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Property bought at auction
Comments
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Why just not sell on to the builder?0
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Oh dear...0
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The reason being, is me and my fiancee, will never have a chance like this again, our idea is this, the site has two properties on it, we would split title on the two properties, refurb one and remortgage to pay off all the loans, then refurb the other, and live in it, the first property will then be let out, making us have a rent free/mortage free property, valued at around £190,000 - £210,000, the property that we would live in is very easily then split into two again with a plit title, which would make 2 properties mortgage free, to either sell/ remortgage and move on, or what ever the market dictates at the time.
The opertunity will never be available again, this property is in the area we want/need to be, has enough land for my family, and is financially sound0 -
Sounds like you will need an additional load of cash for the development as well.0
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The first property will only need paint and elbow grease, its the main house that will need the money spent on it, and general diy, nothing too major, the second property will need around 30-40k spending on it, but considering that after the buy to let mortgage would cover all loans/lending just by splitting title, the main house would be mortgage/loan free, and would leave us open to secured lending to refurb and or remortgage to cover expenses of the renovation. with very little equity lost0
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poppysarah wrote: »If you're 17k short now then I don't see it as being available now.
Property has had contracts signed by us on it0 -
If you cant get a 95% mortgage or something, you need to offload thjs to an investor right away.
The contracts being signed isnt a good thing at the moment. You've committed yourself to a property you cant afford and time is running out to complete.0 -
Sell to the builder."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0
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Or if it was bought at way under what it was worth, bung it in another auction.0
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