It’s been a hectic week, with our first accepted offer on a Repossession Angels lead and around 11 other leads to research and call, along with our local advertising and a nasty headcold that seemed to put the whole family out of action.
The people facing repossession are in Doncaster near the Infirmary and racecourse. The only comparables on the same road are one straight across, that’s just sold for the asking price of £92,500. That ones a two bed, this is a three, so I’m hoping for a £97 -£98k val. The next street on have the same style props listed on at £110k and £115, although they aren’t quite fetching that price.
The couple had some work issues before Christmas, and find themselves £4k in arrears and paying £700 a month for an £80k debt!!
The deal is that I’ll clear the debt, and they rentback for around £500 pcm subject to a favourable valuation. On a 5% remortgage that should stop them getting repossessed, and give me around £165 ish +ve C/F pcm. Fingers crossed I’ll get all of the deposit back out!!! Anyway the whole thing rests on the redemption figure, because I’m not sure we’ll go ahead if it’s more than £81,500. We’ll see. Comments are welcome by the way…
This is the first deal ‘on our own’ so to speak. By that I mean me and fiance aren’t JV’ing with anyone. The props from now on are going in her name (she’s also a first time buyer, so this should be interesting).
Watch this space for an update….
good luck!! i find i need a paperwork system to help me keep track of what i am doing, else my office just degenerates into one huge IN-UNREAD-PANIC tray – Do let us know how you do on this one.