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

Perhaps the nephew should say "I can see the misunderstanding will have permanently tainted your perception of my house. I don't expect you to live in a house where you will start with such negative feelings. I expect there will be several houses in the village coming onto the market soon that will better meet your expectations and I'll have to take the hit on the estate agency fees and hope I'll find a buyer able to meet the minimum sale price I'll need to buy another house. Good luck"

His own mother not sticking up for him wtf, would she take money from her own pocket to compensate him for £30k I don’t think so.

That's it, really. She's either very 'simple' or a narc who is centring her own life and feelings at a massive cost to her son.

People seem to be treating it like he's had a sudden serendipitous windfall and doesn't want to just give all of it away. As a PP said, if he'd just won a million on the lottery, he may be kind and keep the 2020 selling price for them (although they sound like the sort who would then expect it completely free, as well as him to replace all the fittings with solid gold ones and pay their next 30 years' bills).

He hasn't really benefited at all as all of the houses in the chain will have gone up. The only real beneficiary might be the person at the top of the chain if they've inherited a house and thus have nothing else to buy or are moving somewhere far cheaper.

It's the same principle as with pay rises, when they only keep track with inflation; wondering what lovely treats you're going to buy with all that extra money when, in reality, your everyday bills have also gone up to account for (often more than) any increase you got. This is the equivalent of expecting somebody to hand over THEIR pay rise (yes, it's theirs, not yours, right at the outset) but paying no heed to how much their living costs have risen at the same time and how they will then meet them.

See this is why I think you shouldnt consider selling to either family or friends. Obv Nephew is right! Surely their home will have increased in value as well? Never mix Business and pleasure as they say!

Having watched the property prices over even the last 6months I think the aunt and uncle should jump at only a £30k increase.

I would have expected nephews house to be £200,000+ now
Given how the property market is nephew could end up achieving that if a bidding war starts

I think aunt and uncle are going to get a shock when they start to look and put in offers

If they'd wanted the house at the lower £150K value they should have bought it then, not waited 2 years for it to go up in price and still expect it to be at the same price as it was 2 years ago.

Nephew is correct
Aunt & uncle are living in cloud cuckoo land

Note : never sell to a friend or relative it will usually end in tears one way or another