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I need a bit of advice about a property i am purchasing and guaranteeing a price.
Essentially we have agreed a price verbally but i would like a little more certainty they wont change their minds after i have secured a mortgage based on that agreement. 
As the deal is between family members, they seem reluctant to involve an estate agent in order to save on fees and i am not sure i am happy with it all being so informal.
(12-18-2019, 03:03 PM)Sotv Wrote: [ -> ]I need a bit of advice about a property i am purchasing and guaranteeing a price.
Essentially we have agreed a price verbally but i would like a little more certainty they wont change their minds after i have secured a mortgage based on that agreement. 
As the deal is between family members, they seem reluctant to involve an estate agent in order to save on fees and i am not sure i am happy with it all being so informal.

PM me mon
Can't anyone change the price on you/backout right up until exchange? I've had this happen loads of time. You might even want to lower the price yourself after you've had the survey, or worst case, can't get the mortgage you want.

I always thought this was just something you had to live with, family or not. If there a way to mitigate this risk i'd love to hear it.
(12-18-2019, 03:58 PM)fuzzbox Wrote: [ -> ]Can't anyone change the price on you/backout right up until exchange? I've had this happen loads of time. You might even want to lower the price yourself after you've had the survey, or worst case, can't get the mortgage you want.

I always thought this was just something you had to live with, family or not. If there a way to mitigate this risk i'd love to hear it.

This is right.
Its known as "chipping".

Get your survey done and exchange it. You are protected then.
cheers for the advice guys. Manc, i'll PM you