from the blue when some one asks you if you want to sell something you have. They're asking and offering for a reason and it's not always good for the seller.
 
If you told her a price around a number then you should hold to it. As I understand it you priced it. You say she is a neighbor. How would you expect to be treated in this case? If you intend to not live up to your word the least you can do tell them now before they spend more time and money applying for a loan. A good neighbor is good to have. If you said around $4500, then the most you could want would be $4550 because anything over would be around $4600. This is just an example. Unless you are of unsound mind or are not authorized to sell it, I think you should keep your word. If you do not it will bite you. Seen it happen many times.
 
So you offered to sell it and now want to not only turn the screws to get more money but you want to sell it to somebody else (via the realtor) as well?

Wow.
 
Here is the problem. mom left almost 4 acres to my brother, and me. It is going to cost 350,400 thousand to do a lot split, so my brother gets his half, and I get mine I can't leave this mess for my kids. I just can't go to the bank and right a check. I need to get at least enough to cover construction from the sale. I told the gal someone else is interested, and will give her first chance to buy it. I am keeping her well informed. The relator can say anything. I haven't heard any solid figures from him yet. By the time I pay his commission I may be around the price we talked about, who knows. Stan
 
Your conscience is one thing, the law is another. With real estate, the only enforceable contract is a written one. So she cannot successfully sue you without a contract that you signed.
 
Sorry but I have NO faith in relators. They talk like they are for the seller, but they will only work for the buyer. Everyone of them always say "I have a buyer"
 
I am a realtor. I do not ever tell anyone what we can get, that we have a buyer, or any other promises. This is what I tell them: If you list with us we will work hard to find you a buyer. We have realtors who make all kinds of promises to get the listing and then can't produce a buyer. Doesn't take long until the buyer figures out he has been led down the primrose path.
 
Hmm. Since there's no signed offer to purchase, it's pretty hard to say you have any sort of agreement. Suppose she calls you up and says she has changed her mind and doesn't want to buy your place? Do you have any recourse? Of course not. Not to mention she can't even apply for a mortgage without a signed sales agreement; the best she can do is to "pre-qualify", which doesn't mean much at all.

Here's what you do, since you did have some sort of verbal agreement. Call her up and tell her that if she's serious about buying your place, the price is now $XXXXXX, she needs to sign a sale agreement in one week's time, and you need one percent of the purchase price as earnest money. That gives her the opportunity to buy the property, and forces her to commit. If she doesn'tt sign a sales agreement, you're free to find another buyer. If you don't do this, then she could jerk you around for months, and still throw a monkey wrench in the works if you get a serious buyer by claiming she already had a deal to buy it.

My BIL made the mistake of thinking he had a firm deal to buy a neighbor's house based on a verbal agreement. He sold his house, only to find himself without a place to live. It turns out that while his neighbor might have agreed to sell, his neighbor's ex had something else to say.

Get agreements in writing, and get an earnest money deposit up front.
 
I hope you don"t live nearby! If you do "BEWARE THE DEVIL YOU KNOW, VERSES THE DEVIL YOU Don"t"
Led
 
Stan, for some reason I can't post my response to you in Classic. Must be something in it the nanny filter doesn't like. Please check my response in Modern view.
 
"Out of the blue a realtor came buy."
They stop by often do they?

"First he said I am selling it too cheap."
How would he know what you're selling it for?

Someone's doing some talking or bragging for them to know.
 
37chief,

I am wholly under-educated for any advice. I would venture to say that any sales without a professional is ill-advised.

Can I undo my previous statement?

I feel bad giving my inadequate response. Apparently I am without the proper knowledge.

Sincerely,

D.
 
My grandfather told me once "if a persons word is no good,they are no good".Do not mean to insult you but that is what I live by. I bought a restaurant from a friend of mine a couple years ago.When we settled on a price we shook hands and the deal was made with no paper work.Would never- ever do that today with some one I didn't know.Just my 2 cents
 
Realtor's are like lawyers. There's only a few you can trust but in general don't trust them!. I even had someone with a realtors license tell me that. If the property is under $100,000, no realtor will take it for less than 7% here. They say it's negotiable but realtors look after their own. When I subdivided I had a realtor offer to multiple list my property for 6% in order to beat out other realtors. When the local paper came out with the real estate weekly section, my property wasn't listed in it anywhere. When I confronted the realtor about why it wasn't in the multiple listing section, she lied and said she never offered to multiple list it and was trying to save me money by doing a private listing. Boy was I pizzed. Then she goes on about how much she spent on advertising it. Advertising it where??? Then after the property was sold, she wanted me to go and take her signs out of the ditch. &*%#@$ THAT!

In order to qualify for a loan or mortgage, there would most likely need to be a real property report done and an appraisal. When I had the option to purchase my fathers place after he passed, it was based on 2 appraisals to be fair to everyone involved. Both appraisals were within $5000 of each other. Would be worth it to get an appraisal done even if the bank didn't require one. Also never use the same realtor or lawyer as the buyer, NEVER!
 
