A Pro's Mistake? What Would YOU Do?

Depending on how you answer the question I am about to pose, will tell me what kind of person you are.

Just yesterday, I reviewed a P&S (purchase and sales) agmt. It was a counter-offer I rec'd back from a Seller.

On the 2nd to the last page, this Seller made a grave error. One that could really have cost him dearly.

He made it. It could've been HIS hard-learned lesson (and I am sure his broker would have been named in a lawsuit by him, so she is on the hook for potentially screwing up, too). But, I don't do business that way.

I made an offer on 65 acres. My offer was essentially half down and half in two yrs with an owner carry 2nd, essentially allowing me to get into the property for no money. [If you don't get what I just said, do yourself a favor and register for the upcoming boot camp in Orlando - Info at the site listed below.]

He initialed all pages which is req'd on Oregon RE forms used by brokers.

Then, on the last page, he also signed in the area stating that he accepted my offer. THEN, his broker, submitted a signed page to my broker, Kevin, with a counter.

See the issue?

He ACCEPTED my offer.

Legally, he's on the hook to sell it to me for what I offered. All I needed to do was send my EM (earnest money) in to Kevin and it's a done deal.

Now, he or his atty (trust me, it would have gotten to that point) would have argued INTENT - his INTENT was to counter. He made an honest mistake.

MY atty would have said, "Too bad. He's a seasoned investor familiar with contracts and so on. TOUGH."

What would you have done?

You get an idea of what I am doing, right?

I do unto others...you know.

More to come when I get the latest, which should be later today or this week before Friday.

Best, Jerry

Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com