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

[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.

[Peteyvee]

Call, email (or whatever ) buyer #1 and tell him you have an offer at your original price and if you don't have the money within 24 hours you're going to sell it to buyer #2. Call buyer #2 and tell him you have another offer and will him let him know in 24 hours. Anyone with any common sense will understand and either cough up the dough or lose out to #2....

[bluejack]

Tough call, but if you agreed to the sale,you should honor it. You should have set a time for yourself in which to hold out for a reasonable offer, after that whatever you can get or donate. And sounds like you really just want to move it anyway. Just give buyer #2 the option if the first deal falls thru.

Cheers,
J

[AD_]

Money didn't change hands, so it wasn't sold. Agreeing to pay in a few days isn't a binding deal. If he wanted it that bad he should have given you a deposit.

Frankly, if you were buying a car at a dealership, and agreed to pay $5000 less than the dealer was asking but didn't BUY it - just agreed on a price - then another person comes in and says "hey I like that car here's my money" yep, they're gonna call you and say sorry it sold. If you put a deposit on the car to hold it, that is a different story. Money talks.

Nothing is preventing your #1 guy from, two days from now, saying "oh no man sorry I got robbed" or "dang I gave all my money to my wife" or whatever. Now you lost the opportunity to sell to #2 guy most likely.

Like I said, money talks. Everything else is hot air.

[John Coloccia]

If I'm not willing to hold it for someone (and usually I'm not), I'll tell the first buyer at the time we make the deal, "I'm happy to sell it to you at that price but if someone wants to purchase it before you, I reserve the right to sell it to him first.". Why? Because I generally sell to the first person that actually buys it, not promises to buy it. I've had too many of those fall through so now I'm upfront about it. I only hold if you have money in hand and we have a solid meeting place and time in the very near future...or a deposit or SOMETHING.

Once I tell someone it's theirs, though, it's theirs. If I get screwed because I sold it lower than I should have, that's my problem. If the guys stands me up, that's my problem. You have to assume some risk on both sides or you'll never make deal.

So sell it to #1 and let #2 know it's theirs if the deal falls through.

I don't know how much money you're talking about here, but if you really want to get silly you can give him a choice of buying at the original price OR splitting the difference in extra profit you'll be making by selling to the second guy. You'll make more money, they first buyer get's some cash for letting you our of your deal, and everyone walks away happy and sleeps well at night.

[hitchface]

Integrity. Do what you said you would do.

In the future, do what jcoloccia said, and give yourself a reasonable out. Nobody likes selling at below fair price.

[JCastro]

Id sell to Buyer 2 and tell Buyer 1 item was sold at asking price. I wouldnt care if Buyer 1 thought I was flake. I dont sell on CL to make friends.

[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.

[korby]

Originally Posted by gitdude

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

This

[mudster]

Be honest, explain the situation, give the lowball a chance to match the offer, then sell to the highest bidder.