Quote:
Originally Posted by SteveMax58
The problem is that you likely will not know the buyer won't follow through for weeks.
If the buyer only has a pre-qual, no earnest money deposited, etc. there is no leverage for mauboy to ensure this guy isnt wasting his time....or at least if he is, being compensated for it (i.e. earnest money). As a buyer with no skin to lose, it's very easy to have things "fall through" at the last minute even with the signed contract, proof of funds, etc. Especially if the contract has a clause for "pending inspection" results. Just too many variables & loopholes to "trust" the guy. Especially when there are no realtors involved (as much as I don't trust them either).
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You won't know on other buyers either in pretty much the same time frame. What if the first guy is the only guy who ends up having the financing, and you blow him off to accept a better offer from Lady B, and her offer falls through? Or are you suggesting Lady B is coming in with a suitcase full o' cash?
No one is saying to not continue to show the house or listen to offers (not that I have seen anyway). And I think most (including myself) would agree that shaking hands on this one was an error; should have waited for the written offer.
But since the handshake agreement was made, there it is. And since it exists, you can't, at least ethically, accept another offer unless Buyer A in some way takes action which violates the deal you two have agreed upon. You can listen to other offers and hopefully you're letting these people know of the already agreed upon deal in place. But until the first deal is violated or voided in some way by Buyer A, you can't in good faith accept another offer (at least not conscience-wise; legal is another matter).
And if mauboy agreed to no earnest money, that's not on Buyer A, that's on mauboy.