Quote:
Originally posted by Moses
At your first suspicion that the lot was not buildable, you should have told the builder. Instead, you waited 7 weeks.
Now, you are looking at an opportunity to profit from your own mistake at the expense of a valued client. Is that about right?
If you value the builders business, sell the lot at market and forward the profit with a note to the builder. You will have enhanced your reputation and created invaluable goodwill.
Many years ago I found out that a senior partner recieved a "kickback" from a salesperson on a very expensive piece of equipment that I bought. That mistake cost him a great deal.
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My client, closed the property prior to getting the survey taking a risk. I assumed he did not close until he reiceved the survey and I was thusly holding up the closing. I had no idea he closed w/o a survey.
It took me 6 weeks to decided if it was my mistake or someone else screwed up. My biggest mistake was not telling my client something didn't look right, but again, I thought he did not close without a survey and was waiting for that phone call screaming for the survey to be delivered.
At the time we were all very busy, my client was on a "lot grab" campaign, look at like stocks rising and trying to buy on the way up. My client was one of the biggest factors that affected this towns lot prices. We were trying to juggle this job and its problems while keeping everything else on schedule.
The builder paid 25K for the lot. They are selling it to me for 35K as they feel this is what they have tied up in it interest wise. I even told the manager of this division (I referred to him as the owner earlier) that he should jump on this. He was not interested.
So now I get the lot. The market value last year was over 100K on this lot but the market is on a decline 70K is more in line now.