Quote:
Originally Posted by 71T Targa
No deposit. Just a verbal 'handshake'. He's out of state, so we've never even met.
I'm the buyer, and am pretty sick about having to back out. I was thinking about kicking him something for his time, but I'm not quite sure what.
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Well at least you have a conscience
From a legal standpoint, you two did not have an enforceable contract since there was no apparent mutual consideration (i.e. a security deposit and an agreement not to sell to someone else). But I understand your feelings.
I guess I would "make him whole." If he detrimentally relied on your promise to buy and suffered damages (i.e., he had to pay an ebay commission whether you went thru with the deal or not or he had to incur additional expenses of another classified add, etc.) I'd reimburse him for anything reasonable. Now if he says "Well, I turned down another guy who had cash because I thought you were buying it and when you backed out my house got foreclosed because I was counting on getting the money and catching up my house note so buy me a house..." THAT ain't reasonable damages and tell him to take a hike.
Probably a sincere, honest letter about why you had to back out and an offer to make him whole by paying whatever expenses he incurred as a result of you not going thru with the deal would assuage your guilt. Nothing for pain and suffering and mental anguish, tho