Handshake deal went South. Seller sold to someone else.

[James McCormick]

This last Friday I responded to a text that was sent to me buy a wholesaler in town. It described an open house on a piece of property that I was interested in. I checked out the house and decided that it was a deal that would work for me, so I made an offer verbally, and it was accepted by the seller who had an option to buy it. So he was owner by contract. We shook hands and declared the deal to be done. I was to email him a contract later that evening, which I did. Had not heard from him through the weekend.

I called him this morning and he had this whole story about the owner, to which he was supposed to have an option to purchase, and the owner had sold to another investor. I find this difficult to believe because an option to purchase real estate is a binding contract. So I am feeling at this point that he definitely lied to me and possibly used my contract to shop for a better offer.

Now I have no problem being outbid, as this happens, it's just part of the game. I do however have a problem with a deal being made and then him backing out especially in the way that he did it by lying to me. So the question, would you work with this guy in the future, having been through that same experience. I wish not to have dealings with somebody who's going to lie to me and not be dependable. Just my feelings on doing business in general. Does that sound too harsh? Thank you all so much for your input.