Things to watch out for and possible solution – Pippa Sinclair

Motivated Seller 4  -  Pippa Sinclair

Things to watch out for:-

1. 21 days left before eviction. (This is probably 2nd court date, rather then eviction – check repossession process).
2. Extra loans = poor relationship with money
3. New when bought – may have been overpriced. Check value now very carefully.
4. Both parties need to be present when you do your negotiations.
5. 4 floors and over lenders may not be prepared to lend.

Did you ask?

1. Have you spoken with your bank about reducing payments and payment holidays. (Refer them to an IFA if not).
2. Where are you planning to live if I were to buy the property?
3. Have you started the process to claim benefits/housing allowance?
4. What reception areas do you have?
5. Is there an early repayment penalty?

Solutions:-

1. Refer them to DPSP Tel No, 01543 462 357, to see if mortgage or loan redress can be secured.
2. 5 year lease option if DPSP can reduce or remove debts on outstanding loans. Not ideal because of extra loans.
3. Discounted purchase is unlikely as they have other loans to cover.
4. May need to walk away from this deal.
5. Lease option with a tenant buyer if loans can be dealt with.