Dilema over relative buying property and private purchase. help

kerrydan · 12 December 2013 at 11:39AM

:(Hi, I put my property on the market last week and my Aunt said my cousin who was living with her temp was looking for a property and had a mortgage in place. Any way it was on for offers over so she said she wanted the house at the price it was on for, I said it was offers over and told her I was looking for 5k more as it was worth that.
I already had 8 viewers booked in and to late to cancel so they viewed. I had two more offers and one person interested but not ready to proceed. A few days past and I was offered 3'000 K more from a cash buyer. As I will save estate agent fee's I told my relative that she would have to increase by 1000K to match the price. She was obviously upset and then told me that she would increase but I would have to take It off the market as she had taken a day off work to apply for the mortgage again as it had gone out of date and didn't want to waste her time.
As she does not have a mortgage offer do I go with the cash buyer and ignore that she is a relative, and the risk of falling out with family who I haven't seen for years or do I risk my sale? help please

xoAmyox · 12 December 2013 at 11:42AM

It may sound harsh, but go with the cash buyer.

The house buying/selling process is complex and stressful enough without adding in the emotions that come with family.

somethingcorporate · 12 December 2013 at 11:42AM

I'd not sell a property of mine to anyone I know, anything that goes wrong once they have moved in you will get ear-ache over fixing even though it will not be your problem.

Sell the to cash buyer and forget about it.

Mixing family and finances is often a dangerous prospect.

jamesml · 12 December 2013 at 11:45AM

Would agree as well, I wouldn't entertain selling to a relative.

kerrydan · 12 December 2013 at 12:15PM

Thank you for all your advise. I should have gone with my first instincts in the first place and no gone with my relative, although she will probably fall out with me anyway now.

ncooper1974 · 12 December 2013 at 1:34PM

I have actually sold to family once already and am doing so again.
got a valuation from the estate agent, and then subtracted their fees and sold at this price.
In both instances family were happy as they got a house that they knew was looked after and well decorated, and we didn't have any hassles associated with the house buying process.

Things have gone wrong with the house since we sold, but nothing major at all and all part of maintenance associated with owning a house.

I guess it depends on the expectation of the family member you are selling to. I am quite close to the people who bought my 1st, and also the people buying my 2nd house, and there is no question that I would hide anything about the house from them, and also no question that I would be responsible for anything that goes wrong after we sell. In fact the washing machine is on its way out and we are paying for the repair even though we wont get much more use out of it.

If the family member is likely to come to you when something goes wrong, then I certainly wouldn't consider selling. mind you if they did, I would just tell them where to go!

Okydoky25 · 12 December 2013 at 1:37PM

Is it on the market with the EA? I would check your contract as most will still want their commission if you sold privately

jbainbridge · 12 December 2013 at 1:52PM

Indeed. Given that you now have a contract with an EA it is more than likely you would have to pay commission whatever - read your contract carefully.