A landlord-to-landlord property sale with a unique twist that made the news!

The client

A landlord approached us with:

• a problem tenant
• an investment property in a badly beaten up condition
• a few additional problems with this quirky property, in the Everton area of Liverpool

The brief

• Move the tenant out
• Sell the property – a three-bedroom terrace house in Everton that, to many, might appear unsellable!

The story

Due to the damage caused by the tenant, the property was unmortgageable. Not an ideal start but not a huge problem either. The Homesure property-matchmaking service brokers sales between sellers and active investors, and it takes more than this to put most experienced landlords off a good deal.

However, upon inspection we found lots of metal lining the cellar! This was definitely out of the ordinary and we’re certain that some agents would have walked away at this point, scared off by the potential implications. We stuck around. We invited a local contractor in to take a look. They told us that the cellar was, in fact, an Anderson shelter – an underground bomb shelter dating back to WWII! This find even made the local news!

@homesureproperty Things property investors find! What’s the most surprising thing you ever found on a viewing? #propertyinvestment #liverpoolproperty #landlordlife #propertysourcing #propertysourcer #propertymanager #ww2history ♬ original sound – Homesure Property

Reassured, we then advertised the house to our database of property investors. Often, this is all it takes for us to deliver a quick, fuss-free sale. In this case, there were no takers but we did receive valuable feedback. When no-one from our investor network wants to snap up a property right away, they provide us with the reasons why they passed on the deal. This allows us to go back to the seller, with the information they need to take appropriate action.

Action was taken. We supported our client to do the work required. Then we sold the property under auction conditions, delivering an immediate sale for our client and a great deal for the buyer.

Honesty was the key to success!

Crucially, we marketed this property with photos – and a 360 virtual walk-through tour – that clearly showed the extent of the work required. Nothing was hidden. We displayed damp. We pulled back floor coverings to expose damaged wood, and it worked in our client’s favour.

This property was a great buy for the right landlord. Hiding things might have attracted a naïve buyer earlier; we could have attracted someone with big ideas about refurbishing a cheap property. But the chances are that sale would never have completed. The buyer would back out as soon as the survey revealed the extent of the job ahead! We’ve seen it before. We don’t want that for our sellers. Instead, we’re always honest about the state of a property. If we believe it’s a good investment opportunity, we share it with experienced landlords and investors who, like us, aren’t daunted by the prospect of the work needed.

When it came to it, we sold this property at auction – delivering a quick, straightforward, guaranteed sale. The buyer is equally pleased with the deal.

The numbers

Sold at auction for £60,000
Estimated rental income after improvements £800 PCM

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