Have a verbal agreement, Now What?

[Haven M.]

So I have a verbal agreement, very informal at this point, from a seller on a piece of development property in St John, US Virgin Islands. The owner said he would sell me the property at about 73% of comparable property values in the area.

I'll be looking to assign the property for a modest profit. What should my next steps be?

[Curt Davis]

Well, what happens when you start marketing the property without a signed contract and then your potential buyer goes around you and gets it cheaper? No signed contract, no agreement. You actually have nothing at this point because in the real estate world, sadly peoples word is no good anymore these days.