House sale. Previous buyer trying to claim costs?

mbga9pgf

Housing is somewhere to live. Its not an investment.

BaldPlumber

What were the extensive renovations if you don't mind me asking? Sounds odd that your house was valued below others requiring more work. Were they done by trades or DIY?

G_M

Yes, you and/or your agent have acted 'unethically' by misleading the original buyer, and yes, he has incurred costs in the genuine belief that you wanted to sell to him.

However legally he does not have a leg to stand on.

TrickyDicky101

The offer accepted in the end was 2/3 of the price it was listed for. Not much to end up with for my parents retirement after paying it off for 25 years but that's the state of things

But that isn't a loss I'm afraid. It just means the houses (including your own) were wildly overvalued (in terms of asking price) in the first place.

rinkydinkpanther

It's your responsibility to contact the tax office about your capital gains liability. If you don't do so and they subsequently find out about it, you will be penalised.

flora48

I sympathise with you Terrence, I also have sold at a loss of the anticipated value. It seems a bit harsh that my inheritance is not what it might have been in 20007. But c'est la vie and I try not to dwell on what might have been.
No one is committed legally in a house sale/purchase until Exchange of Contract so although the other party may be miffed they are pulling a fast one.
Hope that after being on the market for 3 years you and your family may move on with your lives now.

DannyboyMidlands

Nothing harsh about it. A little silly to be anticipating the eventual sale value of an asset whose value fluctuates. If 2007 price was what you wanted, you should have sold in 2007.

flora48

DannyboyMidlands wrote: »

Nothing harsh about it. A little silly to be anticipating the eventual sale value of an asset whose value fluctuates. If 2007 price was what you wanted, you should have sold in 2007.

If only I could have done. Life isn't always that simple.

harrup

Terrence wrote: »

Hi,

Because of health issues with several members of the family, we decided financially and practically that we should sell our family home of 30+ years and move in with a grandparent who also needed to be cared for. The house recently sold (at a big loss) after being on the market for 3 years. Because of the family's ongoing medical treatment we had left the house sale almost completely in the hands of the agents to deal with. A very low offer was made and the agent advised us in the current climate that it was best to take the offer as a "last case" resort and they will look to get a better offer in due course. We were reluctant to do this as we are very straight and honest and didn't want to mislead anyone but they insisted it was the best course of action with little or no sales likely in today's market that at least one buyer was on board even with his reduced offer. In hindsight I assume that they were desperate to bring in any sales for their commission.

Within a few weeks a slightly better offer was made and the agents proceded with the sale keeping the original buyer on the back burner uninformed (against our request to inform them) just incase the new buyer pulled out. The sale went through and was completed a month ago.

The agent has now contacted us today to say that the original buyer is threatening that unless we pay them £300 cash settlement they will take us to small claims court for the fees they incurred for surveys and solicitor etc. In a panic this afternoon I have tried to read up on line about it and it states that there is nothing legally that they can do unless a "lock-out" agreement was made (which there wasn't) but the agent insists that they could try to sue us ethically? The agent is taking no responsibility for this and said they were just following OUR advice!

Is this possible? Can they take us to the small claims court for ethical reasons?

I'm really very upset about this, this was all down to the agents dealings, my family has no income at all at the moment not even benefits and we've taken a big loss on the house because we were desperate to sell so that we can get on with our lives.

Terrence

Terrence, may I be blunt?

I'm not a solicitor and I don't believe you could be sued for "ethical reasons".

But knowingly stringing a buyer along ad nauseam, regardless of how low his offer - which YOU accepted! - MAY be regarded as misrepresentation or fraud.

Forgive me...but I don't entirely buy the "the EA acted against our wishes and against our requests". Since YOU are the EA's client and YOU tell them how you wish to conduct your sale affairs.

This isn't a case of the EA acting clandestinely behind your back and now, that the initial buyer wants money this, is the first time you learnt that this occured. You KNEW all along. Perhaps your conscience was unsettled throughout by it for a bit....but you went along with it all the same.

I guess the sum requested by the initial buyer is simply a reimbursement for their actual costs incurred rather than them trying to enrich themselves.

I think you should meet these expenses. It is hardly a fortune and you just sold a house. For MORE money than you would have gotten from the initial buyer. Why didn't you simply ask them before whether they would match the higher offer?

BitterAndTwisted

Misrepresentation or fraud? Not a chance. The OP did not enter into a contractual relationship with this buyer, so owes them nothing.