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2 Bed Terrace. Lincoln. Post code. LN2
Value: £79,000 + Price agreed £ 60,000 24%BMV. (£19k BMV).
Stacks Nicely as Cash-Back Deal.
See below for example Mortgage Product illustration.
Potential for No Money Down with Cash-Back.
Qualification date: Thursday 4th Sept.
I have been asked to find a buyer for this 2 bed mid terraced house in Lincoln.
.
Gas Central heating, uPVC Double Glazing, Lounge, Dining room, Kitchen.
2 Bedrooms (both Doubles). 1st floor bathroom with white suite, rear yard with stepped patio area + hard standing with timber shed. Kitchen was new in 2003 and house was re-wired at that time also.
Looks clean and tidy but not been lived in for a while and would probably want minimum of carpets (they look dated) and decorate to bring it up to good standard. Good rental area with easy access to Lincoln centre and good access Lincoln outer circle road.
Due Diligence.
For Sale: nearest 2 bed is within 0.5 miles and is on at £81,000. SOLD STC.
3 beds within 0.25 miles from £102,950 up.
Sold:
Recent sales of similar properties: Same st. £90k. 03/08. £82,500 03/07 £99,950 11/07
Rent: Not many 2 beds left available but two found within 0.25 mile at £485 & £495 pcm. so should achieve this range ok. However, all it needs for mortgage example below is £415 pcm to make it possible as a NO MONEY DOWN Deal + Cash-Back. so this one 'Stacks Nicely'.
Example Mortgage illustration:
BMS 5.89% with 125% rental cover will release £67,150 at approx. £330 pcm.
AND… only needs rent £415 to achieve this…
+ other options available.
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The vendor has been advised that the purchaser will pay up to £500 towards their legal expenses.
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