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Getting back to the OP's issue - is it really subject to valuation or is it an unconditional contract? Sounds more like the buyer's finance is conditional (the condition that the buyer achieved finance is satisfied) however valuation finance prior to completion is not a factor in determining...

AFAIK all dealings relating to real property must be in writing (though a residential or retail lease may be verbally agreed the relevant Acts apply).

Does the agent still expect to see his commission for the first sale? Yet also recommend relisting? Talk about a conflict of interest.