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Date Year
06/02 2008
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Kirkby, Liverpool L33 - 17% BMV to you
- Already valued
- Searches started
- Good condition
- Very rentable area / property
- Generous BMV after fees
The vendors are being repossessed. I managed to get a suspension, and the property has now been valued.
Due to the vendors circumstances I want to make a quick decision on this so email me ASAP, I will offer it to someone by Thursday at 8pm.
Ref 062
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Greetings!
Welcome to the new-look, simplified Done Deals Alert.
NEW -
For the sake of transparency, I will now express the BMV figure in the email header as the actual BMV you get, after the finder's fee, rather than the BMV figure I actually negotiated!
As you know I will be looking to leave up to 15-17% in each deal, sometimes more or less depending upon the deal itself.
This will mean that as a minimum you will have a 'free deposit', which represents instant equity in the property, and some cashback for all or some of your other fees too.
You can view previous and current Done Deal Alerts by clicking here: Archive Homepage
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Please see the last section of this email for links to further information about this deal, and general terms and conditions.
If you wish to register your interest, or request further information, please email back. This does not commit you to proceed with the purchase.
Kind Regards
Arlo
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The Numbers
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by Article Author
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Basic Figures
Market Value:
£ 125,000
Purchase Price:
£ 96,000
Rentals
*:
£ 550 pcm
Finder's Fee (FF):
£ 7,750 (or discount, see below)
Total BMV to you: 17% to 17.5%.
That's up to £3,125 cashback to help with fees (this could be completely no money down to you).
I have set a high deal fee, as I do not want to mess the vendors about due to the repossession.
As you can see this is a generous discount - and its already valued and searches underway.
Upfront Costs
Deal Fee:
£ 500 (subtracted from FF)
Survey:
£ 299
Search Fees
(solicitor)
£ 300 (I've paid for these; you can
pay the solicitor who will
reimburse me)
Finder's Fee
This is £7,750 - if paid upon completion (17% BMV to you). If you pay in full upon valuation - the discounted price is £7,125 (17.5% to you and probably a no money down deal).
Upon Completion
Broker (variable)
Bridging Finance (if applicable, varies)
Any remaining Finders Fee (see above, varies)
Purchase Solicitor (typically £450+, plus VAT and disbursements)
Vendor's Solicitor (normally a flat £500)
On a typical £100,000 property, the fees, not including finder's fee, should come to around £2,500.
Notes
All mortgages are subject to survey and the purchasers own financial standing. Figures given are for illustrative purposes only.
FINALLY - please remember we can provide you with a 'deal stacker' template (MS Excel - if you do not have Microsoft Office please contact me for an alternative). This spreadsheet will give you a much more comprehensive financial analysis, which also allows you to play with the variables involved, and allows you to compare and contrast different mortgage products.
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The Details
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 AREA / PROPERTY DESCRIPTION
This property is situated in Kirkby to the northeast of Liverpool. See here for location map. As you can see, it is well-served with nearby motorways and major roads.
Property is generally easy to let in Kirkby due to shortgage, and the rents that you can command also appear to be higher. Due to the size of the property, and its location, it would be ideal for a family let.
The property itself is a large 4 bed semi, done up to a high standard by the owners internally. They have probably spent a bit too much on the property and furnishing it, and have got themselves into financial difficulties. They have been to court for a Possession Order by the mortgage lender, but this is now suspended pending the sale of the property to me. I can easily switch the purchase over the new buyer and indeed the searches are already underway and it has been valued satisfactorily.
We are awaiting a few final figures from the lenders regarding additional fees, but if that amount comes above the purchase price, the vendors are committed to raising the money from family or a loan in order to cover the shortfall themselves.
Finally, the bathroom is half-finished - the vendor has committed to completing this before the property is sold and i will be holding him to this. Should he not complete it, it would not cost more than £200 to finish off as the materials are all there. They may need a temporary rentback until they can find alternative rental accommodation that is 'cheaper than we can rent this house for'.
WHY BELOW MARKET
VALUE?
As explained, repossession is the issue. The vendors understand the worst case scenario and fear being forced to leave, with the possibility of bailliff fees, court fees, auction/EA fees etc being added to their debt - and potentially being chased for a shortfall if it sells for a song at an auction house.
WHAT OTHER INFO IS AVAILABLE?
- Photos, full - can be sent by email
- Deal Stacker
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Finally
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Past and Current Deal Archive:
Archive
Disclaimer:No part of
this email constitutes or forms part of a contract. White & Co is not
a licensed estate agency or licensed investment advisor. White & Co
is not authorised by the Financial Sevices Authority to give investment or
financial advice.
Terms & Conditions:
By replying to this email, or emailing back with the deal / lead reference number, you acknowledge and agree to the terms and conditions should you be chosen to purchase this lead and you then agree to proceed. Please note 'stating an interest' or requesting further information does not commit you to anything.
Terms and Conditions Page
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Contact Information
Mobile: 07792 843389
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