‘Sadly the agent was my mum’: Student, 24, who lost a $60,000 deposit on a unit after agreeing to buy it without getting finance first blames her MOTHER for selling it to her
- Bridie Campbell was sold a unit in Auckland by her mother Priscila Sarreal
- Her mother claimed she would have no problems getting finance for the unit
- Campbell is now left to pay the deposit and pay the full price of her apartment
A student who was left $60,000 out of pocket after she bought an apartment without getting finance first has blamed her mother for selling it to her.
Bridie Campbell, 24, used the inheritance she received after her father’s death to pay a $60,000 deposit for a unit in the Sugartree apartment complex in central Auckland, New Zealand.
Ms Campbell bought the property through her mother, real estate agent Priscila Sarreal.
Ms Campbell claims her mother told her that she would be able to get a loan for the property, and to not worry about getting finance first.
However, Ms Campbell was denied a loan and faces the ‘impossible’ task of having to fork out the full amount for the property.
Bridie Campbell (pictured), 24, used the inheritance she received after her father’s death to pay a $60,000 deposit for a unit in the Sugartree apartment complex in central Auckland
‘Sadly the agent was my mum. She did not warn me whatsoever about the difficulties I might face getting finance,’ Ms Campbell told the New Zealand Herald.
Ms Campbell claims she was told that the value of the apartment would increase and that she would be able to on-sell it for a profit.
She also said that her mother had pushed her into signing an unconditional contract, meaning Ms Sarreal would receive a commission payment.
‘I was informed that the only way there would be a sale was to sign for the contract to be unconditional. This was a high-risk financial decision and I was given bad advice, which I believed as I had no other form of support or guidance,’ Ms Campbell said.
She claims her mother convinced her not to have a meeting with a bank to discuss getting financial help – despite knowing her daughter was a student on a limited income and would be unable to pay for the property.
Ms Campbell (pictured) claims her mother told her that she would be able to get a loan for the property, and to not worry about getting finance first
‘She has admitted to me that she is responsible for the [$60,000] loss and will make it up somehow, I just don’t see how this is possible as it is a huge liability,’ Ms Campbell said.
Martin Dunn, managing director of City Sales – the agency where Ms Sarreal worked – said the deal was done ‘by the book’.
Sugartree managing director Darren Brown said his company has tried to help Ms Campbell get finance for the apartment.
She claims her mother convinced her not to have a meeting with a bank to discuss getting financial help. Pictured: Sugartree apartments in Auckland