Vendor suggesting I lower my offer to complete - should I get a legal commitment?

saajan_12

pjs493 said:

Thanks for all the suggestions. When I said ‘legally binding’ I think I was thinking along the lines of filling in the official offer paperwork with the agreed price again so it was in writing rather than just words in a phone call. The estate agent for the vendor has indicated how low the vendor would be prepared to go and it is reasonable. I’ve reduced my asking price for a portion of that to allow wiggle room for offers. Keeping fingers crossed for a quick sale. 

The vendor is a lovely elderly lady who just wants her second home enjoyed by a young family now that she’s too old to make use of it and I think she’s happy to reduce the price in order to help move things along. The nature of the property means that there are upkeep costs that she is paying even though she no longer uses the property, so a quick sale will mitigate the costs she is currently incurring so it all makes sense in this specific situation. 

The reduced asking price for the property I’m selling does price it lower than similar properties and has sparked new interest in it. I’ve received an offer from someone who isn’t in a position to proceed because they haven’t sold their house and have a first time buyer viewing later this week. So hopefully it will sell fast now that it’s well below market value. 

There's no official offer paperwork that means anything before exchange.. maybe you could yell at them for breaking their word. Ultimately if they reneged, you'd (threaten to) pull out of the sale.