This sale was a real win-win for both seller and buyer. The property was a 4 bedroom terraced house near Bridgend in South Wales.
The Seller.
The property was being sold by a fed up landlord. She has owned the property for a number of years and although she liked owning an investment property, she had just evicted tenants who had left the house trashed and owed around 10 months worth of rent. She was coming up to retirement age and had decided to sell her invesment property for aas much as she could so that she could reinvest the money in a holiday home in Spain. We took her through our Flexible Selling Framework® giving her real advice about the options that could really help her and from our discussions, she decided to partner up with a local builder to give the property a makeover. This cost the landlord around £10,000 but added another £20,000 to our recomended selling price AND gave us a happy seller in 2 weeks.
Before the makeover
The Sale.
We then decided to offer any potential buyer some incentives if needed when buying. We do this as part of our flexible selling process and can offer each property with up to three ways to help buyers to buy.
Property Connected then marketed the property on the open market, with or without flexibility depending on what the buyer needed. This is what we call selling with the buyer in mind.
After the makeover
The Buyer.
Within 2 weeks we had held 2 block viewings and the best offer was a full price offer from a first time buying couple. They fell in love with the property, the finishings and the decor were neutral and suited the modern couple. They also loved how the property had enough bedrooms for them to start and grow a family.
As a first time buying couple they had no property to sell and no chain. They already had their deposit and the decision in principle from their mortgage company and were in an excellent position to buy.
We talked to them about the incentives and what would work for them and they decided to negotiate with the seller, a little cashback on completion, instead of making a lower price offer. This would suit them as they would still be putting only a 5% deposit on the full asking price, instead of a lower deposit on a lower amount, this would give them more cash in their pocket when the sale completed. The cashback would help them to buy furniture and furnish their new house and then seller would get a no fuss, full price offer with a little cash back to the buyers.
Here are the figures:
Purchase price: £104,950
Buyers offer: £104,950 (with £1000 cashback on completion)
The nitty gritty.
The buyers had to inform their mortgage of the cashback incentive and also the solicitors had to agree that this was fine too.
Buyers lower price offer: £102,000 (difference in 5% deposits on both offers £102,000=5100.00 vs £104,950=£5247.50)
Sellers situation with original offer: £102,000 vs offer with incentives £103,950
Small differences, but this shows you what a real win-win a little flexibility can give both buyer and seller.
If you’d be interested in selling this way, or getting some advice on prepping to sell a property, please get in touch on 0800 270 7681 or text or whatsapp 07469 397 803
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