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Well I guess I took a different spin on it. You met with the gentleman (Couple A). You negotiated a deal. You agreed on a price. You gave him the papers to sign. You agreed to meet tomorrow to complete the transaction. You shook hands.
Yeah, legally it may not be a deal yet. But karma has a way of biting you in the ass.
Couple A is at home tonight celebrating because they found their home and shook hands with you. Are you going to look him in the eye tomorrow and say... "Sorry. Couple B came by and offered to buy at full value (as an example). You either agree to meet new price or deal is off." Good luck with that.
Full Disclosure: The house Mrs Tyke & I currently live in we bought 9 years ago. Real Estate was hot back then. We made an offer and the owner accepted. Later we heard that a higher offer came in but the owner stuck to his original agreement with us. We've always been very appreciative. Ultimately, you are only as good as your word. Are you saying yours can be bought for $5,000? I'm just asking...
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