What does everyone think? I have a buyer in talks with me about purchasing my place in nyc. The buyer is a one of the larger landlords in Manhattan. I found the buyer on my own and they started in a rush. Now all of a sudden they have started slowing things down, demanding that I stop advertising the place; while refusing to sign the contract at the same time; locking in the deal.
I have a realtor that is offering to take the property on for a month with an exclusion on the buyer I found. Do I do it? Do I tell the buyer that I am doing it?
I’m a small operation compared to this guy. What’s the best strategy? All thinking out loud appreciated!
What does everyone think? I have a buyer in talks with me about purchasing my place in nyc. The buyer is a one of the larger landlords in Manhattan. I found the buyer on my own and they started in a rush. Now all of a sudden they have started slowing things down, demanding that I stop advertising the place; while refusing to sign the contract at the same time; locking in the deal.
I have a realtor that is offering to take the property on for a month with an exclusion on the buyer I found. Do I do it? Do I tell the buyer that I am doing it?
I’m a small operation compared to this guy. What’s the best strategy? All thinking out loud appreciated!
Roger,
If he really likes your property, why do you think he "slowed things down"? If there's no contract signed with earnest money with the title company, he is not really serious, isn't he?
No matter how "big" the buyer seems to be, if there's no earnest money paid, you don't have an agreement. A very wise and experienced real estate investor once told me that a verbal agreement is worth the paper it is written on. So, go ahead and list the property with a real estate agent. Tell this "buyer" but you got to be in control and putting cash down (skin in the game) is the true measure of how serious the buyer is - not how many deals he has done or how many units he has in his portfolio.
Real Estate Agent · Salt Lake City, UT · Member since 2018 · 247 posts · 247 votes
7y
Competition brings the best results. Give the agent the listing with the exclusion and tell the buyer to up his game. If he’s as big of a player in the market as you say he is, and he truly is interested in the property, then they’ll be plenty more buyers waiting in the wings if you list it. If you have a good agent, you should more than make up for his fee with a higher price. And, the agent is motivated to find another buyer to pay a higher price, because that’s the only way he gets paid. List that sucker.
What does everyone think? I have a buyer in talks with me about purchasing my place in nyc. The buyer is a one of the larger landlords in Manhattan. I found the buyer on my own and they started in a rush. Now all of a sudden they have started slowing things down, demanding that I stop advertising the place; while refusing to sign the contract at the same time; locking in the deal.
I have a realtor that is offering to take the property on for a month with an exclusion on the buyer I found. Do I do it? Do I tell the buyer that I am doing it?
I’m a small operation compared to this guy. What’s the best strategy? All thinking out loud appreciated!
Roger,
If he really likes your property, why do you think he "slowed things down"? If there's no contract signed with earnest money with the title company, he is not really serious, isn't he?
No matter how "big" the buyer seems to be, if there's no earnest money paid, you don't have an agreement. A very wise and experienced real estate investor once told me that a verbal agreement is worth the paper it is written on. So, go ahead and list the property with a real estate agent. Tell this "buyer" but you got to be in control and putting cash down (skin in the game) is the true measure of how serious the buyer is - not how many deals he has done or how many units he has in his portfolio.
@Roger R. I would say, remember that you have the property thus you have the upper hand! Don't let them play games and waste your time. Don't be afraid to move on entirely, or show them that you're prepared to if they don't get serious.
Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
7y
I am with everyone here. Just list it with the agent if you are serious about selling. So many people talk a big game but when it comes down to crunch time they disappear. Put money where your mouth is if you don't its just talk.
What does everyone think? I have a buyer in talks with me about purchasing my place in nyc. The buyer is a one of the larger landlords in Manhattan. I found the buyer on my own and they started in a rush. Now all of a sudden they have started slowing things down, demanding that I stop advertising the place; while refusing to sign the contract at the same time; locking in the deal.
I have a realtor that is offering to take the property on for a month with an exclusion on the buyer I found. Do I do it? Do I tell the buyer that I am doing it?
I’m a small operation compared to this guy. What’s the best strategy? All thinking out loud appreciated!
I'm a lawyer, but this is not legal advice.
You don't have any duty to tell him you are listing it. If you don't have a contract, there's no statutory requirement. Perhaps some ethical concerns, but I don't think they rise that high in this situation. Don't tell him unless it benefits you.