3 Bed End Terraced house. Derby.
Town: DERBY Post code. DE23
Value: £ 80,000 Price agreed £60,000 25%BMV. (£20k BMV).
No Money Down Deal with choice of mortgage options to include Cash-Back Deals.
See below for example Mortgage Product illustration.
Qualification date: Thursday 26th June.
I have been asked to find a buyer for this 3 bed end terraced house in Derby. Property was inherited so no mortgage, and has been occupied by the vendor’s daughter until now and described as in fair condition throughout.
No longer required and need quick funds to do other things.
Doors and downstairs windows are uPVC Double Glazed (upstairs windows not done). Kitchen is 18 mths old. White bathroom suite with shower over. Gas Central Heating. Some carpets are said to be in fair condition and some have been removed to facilitate the ‘natural’ floor board look which occupant preferred. (I think it needs carpets throughout).
The house is close to the Ring Road with easy access to M1 (10 – 15 mins).
Vendor tells me that 3 agents valued the property earlier this year in the range £85,000 - £95,000 (Wide spread). But we need to be very cautious in this difficult market place so I’m saying £80,000 to keep it safe. (feel free to try a bit more but don’t be too silly please as that’s where they can start to go wrong).
Due Diligence.
For Sale: Within 0.25 mile, other 3 bed terraced properties on sale between £86k - £109k
Sold:
Recent sales of similar properties in the close vicinity are, £90k 04/07. ££99k 04/06
£84k 2006 and £103k 2006.
Rent:
Within 0.5 miles, I can’t find any 3 bed terraced to let. 3X 2 bed terraced up at £425, £430, £425 pcm. 3 Bed Semi’s range from 475 pcm - £595 pcm.
I reckon £450 looks about right for this property.
Example Mortgage illustration:
There are a few mortgage products available for this deal… e.g.
B&W 7.99% (Ouch, but HEY, if the deal STACKS….) at 85% LTV will release
£67,584 giving approx £4,500 Cash Back after bridge/legal fees etc.
@ £450 pcm
OR, same product, release only £63k to keep it No Money Down and keep re-payments down to £420 pcm. With no cash back.
T.M.B. 6.99% will release £61,800 at only £360 pcm ( would need a grand or so into the deal.
OR…..
IF, you can show joint income of £40k+, Nat West will let you have £68,000 at 6.99% for only £397 pcm…. This would give circa £5,000 Cash Back and still be Cash Flow Positive.
These mortgage examples are believed to be correct at time of listing, but bear in mind that these products can (and do) change daily so please make your own enquiries first.
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The vendor has been advised that the purchaser will pay up to £500 towards their legal expenses.
Each lead is exclusive to one purchaser, the details of which will not be passed on again.
BMV Property Solutions has carried out the due diligence as outlined above and believe all information to be true and correct. We cannot however guarantee any of the above, or the exact true market value of the property which should be confirmed by the purchaser.
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