What's the norm/etiquette when faced with a situation like this?

[dreamspace]

Say that you're selling an item. You haven't received much interest, but some guy lowballs you, and you agree (phone, email, whatever) on the sale just to get the item out of the house. The buyer says he'll pay you tomorrow/in a couple of days. (

Right after that, some other buyer emails you and says "I'll take it" for original asking price.

Do you:

A) Tell buyer nr. 2 "Sorry, item sold"
B) Contact buyer nr. 1 and inform that some other buyer has greatly "outbid" him, and ask if he wants to shell out some more (Even though it's not an auction type of site to begin with)

?

[natmiss]

Take the money!!!!!!!

[donthasslethehoff]

I'd inform #2 I already have a potential buyer, if that deal falls thru, then he's welcome to it. I'd inform #1 that if he doesn't pay in the agreed upon SPECEFIC time frame, that I may have another buyer. So please pay up or move on. Sucks, but hey..do onto others as you rarely have done on to you..or someting like that

[jumpnblues]

IMHO, if you told the first guy it's a sale...it's a sale. I've had that happen to me before. But I try to do...the right thing. To me, it's all about integrity. Put yourself in the first guy's shoes. If you low balled someone and they accepted would you expect them to follow through?


Tom

[mrmatt1972]

Originally Posted by jumpnblues

IMHO, if you told the first guy it's a sale...it's a sale. I've had that happen to me before. But I try to do...the right thing. To me, it's all about integrity. Put yourself in the first guy's shoes. If you low balled someone and they accepted would you expect them to follow through?


Tom

It is only a sale when I have cash in hand. Until then it's a promise that many buyers of that type fake out of. I will agree to sell to you at agreed upon price on agreed upon day ("The day after payday" or whatever...) if I still have the item.

[R.S.Fraser Sr.]

a deal is a deal, if you are an honest person.
The lowball deal should be honoured.

[gitdude]

When someone actually pays you, the deal is sealed. Promises are still worth exactly nothing monetarily.

[korby]

Originally Posted by gitdude

When someone actually pays you, the deal is sealed. Promises are still worth exactly nothing monetarily.

This

[andybaylor]

Originally Posted by gitdude

When someone actually pays you, the deal is sealed. Promises are still worth exactly nothing monetarily.

This. Don't be a sap. It's TGP.

[Gasp100]

Originally Posted by gitdude

When someone actually pays you, the deal is sealed. Promises are still worth exactly nothing monetarily.

Agree. Reach out to the initial bidder (it's ONLY a bid until he/she pays you) and get a firm commitment on when cash will be received. In the meantime tell #2 he is second in line but you should have an answer shortly.
What's up with giving people time to get their money in order?
This isn't preschool... if you want it, be prepared to pay for it (IMHO of course). This ain't layaway.

[bluesgolfer]

Originally Posted by Gasp100

Agree. Reach out to the initial bidder (it's ONLY a bid until he/she pays you) and get a firm commitment on when cash will be received. In the meantime tell #2 he is second in line but you should have an answer shortly.
What's up with giving people time to get their money in order?
This isn't preschool... if you want it, be prepared to pay for it (IMHO of course). This ain't layaway.

It is not only a bid. They had an agreement as to price and payment terms. They had a contract. Seller did the right thing by performing as promised.

As for time to get money in order, if the seller wasn't ok with that he could have simply said no, no deal. But he agreed to it.

[bsuite]

Originally Posted by gitdude

When someone actually pays you, the deal is sealed. Promises are still worth exactly nothing monetarily.

uh, unless you agreed to wait.

[StompBoxBlues]

Originally Posted by bsuite

uh, unless you agreed to wait.

It really also boils down to, knowing AND eveluating what you are agreeing to.

Just so it is clear, shouldn't have to be stated but I see indications that it ought to...when I advocate keeping ones word, it isn't in some fantasy-land where everyone is honorable.

I live in the real world.

I'm saying, IF you "agree to wait" or put a hold on something, you better know you ARE taking a chance. That you are binding to a commitment, and there is a risk there that the other party won't fulfill their side of it...and that you will lose out if somene else comes along and offers (though in reality, you'd be kinda dumb not to take their name and number and say "I have a deal with someone, but if the person doesn't take it by monday, the deal is broken and I can give you a call")

But THAT is the deal. You can't break it if you agreed, because "most folks aren't honest, so why should I believe he'll come with the money?", because you knew that when you went in.

So it is best NOT to make that deal if you aren't willing to take the risk.

On the other hand, I would probably shy away from a "if you get here first" guy, depending. If I have to drive a ways, and can't even be sure as I drive up, someone else isn't driving off with it...wast of time plus, this tells me the guy selling is also only about what's easy for him...which might translate into other things like hidden problems in the item, etc. They go together. Often.

It usually isn't worth it to me.

[Lo Blues]

Originally Posted by StompBoxBlues

But THAT is the deal. You can't break it if you agreed, because "most folks aren't honest, so why should I believe he'll come with the money?", because you knew that when you went in.

So it is best NOT to make that deal if you aren't willing to take the risk.

This is what I keep thinking. If you (not the OP specifically) start out trusting this guy nothing should change when you get a better offer. It seems like as soon as the better deal is offered all of a sudden you start to question the original deal.

[Roadbull]

Originally Posted by StompBoxBlues

On the other hand, I would probably shy away from a "if you get here first" guy, depending. If I have to drive a ways, and can't even be sure as I drive up, someone else isn't driving off with it...wast of time plus, this tells me the guy selling is also only about what's easy for him...which might translate into other things like hidden problems in the item, etc. They go together. Often.

It usually isn't worth it to me.

+1. If I agreed to buy something and the seller told me that he would sell it out from under me in the time it takes to drive over then I'd say forget it. Tells you something about the seller.

Lesson here is that the time limit to pay should always be CLEARLY agreed upon up front - whether it's one hour, one day, week, etc so everyone knows the deal.