rogerthat
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Post by rogerthat on May 22, 2018 9:28:43 GMT
1406810441
£325K @ 12%..LTV 49% 10am 22/05/18 Well that's done and dusted..seemed to attract some MH's applying multiple bids..cant find owt via EA's so wondering how borrower is 'purchasing' this...private sale..auction ?..and I thought burst pipes were a thing of the past..Broadstairs hardly being close to the Arctic Circle..maybe a deceased's property ?..major refit and refurb required..lots of spondoolies needed here 
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lucky
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Post by lucky on May 22, 2018 9:43:33 GMT
1406810441
£325K @ 12%..LTV 49% 10am 22/05/18 Well that's done and dusted..seemed to attract some MH's applying multiple bids..cant find owt via EA's so wondering how borrower is 'purchasing' this...private sale..auction ?..and I thought burst pipes were a thing of the past..Broadstairs hardly being close to the Arctic Circle..maybe a deceased's property ?..major refit and refurb required..lots of spondoolies needed here I went and had a look at this property yesterday, it does need lots of work but is in desirable area and stands on a decent sized plot, probably space for another good sized detached house if planning was granted .
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rogerthat
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Posts: 2,048
Likes: 1,994
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Post by rogerthat on May 22, 2018 9:55:33 GMT
1406810441
£325K @ 12%..LTV 49% 10am 22/05/18 Well that's done and dusted..seemed to attract some MH's applying multiple bids..cant find owt via EA's so wondering how borrower is 'purchasing' this...private sale..auction ?..and I thought burst pipes were a thing of the past..Broadstairs hardly being close to the Arctic Circle..maybe a deceased's property ?..major refit and refurb required..lots of spondoolies needed here I went and had a look at this property yesterday, it does need lots of work but is in desirable area and stands on a decent sized plot, probably space for another good sized detached house if planning was granted . Thanks..did you notice whether there was a sale/auction board up? if not can you pop back and have another look ? 
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lucky
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Post by lucky on May 22, 2018 10:24:13 GMT
I went and had a look at this property yesterday, it does need lots of work but is in desirable area and stands on a decent sized plot, probably space for another good sized detached house if planning was granted . Thanks..did you notice whether there was a sale/auction board up? if not can you pop back and have another look ? Definitely no sale or auction board, could find nothing online either (bit odd), maybe a private sale? The frozen pipes would date back to that Beast from the East thing, would guess property has been empty for quite some time so water damage not immediately apparent (this is speculation on my part).
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mullet
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Post by mullet on May 25, 2018 15:42:15 GMT
Thanks..did you notice whether there was a sale/auction board up? if not can you pop back and have another look ? Definitely no sale or auction board, could find nothing online either (bit odd), maybe a private sale? The frozen pipes would date back to that Beast from the East thing, would guess property has been empty for quite some time so water damage not immediately apparent (this is speculation on my part). Could someone more knowledgeable than me explains how this works. The description says the borrower is "raising the funds to purchase the property" (i.e. he/she didn't yet own the property) and then a day after the loan is released it becomes active, which I assume means he/she now owns the property ...so the borrow has gone from having no finance to completing on the property is about 1-2 days. Is that possible?? (wish my solicitor worked that quickly!) ...or is it actually the existing owner borrowing the money, hence so sale/auction boards?
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Post by mrclondon on May 25, 2018 15:58:05 GMT
mullet if as seems possible it is being sold by the executor of an estate, a private sale is quite likely given it needs major work. Within most extended families (and their close friends) there is likely to be a "builder" and it makes sense to allow the "profit" on the renovation to be retained within the extended family, whilst simultaneously enabling an early sale as part of the estate wind up. (Certainly has been the approach in my family when faced with something vaguely similiar ). Exchange and completion can be on the same day.
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