Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I did agree on a price and then proceeded to survey, then the second neighbor asked the surveyor what was going on. It is right across from him so he offered an outrageous sum to keep his privacy.
Since you have said you could really use the money and you do not have currently a good pension I suggest you take the large amount of money offered to you so he may keep his privacy......the neighbors sons friend should surely understand why you would sell at a much higher price.....and if he doesn't he is your neighbors sons friend and not your neighbor..just a friend of your neighbors son .....sell it for your once in a lifetime windfall and you'll be ever glad you did.
And don't forget this : if you sold to the friend of your neighbors son what would prevent him from selling to the guy with the huge offer to make himself some quick and easy huge money?.....take the huge offer and you'll be so much better off financially....and most of all you will be happy you did once that huge amount of money is deposited into your bank account.....
And don't forget this : if you sold to the friend of your neighbors son what would prevent him from selling to the guy with the huge offer to make himself some quick and easy huge money?.....take the huge offer and you'll be so much better off financially....and most of all you will be happy you did once that huge amount of money is deposited into your bank account.....
Yes. This.
Then you would really kick yourself.
You're feeling what you consider to be a moral dilemma. Nothing guarantees that sonny boy would exhibit any such concern – especially for you – once he had title.
I also think you should take the better deal. You aren’t cheating the other party; he should have produced a contract when you agreed to a price. Since you need the money, I think you should not cheat yourself out of this unexpected windfall.
But there is a lesson here. It would have been better to have had the land appraised before agreeing to a price.
Also to be considered is this: the friend would probably take the higher offer if the circumstances were reversed.
So you have an implied contract. You'd best consult with an attorney before deciding to sell it to the other guy. Implied contracts are legally enforceable
The described circumstances don’t meet the requirements for an implied contract. In addition, verbal contracts aren’t valid for real estate in most (all?) jurisdictions.
I'm certainly far from being a lawyer, but legally I don't think he has a leg to stand on. If you're talking about the moral obligation of staying true to your word, then that's something you'll have to grapple with, and if you decide to sell to the employer, you may have to live with some guilt feelings. But don't let it eat you up. Life goes on, deals get made; some go through and others fall through.
That's my opinion, anyway.
While contracts for the sale of land are generally required to be in writing (see the statute of frauds), there are exceptions, including that of promissory estoppel, in which a verbal land contract can still be enforced if the other party reasonably relied to his detriment on the promise to sell. I'm not saying that is what we have here, but the OP is not necessarily out of the woods, legally, on this one.
OP: given the dilemma that you're having here, it is clear to me that you are a good person with a very tough decision to make. While I, too, hate breaking my word and can understand the neighbor's son's friend's frustrations, I would ultimately go with the employer for reasons already stated. If it was only about the money, I'd give the neighbor's son's friend the opportunity to match the new offer price, but its not just about the money. No, its about your livelihood/employment. The neighbor's son's friend may be upset, but that's a small price to pay to reduce the potential of losing your job/livelihood if you don't go with the new offer.
The described circumstances don’t meet the requirements for an implied contract. In addition, verbal contracts aren’t valid for real estate in most (all?) jurisdictions.
The Statute of Frauds generally prohibits verbal contracts for the sale of land, among other things. However, there are exceptions to this principle, including where a party to the contract has relied on the agreement/promise to his/her detriment (see the principle of promissory estoppel). I'm not saying that is what the OP is faced with (still would need more facts before determining such), but things aren't so black and white either, unfortunately.
I already did talk to him and he basically said I shouldn't go back on my word but I didn't give him the details. I feel like a pawn in a mafia movie.
Wow, he sounds like an entitled jerk. That's your land. Do with it what is best for you. You told him about the other offer. He could step up his; otherwise, if you sell it to him cheap, he could eventually sell it and get the benefit of the the equity that you gave away for free. You're being manipulated.
Also, when you first indicated that you'd sell it to him, did you say that it would be at market value. . .and, by market value, I mean what the market is willing to pay (i.e., the highest bidder).
I bought this land when I was young, figuring it like money in the bank. That's what I should use it for.
You should be very proud of yourself for making such a wise investment when you were young...and with the extremely current generous offer made by the person who employs you who is willing to pay you more than market value so he may maintain his privacy by purchasing these acres of land you bought for an investment when you were young it turns out to be the best investment ever so be proud of that.....Congratulations !!
And if the younger guy who is not a neighbor and only is a friend of your neighbors son can not accept and be happy for your great investment this turned out to be for you than he is not really worthy of the property IMO.......take the offer from your employer and understand his need for privacy and that he is willing to pay you for that need he has...instead of low balling you being he employs you....your employer is a stand up guy in my opinion ....sell him to him and you will sleep much better at night knowing you are now more financially secure than before all due to you having made a very wise and awesome investment when you were young...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
