Terraced House in Stoke Purchased in 18 Days

Our selling clients had purchased the property as a renovation project but had since split up. One party had tried to carry on with the renovations but couldn’t handle the volume of work and began to fall behind with mortgage payments.

The property was in such bad condition that local estate agents advised against trying to sell on the open market and try auction instead. Walls had been removed and not replaced, and the house was full of tonnes of rubble, brick and plaster piled up everywhere.

365 Property Buyer were contacted, we made a formal cash offer to take the property as it stood. The offer was below the outstanding mortgage debt, and the lender would not accept anything less than the full sum, although we negotiated a one month stay of interest having had dealt with the lender in a previous case. This gave the seller some time to raise the shortfall and cover the mortgage.

The parents of the vendor stepped in and topped up the offer to facilitate the sale, this combined with our offer prevented the pending repossession.

If your property is repossessed the situation isn’t over, far from it, the lender will incur substantial costs which will be added to the outstanding debts any arrears, costs and shortfall on the mortgage when the property is sold will still be the borrowers responsibility, so not only have you lost your property but you still owe the debt.

Selling to 365 Property Buyer when facing repossession will save you time, money and further hassle.

Sell Your Stoke Property Quickly

This Stoke Terraced House sold in 18 days, If you are looking for a quick house sale, give us a call on 0800 019 7031 or get in touch.

We are a UK Property Buying Company that purchases property quickly, we also make the process of selling your home to 365 Property Buyer very straightforward & our current average completion time for any type of property (not just Terraced House's) is 15 days.