auctioneer sold property i bought from him for 60,000 less 5 years ago

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val1

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I just agreed a price of 300,000 for a property.

I have had an engineer draw up new plans and am ready to go for planning permission as this property is to be used for a charitable business.

But i found out through another business person that they agreed to buy the same property 5 years ago for 240,000 and he has proof of this.

The reason he didnt buy at the was he couldn't get the rest of the money together.

Can I go back and tell them I know this and want money off ao am i stuck now.

im so angry i feel like throwing it back and telling the auctioneer to get stuffed!

any advice?
 
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If you have signed the contract I dont think there is anything you can do.

Autioneer seems to have got a good price for his client.

Seems everything was above board.
 
I have not signed anything yet thank god i haven't even put the deposit down.

Should i tell auctioneer what i found out as they have tryed to sell this property for 15 years!

The thing is it was to be a nursing home but was nevr lived in an it only suits a certain kind of client.

I am aware that the auctioneer must do his job if it were my property i would be very happy with him but in todays fiancial state why would he try to rip of a charity.
 
You agreed a price - not binding and you can get your deposit back.

If you signed a contract - you will lose your deposit if you attempt to pull out and you could end up being sued to complete the transaction.

Did you sign a contract?
 
val1 said:
i have not signed anything yet thank god i havent even put the deposit down. should i tell actioneer what i found out as they have trye to sell this property for 15 years! the thing is it was to be a nursing home but was nevr lived in an it only suits a certain kind of client. i am aware that the auctioneer must do his job if it were my property i would be very happy with him but in todays fiancial state why would he try to rip of a charity
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You are well within your rights to pull out!

Lucky you ..... offer a lot less than the €240k. If they want to shift it they'll negotiate.

Don't sign until you are totally happy with price .... and don't sign until you check that mortgage is still available to you.
 
I'm not sure why you are angry with the auctioneer. It is his job to get the best price for his client, the seller.

Maybe you should be angry with yourself for agreeing the price?
 
Complainer said:
I'm not sure why you are angry with the auctioneer. It is his job to get the best price for his client, the seller.

Maybe you should be angry with yourself for agreeing the price?
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yes you are right i am angry with myself! after all business is business. i just forget that not everyone is as honest as myself and i forget that in the real world its very often dog eat dog i wouldnt do well on dragons den would i ha ha
 
val1 said:
not everyone is as honest as myself
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This is true not everyone is honest however I can see no dishonesty in your description of the dealings above.

Sounds like you got the info just at the right time - good for you, do let us know how this pans out for you... good luck.
 
val1 said:
yes you are right i am angry with myself! after all business is business. i just forget that not everyone is as honest as myself and i forget that in the real world its very often dog eat dog i wouldnt do well on dragons den would i ha ha
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Nobody has been dishonest in what you describe. The price 5 years ago is irrelevant.
 
val1 said:
I just agreed a price of 300,000 for a property.

I have had an engineer draw up new plans and am ready to go for planning permission as this property is to be used for a charitable business.

But i found out through another business person that they agreed to buy the same property 5 years ago for 240,000 and he has proof of this.

The reason he didnt buy at the was he couldn't get the rest of the money together.

Can I go back and tell them I know this and want money off ao am i stuck now.

im so angry i feel like throwing it back and telling the auctioneer to get stuffed!

any advice?
Click to expand...

You have no reason to feel hard done by assuming you've agreed a price without compunction on the basis of full information about the property as it stands.

That is to say, with -

  • the statutory approvals
  • BER Certs
  • planning history, etc

- all known to you and with no hidden restrictions [leases, wayleaves] on your future enjoyment of it that might otherwise have led you to agree a lower price.

The deal today is the deal, not the offer price of it five years ago.
Even though we're in a recession now, there might have been maintenance or upgrading works done to the property since, which the vendor feels entitled to recover - we have no way of knowing this.

Alternatively he may have just been flying a kite and seeing what the market will bear.

But so long as you agreed the price freely and with good advice taken yourself on what its current value is - you should not be bandying about allegations of dishonesty.
Business is business - defined as "making enough today to be able to remain in business tomorrow".

I'd be more worried about the fact that you had an engineer draw up the plans and presumably inspect the building.
Is he competent to do all that, or were you again being sensitive to the price?

ONQ.

[broken link removed]

All advice on AAM is remote from the situation and cannot be relied upon as a defence or support - in and of itself - should legal action be taken.
Competent legal and building professionals should be asked to advise in Real Life with rights to inspect and issue reports on the matters at hand.
 
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