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Verbal Offer agreed but changed at the last minute, what are my rights.

2

Comments

  • theartfullodger
    theartfullodger Posts: 16,009 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 6 March at 7:01PM

    Your rights as are documented in the agreement you gave or received at the time of the conversation - ie pretty much nothing

  • saajan_12
    saajan_12 Posts: 5,802 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    https://forums.moneysavingexpert.com/discussion/6658278/verbal-offer-agreed-but-changed-at-the-last-minute-what-are-my-rights

    I also found out that the estate agent valued our house at between 305k and 325K so potentially a private sale would have been better anyway.

    Well that's par for course, a part ex is routinely at below value as you get the convenience of selling at the same time as buying, without having to deal with agents, breaking chains (as most estate agent sales are on fixed completion while new builds are completion-on-notice). Also the builder would sell it at the 305-325k price, so they want to make a spread in between as their profit or buffer in case of any valuation issues, solicitor costs, etc.

  • silvercar
    silvercar Posts: 50,950 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper

    builders often give what you want as the value of the part ex and inflate the new price. It then gives them a higher expectation to sell other properties as the one sold with a part ex will show a higher value.

    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • HouseHunter2026
    HouseHunter2026 Posts: 9 Forumite
    Name Dropper First Post
    https://forums.moneysavingexpert.com/discussion/comment/81912292#Comment_81912292

    Yeah the new house was 550k, they offered us the 300k we needed on the Friday afternoon, but changed their mind on the Saturday morning as I was about to pay the reserve fee! Maybe I should have just agreed but it left me with a bad feeling!

  • HouseHunter2026
    HouseHunter2026 Posts: 9 Forumite
    Name Dropper First Post

    I get that and was happy with the 300k! the new house was 550k, they offered us the 300k we needed on the Friday afternoon, but changed their mind on the Saturday morning as I was about to pay the reserve fee! Maybe I should have just agreed but it left me with a bad feeling!

  • HouseHunter2026
    HouseHunter2026 Posts: 9 Forumite
    Name Dropper First Post

    No such thing as integrity nowadays. Would you have agreed to a 5k reduction after verbally agreeing a figure?

  • HouseHunter2026
    HouseHunter2026 Posts: 9 Forumite
    Name Dropper First Post
    https://forums.moneysavingexpert.com/discussion/comment/81911849#Comment_81911849

    Thats what we thought. If they play games like that at the beginning then it would only get worse!

  • HouseHunter2026
    HouseHunter2026 Posts: 9 Forumite
    Name Dropper First Post

    Phone and email confirmation of the 300k figure agreed! They changed their mind 25 minutes before I was due to pay the reserve fee! 5k was a lot to us considering the new house was 550k.

  • HouseHunter2026
    HouseHunter2026 Posts: 9 Forumite
    Name Dropper First Post

    I get that, this wasn't really the issue. We were happy with 300k, we weren't happy they changed their mind 25 minutes before the sale. It put us on the spot and I didnt feel comfortable with that

  • HouseHunter2026
    HouseHunter2026 Posts: 9 Forumite
    Name Dropper First Post

    Would you give away 5k after agreeing a figure? We were happy with the figure, not the way they reduced it 25 minutes before signing a contract!

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