My husband and I live in Washington State. We are selling a house FSBO. We have very interested potential buyers. The first contact we had with them, the daughter told my husband on the phone that her mother was interested in the house and had the money to buy it. We showed them the house and they fell in love with it, and had to have it. The mother is the buyer; we agreed on a price; $145,000. Nothing was put in writing-it was all verbal.We told her we wanted $25,000 down, and upon the sale of her house, she could pay us the balance. (She has a $400,000 home which is paid for, and it's almost ready to be listed.)She asked if she could move in to our house and basically pay us rent until her house sells. Assuming we were going to receive a $25,000 down payment, we agreed. Last week her daughter called and said that her mother had the $25,000 in her savings account and they were getting her house ready to sell, and she still wanted our house. When we met with them Monday night, the mother told us she had no cash for a down-payment, but would we be willing to let her move in August 1st, and she would write us a check for the $145,000 (less what she pays in rent)as soon as her house sells. At the time we said okay, but felt mislead by the daughter. Now after looking over rental agreements and option to purchase agreements, and sales agreements, we don't know which type of contract to use. Since there is still nothing in writing between us and them, are we oligated to do this at all? We have left the house on the market, but to be fair to people who call, we've been telling them that there is an offer on the house. This could have cost us a buyer who really was qualified, had the money and was ready to buy. We are supposed to get together Thursday and put the deal in writing. What would you do if you were us? | 
07-18-2001, 10:55 PM
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