Family fall-out over house sale

[WomanStanleyWoman]

I will start by saying this is NOT my family, but rather family friends. As such I’ve only heard it second and third-hand, so I can’t confirm whether everything I’ve been told is 100% accurate.

Anyway, a couple we know - mid-sixties, no children - have lived in a small village for over 30 years. Now that they’re older, they feel a bit isolated there, so want to move back to town to be near her sister and BIL, plus their extended family.

By coincidence, one of their nephews was considering selling his house, and asked if they’d be interested in buying. He lives a few minutes’ walk from his parents, so the location seemed ideal. He had it valued at £155k, but told them as he wouldn’t be paying estate agent fees and would have a guaranteed buyer, they could have it for £150k. They jumped at the chance.

However, Covid hit soon afterwards. As it became clear lockdown wasn’t short-term, they all felt it wasn’t the right time to move, so mutually agreed to put it on hold indefinitely.

Now things are as close to normal as they’ll ever be, the couple has asked their nephew if he’d still consider selling. He said yes, and that he’d get a new valuation, but to give them an idea, similar properties in the area were going for around £185 - 195k.

They apparently reacted with complete bemusement and said ‘But you’ve already agreed to sell it to us for £150k’. He was equally bemused and said ‘But that was two years ago. House prices have gone way up since then. I’ve got to sell it for what it’s worth now’.

Well, apparently all hell has broken loose. Aunt and uncle are horrified, saying they can’t believe their own nephew would try to fleece them like this. He’s told them they’re being ridiculous and he can’t possibly take a £30k loss on his house. He’s reminded them that anyway he wants to buy will have gone up too; they’re still saying ‘But we agreed!!’ and are upset/furious. Her sister/his mother is in bits, saying she can’t believe her family is going to be torn apart over a house, and whatever she does she’ll upset someone she loves.

Who is right?

YABU - Aunt and Uncle are right
YANBU - Nephew is right

@SouthOfFrance

Are the Aunt and Uncle selling their house to fund the move?

I believe so. I don’t know the area they live in very well, but I’m assuming prices have gone up there too (although whether by a similar percentage or not, I couldn’t tell you).

Nephew is right, aunt and uncles property will have gone up in value aswell surely?

@Hertsgirl10

You’re the ‘nephew’ aren’t you.

Why does someone always say this?

Thankfully I’m not!

@Hawkins001

The nephew should of honoured the original asking price, however as the devil is in the details, especially with family , a contract should of been written with terms and conditions, to prevent such as this

No asking price remains valid for two years?!

Mortgage agreements only last a few months!

This is crazy (of the aunt/uncle just to be clear). They could also ask the nephew to sell to someone else, give them 30k and everyone would end up in the same situation!

Presumably they had the opportunity to agree a fixed price and firm sale in the future back in the day but didn't ensure their assumption was shared?

If the price had halved and the nephew had told them they needed to buy and at the historical, higher price, how would they have reacted?

So the aunt and uncle can sell their house at current rates but their nephew has to hold onto a price from 2 years ago. Get to fuck...

Nephew needs to instruct an estate agent and sell to the highest bidder.

Ant and uncle are deluded. Nephew is completely right to want current market value and not the valuation a couple of year ago! And surely their property will have gone up in value too and that would cover the increase.

Also if house prices had dropped would they be happy to proceed with the previous price. Jeez I don't think so.

The nephew is of course correct. The aunt and uncle will be selling for more than they would have 2 years ago so everyone benefits from the price increase. In the nephew’s shoes, I would sell on the open market.

im with the nephew , they were bloody stupid to not have bought it when he offered it orginally , lockdowns were not ongoing for a whole 2 years running , they should have pulled their finger out and got it sorted back then , i wouldnt be taking a 30 grand hit on it now , they are finding out the hard way that if your offered a bargin, you have to strike when the irons hot

It seems miscommunication on the nephews part, by not being explicit in stating that he would have a revaluation and it would be a different price as and when.

@Hawkins001

It seems miscommunication on the nephews part, by not being explicit in stating that he would have a revaluation and it would be a different price as and when.

even if that's true, which...no,

you don't apologise for a miscommunication by gifting someone 30k

Aunt & uncle in the wrong. I think best thing to do is for him to sell on open market.

How can they possibly think this is ok to basically want their nephew to be at a huge loss on what he could sell for, and why would his mum think a compromise should be made ? as basically a compromise would be nephew accepting less than its current market value to appease the aunt/uncle.
Meanwhile the aunt and uncle will sell theirs for more and be at a double gain but nephew at a loss.

We were set to move during pandemic, seller of house we were buying pulled out very last minute! About 6 months later we sold for 30k more. This was in Essex.

Aunt and uncle are trying to fleece their nephew.

Unless there is something I’ve missed - the nephew is in the right asking for the market rate for his house. If it had dropped I’m sure aunt & uncle would look to pay less?

@Hawkins001

It seems miscommunication on the nephews part, by not being explicit in stating that he would have a revaluation and it would be a different price as and when.

I would think this should be bloody obvious.

@Hawkins001

It seems miscommunication on the nephews part, by not being explicit in stating that he would have a revaluation and it would be a different price as and when.

Did he need to tell them? Surely they could have worked out for themselves that values wouldn't have stayed the same - and that that included the value of whatever the nephew might want to buy?

The nephew is right, we'd all like to buy a property at 2020 prices! Sadly I don't think the older generation can grasp how fast the house market moves. I saw an archived house listing from 2018, do you think I could buy it at the price it was back then? No of course not.

Nephew should pull out and sell to people who understand how buying things works.

Are the aunt and uncle going to sell their home at 2020 prices? Probably not! They’re being idiots and clearly don’t quite understand how the housing market works!

The aunt and uncle are a lot of things, but they aren't idiots - they know exactly what they're doing. They're real-life Count Arthur Strongs. They remind me of the kind of people who want a tradesman friend to not just provide their labour at 'mates rates' but will also accuse the tradie of ripping them off by expecting them to pay the cost price of the raw materials that are being installed in their house!

The idea of a 'compromise' is also ludicrous. They're effectively demanding that he give them £30K. How would him being gaslighted into 'only' giving them £15K be a 'compromise' in anybody's world?

Nephew is right. His mum however is being completely unreasonable in not backing him.

Aunt and uncle are greedy.

The aunt and uncle are morons.

Nephew is in the right
Aunt and uncle are being very selfish