| >>Investment properties Pre-auction & Pre-repossession
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BMV Investment Properties
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The whole below market value property sector (BMV) work with people who find themselves
in financial difficulties and who need to use the equity in their property to clear
their position.
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The very nature of this audience means that some of them will leave it too long
before acknowledging they have a financial problem and unfortunately find their
creditors, usually their mortgage lender, start repossession proceedings. In the
current market it is better for investors to purchase these properties before the are
either repossessed or auctioned off by the bank.
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We receive many calls from vendors wanting a very quick sale, in some cases just days
before eviction or auction, asking if we will purchase their property for cash. In many
cases we will make them a cash offer and if they accept it, we stop the repossession
or eviction proceedings and complete on the purchase and may even let them carry on living
in the property under one of our rent back schemes.
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The reason why as an investor you want to purchase the property prior to repossession
or auction is that certain mortgage lenders won't lend on these properties once they
have gone to either auction or after they have been repossessed.
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If a vendor is notified that their house is going to be repossessed or sold at auction,
they will also be made aware of the ridiculously low price they will receive for it.
They will also be made aware that any short fall in the figure they sell the house for
and the figure they still owe the mortgage lender will still be their liability. If
these people sell their houses to Crimson then we will offer them a price that clears all
of their debts: mortgage, credit cards etc, etc. - This way there debts are cleared,
they have not been repossessed and they do not necessarily have to go on in life with
a shattered credit rating and find themselves living in council accommodation.
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The benefit to you as an investor is that you can go to any mortgage lender as the
property has not been repossessed neither has it been sold at auction.
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