One of my real estate deals was two adjoining parcels owned by the same elderly woman. Part of the deal is that I got an option on the piece I wasn't buying for a set (asking) price, and right of first refusal... so basically had the option of buying the property at the set asking price at any time, and I could buy it first if there was another offer.
Two years later I sold the first acreage for almost six times the price I paid and the adjoining parcel hadn't sold. The lady had never really tried to sell it after we made the deal, I think expecting me to buy it. But I couldn't take advantage of the deal we'd made. It just wouldn't have been right for me to buy that property for the price it had been valued at two years prior... and now worth six times as much.
I sent her a bunch of flowers and a note, telling her that her land was now worth a lot more and that she should get $$$ for it, and releasing her from our deal. I think I sleep better for it. But sometimes I don't sleep for it too...
There's a difference between making good market decisions and insisting that a deal makes you money (which is of course fair), and convincing people that something valuable they would like to sell has no value.
The first is good business. The second is stealing.
When I bought my tractor, it's market price with the accessories was at least 29,000, maybe 30,00.
I told the seller that I could give him 24,000 cash. When he agreed, I told him I didn't think it was a good deal for him and asked him if he was sure. When he said yes and that he just wanted out of the thing, we went to a notary and got everything done.
The tractor dealership hated me, though, and wouldn't talk to me. They had wanted to charge a premium to resell the tractor for him, you see. Had to go to another dealership for my service and warranty guarantee (the tractor only hadn't hours and two years left on the warranty).
If he had been a close friend, though, I would have felt real uncomfortable. Actually sold one of my prettier pairs to a friend at a discount to market price this last winter. Just couldn't play hard-selling marketeer with a buddy.
He should get almost all the money for the pair back from the steer calf come September the way prices are going.