selling house - ethical question

[Carver]

In england and wales property is sold subject to contract. A verbal offer is not a contract and vendor or buyer can pull out at any time before a written contract is exchanged. You cannot be sued for going back on your word.

Now for my ooinion....
Get 1st bidders to match the offer and start a bidding war. Don't feel ashamed. You want the best price. If they both have the same final bid get them to meet the neighbours and ask next door who they prefer to move in. Then you can choose to honour their wishes or plan revenge, especially if one of the buyers plays drums or bass ;-)

In reality i would have the same dilemma as my word is my bond.
You will be doing 1st bidder a favour by telling them about higher offer before they spend money on solicitors mortgage applications or a survey.

 

[Blue Maverick]

But since verbal contracts are valid in UK,he could enforce the sale through court

That would be difficult to prove, certainly without any independent witnesses to the ''agreement''. One person's word against another.

I would imagine the offer came through an estate agent.

So what if the buyer pulls out, I've never heard that verbal is legally binding, I think it should be same as Scotland once you agree it's done unless the other party pays compensation to pull out.

 

[sir baconface]

That would be difficult to prove, certainly without any independent witnesses to the ''agreement''. One person's word against another.

I would imagine the offer came through an estate agent.

So what if the buyer pulls out, I've never heard that verbal is legally binding, I think it should be same as Scotland once you agree it's done unless the other party pays compensation to pull out.

Both buyer and seller can pull out. If the buyer pulls out after paying their deposit they will lose their deposit but still can't be forced to complete.

 

[nelsons willie]

This was a question on Lbc tonight. The estate agent expert said nothing is sold until the contract is signed and the sign on the board thingy outside the house should say offer made subject to contract or something like that. I'll go back to chaturbate now, its more my line of expertise

 

[MikeF]

I'd only accept an offer on condition that a quick completion happened, say 6 weeks. Given the fact they are cash buyers, I'd say there shouldn't be a problem

However, in my experience, those that are the most keen are the ones that let you down without a care in the world

 

[pirate]

But since verbal contracts are valid in UK,he could enforce the sale through court

not in respect to the sale of land

 

[Skashion]

In england and wales property is sold subject to contract. A verbal offer is not a contract and vendor or buyer can pull out at any time before a written contract is exchanged. You cannot be sued for going back on your word.

Now for my ooinion....
Get 1st bidders to match the offer and start a bidding war. Don't feel ashamed. You want the best price. If they both have the same final bid get them to meet the neighbours and ask next door who they prefer to move in. Then you can choose to honour their wishes or plan revenge, especially if one of the buyers plays drums or bass ;-)

In reality i would have the same dilemma as my word is my bond.
You will be doing 1st bidder a favour by telling them about higher offer before they spend money on solicitors mortgage applications or a survey.

A verbal offer and verbal acceptance would, ordinarily, in the vast vast majority of situations, be a contract, but that isn't true with respect to the sale of land and property where it must be a written contract. In most situations you CAN be sued for going back on your word.

 

[Paladin]

Since you are posting the question here, this is clearly a moral dilemma for you, and I suspect you would be uncomfortable if you were to go back on your verbal agreement. Therefore go ahead with the sale, and have a clear conscience.

If the sale should fall through, given the interest, you could market the house again at an increased price.

 

[cyberblue]

Currently selling the house, and the first viewing brought an offer that we accepted. Nothing has been signed, and the house has been on the market for 2 days. Now we have more viewings, so what do we do if someone makes a better offer?

My missus reckons that we shouldn't be greedy and let the first viewers have it, even if we're offered more money. Now I'm inclined to agree with this as I think it's morally the right thing to do. However, my neighbour said if nothing is signed, and more money is on offer then you take the higher offer, letting the other party know.

What would you do?

It is not being greedy .it is a buisness deal dont rule any thing in or out .the first ones might pull out ,nothing has been signd so there is no binding agreement .keep your options opeen

 

[AlthamBlue]

Currently selling the house, and the first viewing brought an offer that we accepted. Nothing has been signed, and the house has been on the market for 2 days. Now we have more viewings, so what do we do if someone makes a better offer?

My missus reckons that we shouldn't be greedy and let the first viewers have it, even if we're offered more money. Now I'm inclined to agree with this as I think it's morally the right thing to do. However, my neighbour said if nothing is signed, and more money is on offer then you take the higher offer, letting the other party know.

What would you do?

If you've accepted the offer the estate agents shouldn't be arranging anymore viewings. It should be listed as under offer, and you should be looking for your new house (if you haven't found one already).