‘Save my inheritance’: 24yo begs for $60k
Bridie Campbell, an Auckland student who agreed to buy a $636,000 apartment via her mother but now can't afford to pay, has established a crowd-funding page and advertised the unit for sale.
Ms Campbell said yesterday she hoped to raise $60,000 from wellwishers then borrow the balance, which might enable her to settle, but in the meantime, she wants offers for the apartment in the Sugartree complex she is legally obliged to buy.
On Givealittle, Ms Campbell has created a post titled "saving my inheritance".
She tells how her father died of cancer, she inherited money, paid the deposit but now can't settle "after going to every single bank and multiple mortgage brokers approaching it from every possible angle. I am now liable for the balance of the property."
To escape her financial woes, the 24-year-old has posted the home on TradeMe Property. The fifth-floor, 45-square-metre unit has one bedroom, one bathroom and is being advertised "to be sold by deadline by August 14".
A European kitchen, double glazing, generous study and balcony "allow for flexible living options, all within walking distance of the CBD and Ponsonby", her ad says, estimating the rental income appraised by Crockers of $600 to $650 per week, plus an additional $70 per week for the carpark.
Ms Campbell provided further details. "I am contracted to pay $87,500 for a carpark and $549,000 for the apartment. I am prepared to sell it for this price and I am open to offers," she said today.
Two years ago, she put down a $60,000 deposit and complained yesterday that would be forfeited and she'd get nothing back if she couldn't settle the contract she signed with Sugartree, whose managing director Darren Brown said his business had done nothing wrong and tried to help her.
Ms Campbell now needs to raise $576,500 to settle the purchase - her purchase price less the $60,000 deposit. Mr Brown defended keeping the $60,000, saying deposits were crucial to enable such big projects of nearly 700 units to be built.
Ms Campbell said yesterday her mother Priscila Sarreal, formerly of apartment realtor City Sales, sold her the unit two years ago. Ms Sarreal advised her daughter - whose full name is Bridie Marie Sarreal Campbell - to take no financial or legal advice about it.
Attempts to contact Ms Sarreal have failed and the NZ Herald has been unable to speak to her. Martin Dunn, her former boss as City Sales managing director, has also failed to contact Ms Sarreal again and described Ms Campbell as a "very difficult client".
Mr Dunn said his firm had done nothing wrong and that the agent had disclosed the apartment buyer was her daughter. He added that he had "moved heaven and earth" to try to help resolve the impasse.
Mr Dunn also said Ms Campbell had not been a student but working as a model at the time the deposit was paid two years ago, as well as inheriting money, so he had no reason to doubt at that time that she would settle.
Ms Campbell yesterday described the unusual circumstances around her purchase. "Sadly, the agent was my mum. She did not warn me whatsoever about the difficulties I might face getting finance," she said.
"I was informed that it was highly likely the value of the apartment would increase significantly, and the equity would compensate for the low deposit. I was also informed that alternatively, I could on-sell at a gain. This was a fallacy."
This article originally appeared on the NZ Herald and was reproduced with permission
Originally published as 'Save my inheritance': 24yo begs for $60k