Purple Bricks Auction - Buyers Premium

SanityIsAMyth

chanz4 said:

SanityIsAMyth said:

eddddy said:

Are you saying that you want to defer payment, until the purchaser completes - or are you saying you'll be unable to pay, even when the purchaser completes?

If you're prepared to pay on completion, you might be able to get away with saying something like... "The private buyer has made an offer, but I'm not accepting that offer until the private buyer exchanges contracts" - then delay paying until completion.

They're unlikely to take legal action against you in the period between now and exchange of contracts. Although, if the sale falls through, they might decide it's worth trying to sue you for the £6k.

Hi Eddddy,
I will be able to pay as I will have the equity in the bank, but it’s all ear marked for tuition fees. I won’t be able to do my final year so my whole degree would be useless. The buyer is refusing to pay the Buyers Premium as the sale wasn’t through PB so PB are saying that I am liable for it. 

cant you get a job you will have 3 years to save it

It’s a 4 year medical based degree and I’m a single mum to a 6 year old. I work full days on any days that I’m not at uni but that’s incredibly stressful (which is why I gave up that career) although it is lucrative. I also usually work over the summer but that’s cancelled due to a COVID 19. I usually earn £130 a day but I’m furloughed to £177 a month. I’m totally stuffed if this house doesn’t sell by the middle of next month as I will totally run out of money. 

AdrianC

SanityIsAMyth said:

It’s a 4 year medical based degree and I’m a single mum to a 6 year old. I work full days on any days that I’m not at uni but that’s incredibly stressful (which is why I gave up that career) although it is lucrative. I also usually work over the summer but that’s cancelled due to a COVID 19. I usually earn £130 a day but I’m furloughed to £177 a month. I’m totally stuffed if this house doesn’t sell by the middle of next month as I will totally run out of money. 

Get thee over here, NOW ---> https://forums.moneysavingexpert.com/categories/benefits-tax-credits

SanityIsAMyth

AdrianC said:

SanityIsAMyth said:

It’s a 4 year medical based degree and I’m a single mum to a 6 year old. I work full days on any days that I’m not at uni but that’s incredibly stressful (which is why I gave up that career) although it is lucrative. I also usually work over the summer but that’s cancelled due to a COVID 19. I usually earn £130 a day but I’m furloughed to £177 a month. I’m totally stuffed if this house doesn’t sell by the middle of next month as I will totally run out of money. 

Get thee over here, NOW ---> https://forums.moneysavingexpert.com/categories/benefits-tax-credits

Thanks I’m already claiming tax credits which is a lifesaver  

steampowered

SanityIsAMyth said:

Not yet but I don’t have time for the selling rights to expire. It’s 90 days from the end of the auction

It's very common for conveyancing processes to take 90 days, so you could easily drag things out until 90 days have expired.

That said, I am not clear on is why the property went to auction, if you say this was a private sale. If this is a buyer who was introduced to you through the auction (we would need to see the full T&Cs to know what it says about that) then you might be liable for the fee regardless of the period of time.

SanityIsAMyth

steampowered said:

SanityIsAMyth said:

Not yet but I don’t have time for the selling rights to expire. It’s 90 days from the end of the auction

It's very common for conveyancing processes to take 90 days, so you could easily drag things out until 90 days have expired.

That said, I am not clear on is why the property went to auction, if you say this was a private sale. If this is a buyer who was introduced to you through the auction (we would need to see the full T&Cs to know what it says about that) then you might be liable for the fee regardless of the period of time.

It’s more I don’t have 90 days. I run out of money in the middle of next month

It went to auction in the middle of April. I had a note through the letterbox early May. He learned of the house through a friend of his, who incidentally is an estate agent for a High Street agent who had it on the market for a bit but failed to get any offers!

NameUnavailable

I have a friend whose house is on the market with PB. He had little interest so they suggested the auction option and he's had even less interest! The up front fees put buyers off. I told him to go the traditional auction route if he wanted a quick and uncomplicated sale. It seems a possible PB strategy to get an instruction and then talk vendors into trying the auction - obviously much more lucrative for them than their usual selling fees! 

If your buyer isn't in a hurry, tell him to withdraw the offer, wait until the auction term is over then tell PB to put your home back on the market (I think they agree to market until sold for your up front fee). Then tell your buyer he can re-offer.

SanityIsAMyth

NameUnavailable said:

I have a friend whose house is on the market with PB. He had little interest so they suggested the auction option and he's had even less interest! The up front fees put buyers off. I told him to go the traditional auction route if he wanted a quick and uncomplicated sale. It seems a possible PB strategy to get an instruction and then talk vendors into trying the auction - obviously much more lucrative for them than their usual selling fees! 

If your buyer isn't in a hurry, tell him to withdraw the offer, wait until the auction term is over then tell PB to put your home back on the market (I think they agree to market until sold for your up front fee). Then tell your buyer he can re-offer.

I think you’re right!! Trouble is I will run out of money next month. I’m relying on the house sale money to come in so that I can pay off some debts and buy food! I’m already into my overdraft and don’t have enough money to cover next months rent and other bills

Stronsa46

Can I ask what the outcome was of this predicament? 

Regards

user1977

Stronsa46 said:

Can I ask what the outcome was of this predicament? 

You're asking somebody who hasn't even logged into this site since 2020.

You may be better to start your own thread.

RHemmings

NameUnavailable said:

I have a friend whose house is on the market with PB. He had little interest so they suggested the auction option and he's had even less interest! The up front fees put buyers off. I told him to go the traditional auction route if he wanted a quick and uncomplicated sale. It seems a possible PB strategy to get an instruction and then talk vendors into trying the auction - obviously much more lucrative for them than their usual selling fees! 

A bit off-topic, but this is an old thread where the OP is long gone.  I was very interested to see the section in the contract about accepting an offer where the buyer does not pay (refuses to pay?) the buyer's fee. If it's in the contract, then I would expect that is something that happens reasonably frequently.