A simple handshake deal fell through so I started getting everything in writing

Back in 2018 I was buying a small rental property in Cincinnati from a guy I knew from church. We shook hands on $87,500 and I gave him a $2,000 deposit on a napkin. Three weeks later he took a better offer from someone else and claimed we never had a deal. I learned the hard way that even with people you trust you need a signed contract and a paper trail before handing over cash. Has anyone else had a verbal agreement go bad when they were trying to buy direct from a seller?

2 comments

2 Comments

angelas7819d ago

That napkin story is rough. I used to be the kind of person who thought a handshake and your word was all you needed, especially with people you see every Sunday. But after I lost a car I was trying to buy private party because the guy's cousin offered him more money two days later, I changed my mind completely. I had given him $500 cash and he just said sorry, nothing in writing so I had no way to get it back. Now I make sure we print out a simple bill of sale or a receipt that we both sign and date before any money changes hands. It feels awkward at first, but it has saved me from a lot of headache since then.

victorbutler19d ago

Yeah I used to be the same way, figured a handshake was as good as gold if you knew the person. But that story about the $500 really hits home, stuff like that can change your whole outlook on things fast.