I spoke to a vendor 2 weeks ago. Property on Market offers >130K. He has moved out into a bungalow due to health and is renting

He didn’t want to discuss BMV so I passed the lead onto my EA contact who started to market it as well the 1st agent. Agent called me 30 mins ago to tell me that the vendor had called him to say he has received a repossession notice asking me to call back. Both agents have reduced the price to £109,000

Current owner needs £95,000 to clear all debts. I may be willing to offer £100,000. EA tells me that with £5k spend, he would be able to sell property for 125-130,000 as its on a nice street

I would like to buy and flip to FTB

Anyone done this? How would I do this in terms of borrowing, restrictions on selling within 6 months etc. I can probably rustle together 20% deposit I think

I haven’t viewed the property but will do so today

Any comments welcome

__________________
Regards Raj
0789 454 3931
Local Representative | National Landlords Association (Nottinghamshire & Derbyshire)

W: http://www.landlords.org.uk
Raj.Beri@landlords.org.uk

I have phoned your mobile and left message

Raj

We are experienced in stopping repossessions and would be able to JV with you on this, on the basis we can provide experience with repossessions and cash funding.

Feel free to contact us.

Best regards

Sam

The PMD Group
33 Great Cumberland Place ¦ London ¦ W1H 7TB
Tel: 0800 822 3330 ¦ Fax: 0207 681 1195
Website: The PMD Group