Order for sale - minimum sale price?

PlanHappy · 28 April 2018 at 7:47PM

A friend of mine is trying to buy her first flat and has found a property she likes but the asking price seems high for what it is. There's not been many properties the right size going in the area so she's interested but offered lower than the asking price. Here's where it gets complicated:

The vendor is in prison for some kind of debt issues. The house is now partly owned by some organisation, presumably someone he owed money to. I guess he has now been ordered to sell it. The property has been on the market for a while, probably because the price is so high. The estate agent originally told my friend that the vendor would accept an offer of £x, but after she made that offer, it was rejected and the estate agent now says the vendor "legally" can't sell the property for less than £y.

Is there such a thing as a minimum sale price in these situations or are they just playing hardball?

AnotherJoe · 28 April 2018 at 8:02PM

I guess you will be finding out if your friend just says "sorry that's my max" but given it's been for sale for some time it sounds that the seller won't budge at the moment whatever the legalities.

davidmcn · 28 April 2018 at 8:05PM

The minimum may well be dictated by a mortgage balance (if it isn't the primary secured lender selling it i.e. the seller first has to clear the main mortgage balance before they get their bite at the cherry).

Crashy_Time · 28 April 2018 at 8:06PM

If the price is too high and they won`t budge just walk away.

macman · 28 April 2018 at 8:09PM

The vendor may well have a minimum price they can sell at. But your friend can offer whatever price she wants, as the vendor's finances are not her problem.

Usinnit_2 · 28 April 2018 at 8:11PM

Could be a case of a massive debt that needs paying hence the organization doing all the dealing. Which might be why they are saying the sale has to be above x amount. I would do exactly what's been suggested. Tell them a final offer and if refused tell them sorry im no longer interested. Depending on how desperate there are to sell there might be a call back. If not your best looking else where. Don't pay over the odds.