Re: Reniging on a verbal Agreement. - Posted by B.L.Renfrow
Posted by B.L.Renfrow on December 13, 1999 at 14:18:28:
The FMV of the property in question has absolutely nothing to do with what the seller paid for it 15 years ago, nor does it have anything to do with the seller’s asking price.
Your offer should be based on comps - what similar properties in the area have sold for recently - and on what you plan to do with it.
And, as the other posts point out, you are not obligated by a verbal offer. You can always tell the seller you have reassessed the situation and feel your original offer would not allow you the room you need.
In the future, remember that if you start with a LOW offer, you can always increase it. It’s pretty tough to go the other way and retain credibility with the seller.