Previous owner wants to buy back

Just talk to them.

Similar thing just happened to us, only they're not previous owners. Friends down our street have friends desperate to buy in our street and would love our house, could they talk to us (we were tentatively beginning the steps of thinking of moving on).

Our house is 110 year old weatherboard Federation joint on a great street, quite hard to value as no comparables. We've been in it 8 years and completely rebuilt/renovated it.

They came round for a chat, loved the house, asked "how much". We said no idea, let me get some agents through.

We got 3 agents, all said same thing, send it to auction as very hard to value. "Best Case" at auction may fetch xxx on a very good day.

We went back to the people said too hard to price, auction would be the suggested method by 3 independent agents and if we were to price it it would be over $yyy

We had them over for dinner and gave them the info from the agents.

They came back straight away with a way over asking, unconditional offer on a 12 month settlement and will sign a contract straight away!!!! (they REALLY want our house) and saving $25k+ on agents commissions. The solicitors should have our contract finalized today.

Moral of the story, just talk to them and be open and honest, see where it leads. No one says you have to sell back to them. In our case, we're very sentimentally attached to our house and found it hard to contemplate moving on but when these guys turned up (who are lovely by the way) it all just fell into place nicely, we're really happy to see them take on our joint and the price and terms are icing on the cake.

 

... or selling a $40 oil painting on FB Marketplace.

Earlier this year, we (mainly the wife) were selling stuff on FB Marketplace to de-clutter our place. We weren’t trying to get top $; we just wanted these to go to a new home, instead of the tip.

One item was an oil painting we priced at $40. Don’t know its full market value but the frame was worth at least that.

Someone saw it and offered $35. The wife said yes as she was keen to get rid of it.

The buyer came around to pay for it and pick it up. The wife had to go out so I was left to complete the deal.

Long story short:- the buyer was an Asian couple. They arrived, looked at the painting, spoke between themselves in Chinese. Apparently, he liked it, she didn’t. The old “good cop, bad cop” stunt.

I told to them to make a decision. He handed over $30; I left my hand out for the other $5. She searched her purse to no avail. He searched his wallet and pockets but no luck. I told them the agreed/contract price was $35.

He went out to search their car and returned in “dismay”. By this time, I had enough of the old “this is all I got” stunt.

So, I asked which suburb were they from. They said the next suburb. So, I told them we had agreed to the $35 price, to go home, get the $5 and come back within the hour or we would sell the painting to someone else.

I have expected them to “miraculously” find the $5 in her purse, in his wallet, in their car, ...

I am all for negotiating but you do it prior to contracting to buy. The more they wasted my time, the more determined I became to get the contracted price.

They never returned (maybe due to being embarrassed). We stole the painting to the next person for $40.

The above shows why I am not a big fan of verbal offers/contracts. Put it on paper ASAP, especially for property transactions.

This is especially true when I am the seller. When I am the buyer, totally different matter .

 

Just treat them like all prospective buyers.