Quick sale of house.

real1314

ljones60 wrote:

I currently have my property up for sale on the house ladder website and I've just recieved a phone call from a person claiming to be linked to a property invester. She claimed that her investor gives 85% of the survey valuation now, and then the remaining 15% of the valuation in 1 - 5 years time depending on the housing market. however she claimed that it would be no more than 5 years down the line. She also claimed that i would have to get the survey completed.

Has anyone ever heard of this before, It sounds too good to be true and theres got to be a catch somewhere.

Can anyone help with advice. Should i stay clear?

Thanks

L Jones.

So they buy it on an 85% mortgage, thus needing no deposit at all.

Then they sit and wait until 4 yrs 0 months, and re-mortgage to raise the missing 15%, again on an 85% mortgage.

They'd need an increase of 3.5% per year to achieve this.
Mind you, they'd probably fold if there was any sort of crash.

Sounds like a very dodgy option.

silvercar

any option where you are paying for their valuation is dodgy. You pay a valuation fee, they give you a ridiculously low offer, you say no thanks, they walk away with the valuation fee.

fivemice

Also, you would be losing interest on that 15% sat in the investors bank, surely?

ljones60

yes... i plan on staying well clear and just going down the estate agent route..

BNB_2

ljones60,

Where is your property, i might be intrested if its in the right location as i just missed out on a house i was buying (got shafted by the seller right at the end) so iam pretty much ready to buy.

rach29

BNB, How might you be interested in a property you don't know the price of???

BNB_2

Rach29,

Point taken, my post was meant to ask bit more then just the price.

ljones60: Can you maybe private message more details on the property eg location, PRICE etc.