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New home seller has changed selling price, where do I stand?
Comments
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We paid a £100 reservation fee which was paid on a credit card but I don't think they actually processed it. They've said that this will be refunded.
There are 2 identical properties on the development that sold last year for £199,995 and £185,000 so I still think the property is worth a punt! I've written to the MD demanding an explanation.0 -
There have been plenty of posts on here about people being held to agreed prices by builders despite taking ages to build a property and prices falling generally the concensus is you have to pay up so why now is the concensus not the builder has to sell?
In those other cases the buyers had bought off plan, and had already exchanged contracts. They were therefore legally bound to complete at the agreed price.
The OP has only paid a reservation fee, not exchanged so either side can still negotiate.
I agree with the consensus here - give them a deadline to come back to the original agreement, and if they don't like it, walk.0 -
We paid a £100 reservation fee which was paid on a credit card but I don't think they actually processed it. They've said that this will be refunded.
There are 2 identical properties on the development that sold last year for £199,995 and £185,000 so I still think the property is worth a punt! I've written to the MD demanding an explanation.
Have you written to the Regional MD or the Group MD. The local ones don't really have much clout but their title sounds good.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Regional at this stage and await his response before taking it any further. Doing some further digging it seems that they've done it to a few other buyers this week too!0
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We paid a £100 reservation fee which was paid on a credit card but I don't think they actually processed it. They've said that this will be refunded.
There are 2 identical properties on the development that sold last year for £199,995 and £185,000 so I still think the property is worth a punt! I've written to the MD demanding an explanation.
Ooops, sorry. I picked up the £500 figure from a different poster.
Bear in mind that prices are down around 15-20% since this time last year. As an example, £185k less 20% = £148k. Obviously, translating the figures you quoted into present day prices depends on timing during the year.No reliance should be placed on the above! Absolutely none, do you hear?0
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