Jerome knows that Lucinda has coveted his classic car for quite some time. Final

Question

Jerome knows that Lucinda has coveted his classic car for quite some time. Finally willing to sell it, he sends a letter to Lucinda offering to sell the car for $15,000. Lucinda responds by saying she needs time to arrange financing. Lucinda offers Jerome $100 to keep the offer open for two weeks. Jerome agrees, taking the $100. Three days later, Philomena contacts Jerome saying she is interested in buying the car and has the cash to buy it outright. Jerome is concerned that if he doesn't sell the car to Philomena now, she may not be interested later. Furthermore, Lucinda may never be able to arrange financing. Jerome is afraid he may end up with no buyer at all. He comes to you for advice. What would you advise Jerome to do? Why – explain your rationale.

Explanation / Answer

In this case I would Suggest Jerome to have a discussion with Lucinda and if she is actually able to take the care or not because Philomena is ready to buy, I would also ask Jerome for some time may be 2 days and within these two days Lucinda needs to take the call. Jerome can even offer or returning the $100 in order to keep the offer open because it would be better for him to sell it to Philomena if Lucinda is unsure of managing and arranging the finance.

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