If you made a deal you know what to do. I sure am glad I don't live where a person needs a loan to buy 1/2 acre.
 
He is a friend, who called now and then, as he knew from previous conversations I had with him. He knew I was going to have a 1/2 acre for sale sometime. This goes back 6-8 years. I did discing for himI told him what I was going to sell it for. As for the other relator, who just stopped by, I did not contact her. She sold the house across from me months ago. I told her I will have a lot for sale sometime. Like I said out of the blue she stopped by. A guy I worked with was always trying to catch me doing something wrong. He never did. Stan
 
Keep your word and you arrived at that figure you gave her somewhere. You surely had all pertinent information to set that as the price you would be happy with. If the unethical realtor hadn't have happened along there would be no problem, right? You know what to do.
 
You entered into a verbal contract with her. You gave her a number, but not a firm price. Obviously, the talk was serious enough that she went to the bank to secure a loan.

Now give her your firm price, which wasn"t done in the beginning. If she accepts it, complete the deal. If not, then put it up for sale. Otherwise, you are breaking the deal, if you jerk the rug out from under her now. Let her accept or reject your firm price.

My two cents,
Rick
 
My 2 cents.

Get the realtor to get you some comparable sales of similar lots in your area. It's called a comparable analysis report. CMA. Make him prove he can get you more $. That way you can look at the $'s and come up with a fair price.

Take that to your neighbor and set the price. Write up a contract. She'll need that to get approved for a loan. Get an approval letter from the lender. NOT a pre qualification letter.

At this point you'll know whether you have a deal or not. Sooner rather than later. Your neighbor may not have the ability to get a loan.

Why would you alienate an existing neighbor. It may get sold to the next Attila the Hun. Based on personal experience I wished I'd have waited or even financed a property I had near me. People who moved in really chapped my neighbors.

Interview a couple Realtors and pick one. A good Realtor will make it so smooth and from outside appearances look so easy you'll feel cheated. Hence the negative reputation of some sales people.
 
What are you saying here? It costs about 500 dollars to survey and split and quarter some land.
The land is worth 370k and you split it with your brother? Approx value 340k for all of it?
First, survey and split. Then sell as appropriate.
 
37Chief: It sound like you priced your ground without knowing the current market price. So it is not her fault that you under priced your land. You made a deal. It is up to you about how you would act.

The exact letter of the law would let you sell to another buyer for more money or even up the price to her. The way I would do it is to live up to the deal I made and forget the "MAYBE" more money from some Realtor.

You have inherited this property from your Mother. So you personally really do not have much invested in this ground. The amount your going to get is pretty good even if you under priced it.

I would want to be able to look my neighbor in the eye without feeling bad because of a bad deal that was my fault.

Maybe look at it this way. Switch the facts around. You agreed to a price. She finds out your way too high. So she comes back to you and offers you less money. HOW WOULD you feel then??? I am willing to bet that her name would be mud to you.
 
A live buyer is better than a "dreamed up might have have a buyer" from a realtor. If you sell it they get nothing for a commission so sure they will tell you anything to get the listing and then wait for the buyer to come to them.
 
I don't know what your financial situation is nor do I want to.

But here's a few questions to consider. How much money do you need to live on in the future? Do you need all of this money for retirement? Will the money you could possibly get from the neighbor have you setting comfortably for the rest of your life, or will you need more, like what you would get through the realtor? You've gotta look out for yourself when you get up in the years if you haven't saved enough retirement money. If you are sitting pretty financially maybe taking the neighbor's bid to save your reputation is the way to go. It's a tough call. Jim
 
(quoted from post at 20:40:47 02/06/14)
I have a 1/2 acre for sale. The neighbor said she wanted to but it. I gave her a around so much number, we never settled on a firm price. The family went out and started the process to qualify for a loan, which they can use on a house as well.Out of the blue a realtor came buy. First he said I am selling it too cheap. He said let me sell it. I will list it for a lot more, and charge you 3% sale charge. She is a nice lady, but If I can get a whole lot more I don't think I will feel bad too long. Then another relator came by and said she has someone looking for a building sight. This is prime land one of the last building sights in the valley.What do you think. Stan
Click to expand...

Out of the blue a realtor came by?
I think he got wind of the deal thru the neighbor filing loan app papers to buy it and he wants to make money off of the deal.
 
All I can say is let your conscience be your guide. For me, if I make a deal, cheap or high, I'm good for it. I've lost some money over the years pricing things without really thinking and I've made some really good to me deals but when push comes to shove, I sleep fine at night.
 
Tell them all "thanks, but no thank you" Do you need the money? They dont make more land. Set on it. Keep it.

It is going to do nothing but keep getting more valuable.

Dont sell.

Gene
 
I'd hold out for the neighbor. You never know, her deal with the bank may fall through and then you can deal with the realtors, with no harm to your reputation. If you double talk her now, there's no recovery for your reputation. That might not matter in your location, but out here in the sticks, it would never be forgotten. You'd be the goat. Forever.

Like the others said - the realtors might not get you such a rosy deal anyhow. If you were happy with the price you implied to her, you might not get a nickle more by the time you deduct commission for the middle man.

