Simultaneous Counter Offer For Land Deal
I am taking on my first development project. I accepted a counter offer from seller on a piece of land over a week ago and after removing all contingencies from the contract as agreed. The seller comes back with a simultaneous counter offer 8 days later and says he has 2 other offers and he'd like to counter all 3 of us. I had already agreed to the price he asked for and he says there was nothing he did not like about the previous agreement. The seller now wants the highest and best offer, but i found out today he is still only a contract owner of the land and has not closed on the property himself. He is also asking to close about 2 weeks . Should I offer more money or should I stick to my guns about our prior agreement ? :-?
Technically, unless both you and the seller signed the counteroffer, it seems to me that you and he don't have a binding agreement.
But regardless, I have another suggestion: run away very fast.
I have never known any developer or any builder who agreed to buy a piece of land without ANY contingencies, including a due diligence period. Personally, I wouldn't try to do business with this guy--either he's lying about the other offers or he extremely unrealistic and greedy. Either way, I think this isn't a good situation for you to be involved with.