Almost sold my property... or did I? (why sellers hate land scammers)

I’m selling a nice little parcel in Texas. .75 acre, utilities, ready to build, no HOA, near a great set of lakes and public recreation areas. So I priced it near the top of the market; I don’t mind waiting for the right buyer.

Last week I get an inquiry from a buyer. Says, we are land sellers, would you consider a lower offer for a faster close? Sure, I say, it’s listed for $38k, seller finance, but if you have cash and are ready to close, I’ll take $28k.

Done deal. They send me a docusign, a simple 1 page contract, I sign, everybody’s happy.

Now, you know what happens next. I get the email from a new and different person, so sorry but due to changes in market conditions, we can’t offer $28, will you take $12?

No, I f*cking won’t. And let them know in those words.

“Oh we’re sorry, it’s just that we deal with so many owners, we don’t start due diligence until after we have a contract”

Um, no, dumb*ss, you asked for, and accepted a price, and signed the contract. And your “process” is stupid and wasteful, not only of my time but also your staff.

If you had taken the 5 minutes to check comps before signing the contract, you would know where you need to be and would have never wasted everybody’s time with the $28k contract.

So, now I am yet another landowner who really hates all these “guru’s” telling people to haggle AFTER they have a signed contract.

Don’t do that. I don’t care how busy you think you are, how rich some asshole guru tells you that you’ll get if you jerk people around like that.

Just decide your price before you commit to a contract. It’s not so difficult.

Go ahead, now tell me how wrong I am and how rich you are despite the huge trail of pissed off people you’ve left in your wake.

Hi @ScottBraden, I understand your frustration and I feel you. Even if I don’t run a complete due diligence on the properties I buy until I have a signed purchase agreement in my hands (and no…I’m far from being rich :grin: ), I do run a first layer of due diligence and this normally includes comps. I then complete the DD only after the purchase agreement has been finalized, by contacting the County and having a thorough title work.

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@scottbraden the best way that I know of to prevent this from happening is to ask for earnest money.

If they refuse, they are not a serious buyer.

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