Things to watch out for and possible solution – James Powell

Motivated Seller 6 – James Powell

Things to watch out for:-

1. Some lenders won’t lend on buildings of 4 storeys or more.
2. Arrears – any letters from the bank?
3. Valuation is 12 months old at least.
4. If considering an option deal, be aware of the poor credit history.

Did you ask?

1. Have they discussed their situation with the bank?
2. Mortgage left over – they may have significant equity
3. Rent where you’re going still similar to mortgage – how are you going to pay that?
4. Do they have credit card debt? How much?

Solutions:-

1. Would suit 1st time buyer or tenant buyer
2. May take big discount for quick sale. Rental to professionals – Not high cash flow.
3. Assisted sale for a small discount and you earn the difference