It's funny how the mind works. You're happy, then someone comes along with some fast talk and fills your head with uncertainty.

Good luck with your decision.
 
One question for you. Are you a man of your word and does that word mean any thing to you?? Is a hand shake as good as it gets or are you a money garbing person who will sell to the top bidder even after saying yes to some one else?? You have to live with what you do so do what it right. You made a deal honor it or be a man who is not the man of his word which is getting common now days
 
Stan, I'm not going to tell you what to do.

If I have to ask whether or not I'm about to make a mistake, then it's a safe bet that I am.

Mark
 
(quoted from post at 17:52:14 02/06/14) You told her what you wanted and on that basis she is taking action to secure a loan. Guess for me, there's a lot of things far more important than money. Even more so with a neighbor.
Click to expand...

Bingo. If her loan doesn't come though then go see the real estate shark. Otherwise, you're in a verbal contract and are aware that the other party is in the process of securing the funding. No, you don't have a signed contract, but what's your rep and relationship with neighbor worth?
 
Honor your deal.
Since you have other interest, talk to your neighbor to
put a reasonable time limit on them coming up with the money.
If they can't get the loan within the agreed time, then sell it elsewhere.

example, when I sold my 69 428CJ Mach 1 to someone I knew
at a price we agreed to...took him some time to come up with the cash.
when word got out I was finally selling it, I was flooded with offers of double-triple the money.
Told them all that the car was SOLD. He came up with the cash after a few weeks and took delivery.
 
I read your posts alot and I think you are a knowledgeable down to earth person but you know the right answer already. Greed is human nature.
 
How do you know neighbors intentions are to keep it? They may know value of the land too and be thinking resale. Just saying. Happened to my uncle.
 
If I were in your situation I'd consider it as sale pending to your neighbor being able to get financing.

Whether you priced the land too cheaply or over priced it is irrelevant. Your financial needs are irrelevant. The neighbor's intentions for the property are irrelevant unless there were stipulations made when you priced it.
What is relevant is whether or not your word has any value.
 
After reading all posts,brings to mind. Land lease agreement with tennant{neighbor} does not hold up to his word/signiture. I will not give this guy the time of day now. My parents thought this guy could walk on water. No longer farming said land {now that I own it} going on 2 yrs.
 
1/2 acre ? Is it in town with water and sewer hookup ?
That would not be enough land in the country to put a well and septic on ?

I'd see what happens to the first person with the loan if they get it. Are we talking a lot of money extra ? I bet the realtor does not have a buyer either.

Mom had a realtor look at her place and then said what they thought she should list it at. WAY LOW from what I see around. I told her to get more opinions.
 
I think you are a man of honor, by reading your other posts in the past. If they are looking for a loan, and you didn't try to stop them from looking for a loan at this time, then I would honor the agreement.
If you are desperate for money, you might have to look at things different, but as said below, your conscience will remind you from time to time what you did. And if it doesn't, might look into what you consider your morals to be.
Only you can decide, but looks like there are a lot of folks here who's word is worth something. Just my opinion, based on the little amount of info you gave us to go on. Good luck - Bob
 

Did I read that right? $350,000 = $400,000 to "do a lot split"?

So the ground is worth around $100,000 an acre?

man, must be a gold mine underneath it or something.

If I could use those figures I would be a billionaire! :lol:

Gene
 
(quoted from post at 01:50:36 02/07/14) Well in some ways it is under contract to buy even if only by word of mouth and could if you go the other way come back on you
Click to expand...

Verbal contracts don't mean squat in real estate transactions. Unless it's in writing it isn't binding. I'd go to her and tell her you are sorry for the error but you found out that the property is worth much more in the current market than the original figure you were thinking and you want $x (discounted for the realtor fee you won't have to pay and the good neighbor discount) for it and will give her first crack at it.

I will say in my area that a half acre isn't a building lot, you have to have several acres, size varies by township, due to the septic system requirements. Where we used to live you had to have five acres.
 
(quoted from post at 20:32:30 02/07/14)
(quoted from post at 01:50:36 02/07/14) Well in some ways it is under contract to buy even if only by word of mouth and could if you go the other way come back on you
Click to expand...

Verbal contracts don't mean squat in real estate transactions. Unless it's in writing it isn't binding. I'd go to her and tell her you are sorry for the error but you found out that the property is worth much more in the current market than the original figure you were thinking and you want $x (discounted for the realtor fee you won't have to pay and the good neighbor discount) for it and will give her first crack at it.

I will say in my area that a half acre isn't a building lot, you have to have several acres, size varies by township, due to the septic system requirements. Where we used to live you had to have five acres.
Click to expand...
o advice from me, just an observation: Out of 54 replies, only two told you that you word didn't mean spit!
 
Maybe you should honor your initial agreement and sell to somebody that you know. If a realtor sells it, the new neighbor you get might be your worst nightmare! Any extra dollars that you make on the Real Estate route could be not worth it if you end up with bad neighbors!
 
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