Question

You are shopping for your first house and orally agree to purchase a house from a Seller for $10,000 less than the Seller's initial asking price. Later that day another buyer comes by and offers the Seller the full asking price. The Seller calls you and tells you that the deal is off and he is going to sell the house to the 2nd buyer

what will you doing with this the problem?

Answer 1

Imperfect information can make it difficult for a buyer and seller to agree on a price. In this case, the seller decided to sell the house to another buyer who offered the full asking price after initially agreeing to sell to you for $10,000 less.

Step-by-step explanation:

When there is imperfect information between a buyer and a seller, it can be difficult for them to agree on a price. Imperfect information means that either the buyer or the seller does not have all the relevant information about the product being exchanged. In this case, the seller initially agreed to sell the house to you for $10,000 less than the asking price, but later received a full asking price offer from another buyer. As a result, the seller decided to sell the house to the second buyer instead of you.

This situation highlights the challenges that can arise when there is imperfect information in a transaction. It is important for both buyers and sellers to have access to accurate and complete information to make informed decisions and negotiate a fair price.