I’m going to give you some case studies or some work we’ve done, which actually will give a three dimensional understanding of what we do, how the seller benefits, how you can benefit, how we benefit as well in terms of fees we charge to pay for our offices and our staff, etc. So I want to bring everything together. It’s a bit like a Blue Peter type moment where we’re going to talk about a homeowner a bit let property problem and also raising finance and also valuing up a property for sale.
So we recently had a client in door set who’s got basically they had somebody tragically pass away in their family and they had a £400,000 house that they lived in. And the debt of the property is circa £200,000. That was one issue then they also had a Buy-to-let property which had quite a lot of problems because that’s an issue with the tenants, etc. So this client pretty much had all the problems under the sun. The client was in the arrears if his mortgage because spouse has passed away. He was also in arrears on the BTL property because he’s also lost his job. So what we did done is we’ve gone out and help the client by
- Stopping the repossession on the client’s home property. So we’ve been to court and told the court that the client would refinance. We got them a refinance package. So the biggest problem with the refinance was that the client wasn’t able to do that because he couldn’t value up the property for the reasons I told you earlier, he made the classic mistake of putting up for sale for a low price and when his son tried to buy it from him, the property is valued at £300,000. So I had to go and clear that up and restructure the whole deal. But we managed to get them the £200,000 that he needed replace the current lender with another lender called Together so that one sounds easy. But we ended up having to go to court a couple of times. First time was that we were trying to sell it second time with refinancing it. So we did manage to refinance it and solve that one particular problem. All in all, the client is really happy, like, actually hear from him every day now because we become friends somewhat because its life changing isn’t it?
Long story short, we can save somebody’s house!
The other problem he had is that he also needed to sell his house at a certain point in time because he didn’t have any income and the debt was accumulated over COVID-19. But what I did is the property is worth £400,000. I restructured and repackaged it, and I managed to get it sold for £500,000. So the client made a hundred thousand pounds more than he was anticipating. Hey, so that’s amazing news for the client. That’s one of my happiest moments, actually, too honest.
So that’s a pretty amazing case study is for a homeowner, then on is regulated property. It’s worth about £300,000. The debt was about £200,000. Has been trying to sell it for about two or three years. No luck been around everywhere. I’ve managed to get it sold for £260,000. He did offer for £235,000 and £240,000. That’s the highest offer rehab over the last four or five years. But we offer for £260,000 and that sales going through now. So that’s sort of case study number two. How did I do that?