Everything has gone pair shaped

Scully38

I'm at a point where I don't know what to do. I accepted an offer on my property at 215k (originally on for 230k), put in an offer for 165k on a property I fell in love with, now everything has fallen through. I''ll be a cash buyer as no mortgage.

I'm currently not working, signed off sick with depression and have no savings, all my benefit money has had to go on paying for searches and solicitors fees and i've gone without food for the last 6 weeks to pay for things (lost 3 stone). Then one day before completion the people who were buying mine dropped out as their cash buyer dropped out of buying theirs... chain broken. I've paid so much money out on this property that I as to buy that i've got no spare cash to pay for searches and surveys on any other property, so i'm absolutely stuck and don't know what to do.

I've now received an offer for £212500k, but given i've got to pay my witch of a sister 45k under the terms of my parents will (given her 30k already now to pay 45k as remainder).

I'm being forced by the executor to sell at the lowest price so that my witch of a sister gets her money, but i'm stuck now. If I accept this offer it means that i'll literally only have 500 to my name after solicitors fees, searches, stamp duty costs (as not a first time buyer), estate agent fees etc..

The agreement is for me to pay the EA's fees of 1.75%, which is around 3780k, but they've only marketed it on their own website and twice in the paper. The agreement was for them (Entwhistle Green) to market it on Zoopla, Rightmove, Find a Property, Homes and Property etc, but even after i've told them it's not on there (some 4 weeks ago) its still not on those sites. Would you think it's reasonable for me to get them to knock 1k off their fee or is this excessive do you think.

I don't really know what to do now, no money, no purchase, and really depressed! *sigh* Any advice would be gratefully appreciated.

Orpheo

Mmmmmm, pair shaped ...

:happyhear

Radiantsoul

So you have inherited a house worth £212.5k, have no other assets and after a sale have to discharge a debt of £45k to your sister and £4k to the estate agent. That leaves you with c£163k.

Seems to me like without additional monies you cannot afford to purchase the £165k property. You could either borrow the extra £5-10k or so you need, lower your offer price, or drop out and rent/buy somewhere else.

PasturesNew

The EA fees will have VAT at 20% on them too ... they don't mention that.

Scully38

Radiantsoul wrote: »

So you have inherited a house worth £212.5k, have no other assets and after a sale have to discharge a debt of £45k to your sister and £4k to the estate agent. That leaves you with c£163k.

Seems to me like without additional monies you cannot afford to purchase the £165k property. You could either borrow the extra £5-10k or so you need, lower your offer price, or drop out and rent/buy somewhere else.

i've also got 5k coming from her estate to cover some of the bits and bobs. I've already submitted the signed paperwork through my solicitors and signed all my papers, i've asked the EA's if they can ask the purchasers to increase their offer, but they're refusing and asked if the vendors are willing to drop a couple of thousand, but they've said no.

My house that i'm in at the moment was already put on well below the normal asking price in this area so that I could hopefully sell quickly, most property in my postcode are selling to 249k, but given how desperate I am I accepted 215k, now a possible 212500. I know it needs some work to it, but not excessively so according to feedback. House was on the market for 10 days with 15 viewings, before buyer put in an offer and as i accepted took it off the market then all went pair shaped. Originally buyer still wants the property but obviously can't now until he sells.... my ulcer is now the size of a bowling ball!

I've gone and viewed 20 properties so far, and gone 20 miles out to view, but there's absolutely nothing within a decent price range (100-165k) and this one i've put the offer on and had accepted was initially at 200k but they've also dropped to my offer. It's so frustrating, why pull out at the last minute? It's so cruel especially in this climate, and they'd had the survey report 4 weeks ago. *stressed*

Scully38

PasturesNew wrote: »

The EA fees will have VAT at 20% on them too ... they don't mention that.

The price as far as I know is inclusive of V.A.T, *runs off to check* but they're still not marketing it as agreed, so would I be able to get a reduction based on them not advertising as per their contract?

hcb42

Estate agents fees are "normally" ex vat...

£212500 isnt a bad offer... especially if buyer is more able to proceed than the last one. It just means you need to find £2.5K and that might be possible from your purchase.

your agent needs to do what is required of them, but on the other hand, if you have sold that quick - arguably they have done the best job ever. you need to get it back on those websites ASAP - and see if they will knock a bit off the fee for the inconvenience

madmish00

I think you may have some difficulty getting them to reduce their fees if you have had 15 viewings in 10 days! Their fees are payable when they find you a 'ready willing and able purchaser'.

And Entwistle Green generally charge plus VAT. But you are being ripped off at 1.75%. Their fees round our way are about 1.25%

googler

Shaped like a pair of pears, evidently....

superbabe612

You DO have options.
Why is the executor forcing you to sell so quickly/cheaply? 10 days on the market is hardly a long time - not reasonably long enough to get a good price for your parents' estate (which the executor should be protecting regardless of your sister). You could put the property back on the market and hold out for a better price. You're hardly being greedy after such a short space of time.
Or, if you tell your vendor's estate agent you simply can't afford to buy at £165k, they either have to compromise, wait for you to find another buyer, or the sale falls through. If they've accepted your offer £35k lower than the asking price, they obviously haven't had any better offers.
Equally, tell your buyer that you can't afford to sell lower than £215k. Plenty of people play games and tactics deliberately; you're trying to save money through necessity! If both of them could negotiate just £1k each it could make all the difference!
Or you could go ahead with the sale, and consider renting somewhere until you find a suitable, more affordable, property.
Have you sought legal advice about the situation with the executor? Or even citizens advice? There's plenty of solicitors on these forums who may be able to help. Why aren't the legal fees and costs being deducted from the estate, the house sale or the 'bits and bobs' fund?
Talk to your GP about how you're feeling - including your weight loss. Or is there someone else you could talk to? A friend, or another family member? Have you read Martin's 'Mental Health and Debt' guide?
You can try disputing the estate agents' bill but you might be better off looking at the bigger picture - what will actually help your situation? Which would you rather have, a discount off a £3780 invoice or an extra £2.5k on/off the price of a property?
Good luck!

jjlandlord

hcb42 wrote: »

Estate agents fees are "normally" ex vat..

If not specifically indicated, aren't prices to consumers (as opposed to business) always deemed to be inclusive of VAT?