I purchased a lot in a new subdivision a few years ago and never ended up building so I stuck a for sale by owner sign on it a couple of months back.
Three days ago I got a call inquiring information about the lot and the details from Bidder 1. He seemed interested but said he’d get back to me and that was the end of it. I’ve had this exact conversation before and nothing ever came of it so I didn’t hold my breath.
Two days ago I got a call from a realtor working on behalf of a couple(bidder 2)who were interested and I gave her the requested information. Yesterday I got the phone call saying they wanted it and I told the realtor I’d pay her the 3% commission since she brought the buyer. From the conversation she stated that it would be a conventional loan and they would want an option period and she’d send an offer letter on Monday for whatever reason. I told her I’d get in touch with my lawyer and get back to her.
Cut to today and bidder 1 reached out to me and said he wanted the lot and he was willing to pay cash for it.
Now, I’m in a moral dilemma here. I’m in a good position financially, so the 3% isn’t a huge deal to me if I have to eat it. After thinking on it and getting some advice, I think what I’m going to do is:
Meet with the real estate agent and tell her I have an all cash offer. And if her clients want the land, she needs to send the offer and there will be no option period. In addition, her clients will pay for all closing costs and title insurance. The only money out of my pocket is the 3%.
Just interested in hearing /r/realestate opinion on all this