B/S/T Etiquette

[BRoberts]

About 25 years ago my wife and I sold a house in a competitive market. Asking price was around $350,000. We orally agreed to an offer of our asking price. Before we were legally bound, we received another offer $10,000 above asking. We declined. Our agent was surprised and assured us we were within our legal right to accept the new offer. We said that even though we legally could go back on our word, it wasn't something we thought was the right thing to do.

Passing no judgment here. I share the story only to illustrate that such practices aren't new. We were and are blessed that we could comfortably walk away from an extra $10,000 and instead do what we think was morally just. I understand that an extra $10,000 selling a house or an extra $10 selling a card is more important to some than to others. I don't agree with the thought that going back on your word is an accepted practice by everyone, no matter what the scenario or amount of money.

[Republicaninmass]

Originally Posted by BRoberts

About 25 years ago my wife and I sold a house in a competitive market. Asking price was around $350,000. We orally agreed to an offer of our asking price. Before we were legally bound, we received another offer $10,000 above asking. We declined. Our agent was surprised and assured us we were within our legal right to accept the new offer. We said that even though we legally could go back on our word, it wasn't something we thought was the right thing to do.

Passing no judgment here. I share the story only to illustrate that such practices aren't new. We were and are blessed that we could comfortably walk away from an extra $10,000 and instead do what we think was morally just. I understand that an extra $10,000 selling a house or an extra $10 selling a card is more important to some than to others. I don't agree with the thought that going back on your word is an accepted practice by everyone, no matter what the scenario or amount of money.

Bit of a straw man here, but in today's market, least on my street, offers are 200k over asking. It wouldn't be financially prudent to still hold your word for 200k more. Same I've seen with some transactions. A card grossly mispriced, someone emails the seller "hey dumb dumb" card is sold for much higher.

[Balticfox]

Originally Posted by BRoberts

About 25 years ago my wife and I sold a house in a competitive market. Asking price was around $350,000. We orally agreed to an offer of our asking price. Before we were legally bound, we received another offer $10,000 above asking. We declined. Our agent was surprised and assured us we were within our legal right to accept the new offer. We said that even though we legally could go back on our word, it wasn't something we thought was the right thing to do.

Passing no judgment here. I share the story only to illustrate that such practices aren't new. We were and are blessed that we could comfortably walk away from an extra $10,000 and instead do what we think was morally just. I understand that an extra $10,000 selling a house or an extra $10 selling a card is more important to some than to others. I don't agree with the thought that going back on your word is an accepted practice by everyone, no matter what the scenario or amount of money.

Kudos to you! A man's word should be his bond.

[BRoberts]

Originally Posted by Balticfox

Kudos to you! A man's word should be his bond.

That's how I was raised and continue to feel, even if it "wouldn't be financially prudent."