Rgramjet
01-13-2007, 08:27 AM
Hello,
This is my first post. What a great resource this site is.
Ive got a sticky situation and Ill make it short:
1) Spoke with an associate of mine, he wants to sell a piece of property for $30k, we spoke at length, I showed interest and offered him a deposit contingent on inspection. He refused the deposit but we shook on the price. He said I should take a look and let him know if I want it.
2) Few days later I receive the tax bill, the plat and an appraisal of $35k. I also get a note reiterating my getting first dibs on the property.
3) My Mistake: I meet my other friend ( who is also friends with the seller) at the property. He is a realtor. He saw the lot's proximity to water and decided (with no comps or knowledge of the area) that the property is worth $60-70k and that it is his duty to notify the seller. I explained to him that the price was already agreed upon and that it is a done deal if I want it, otherwise its his to try and sell.
4) I explained to him that I have a letter of first refusal. I think he has a couple reasons for muddying my deal. One, he'll get the listing. Two, he wants to impress the seller who also has several other properties potentially for sale.
5) The realtor wrote me back saying he feels like heck about this and that I should offer to "split the blanket" and offer the seller $45k for the property. There is no way Ill do that on a price extracted from you know where.
If he had solid comps, I wouldnt be so upset. What should I do?
This is my first post. What a great resource this site is.
Ive got a sticky situation and Ill make it short:
1) Spoke with an associate of mine, he wants to sell a piece of property for $30k, we spoke at length, I showed interest and offered him a deposit contingent on inspection. He refused the deposit but we shook on the price. He said I should take a look and let him know if I want it.
2) Few days later I receive the tax bill, the plat and an appraisal of $35k. I also get a note reiterating my getting first dibs on the property.
3) My Mistake: I meet my other friend ( who is also friends with the seller) at the property. He is a realtor. He saw the lot's proximity to water and decided (with no comps or knowledge of the area) that the property is worth $60-70k and that it is his duty to notify the seller. I explained to him that the price was already agreed upon and that it is a done deal if I want it, otherwise its his to try and sell.
4) I explained to him that I have a letter of first refusal. I think he has a couple reasons for muddying my deal. One, he'll get the listing. Two, he wants to impress the seller who also has several other properties potentially for sale.
5) The realtor wrote me back saying he feels like heck about this and that I should offer to "split the blanket" and offer the seller $45k for the property. There is no way Ill do that on a price extracted from you know where.
If he had solid comps, I wouldnt be so upset. What should I do?