Background:
This property was a four bedroom detached family home in Houghton On The Hill, Leicestershire and originally marketed for £575,000 on the open market via one of Hortons partner agents. The property was dated and would have benefited from a modern renovation throughout. During the time the property was on the open market, the vendors circumstances had dramatically changed, and they were in need of selling the property, and completing in a matter of weeks.
Our Involvement:
The Investors Club team were introduced at this point and after understanding the vendors situation, we established what the lowest price the vendors could take, but still be happy to walk away with. Due to the urgency of the situation, the opportunity was marketed exclusively to our Investor Club members at a purchase price of £400,000 with the caveat that it would need to be a 100% cash purchase and complete within three weeks. A buyer was secured which allowed the vendor to move on and secure their onwards purchase at a price they were comfortable with, whilst the buyer secured a significantly BMV property that required circa £50,000 of investment with a conservative figure GDV of £550,000 leaving a gross profit of circa £100,000.