Fi was desperately looking for an exit from her property
Fi was an experienced investor with a project she had already exchanged on but, due to some unforeseen structural work and increase in build costs, her projected profit had decreased from £125k down to £20k….and this was going to be a year-long project. She was so under pressure from this project and felt so stressed that she was even prepared to make a loss just to get it off her plate now. The increase in risk was just not worth it for her and it was impacting family life and other business decisions she wanted to make.
At the time she came to us, local agents were trying to make something happen but nothing was happening. Investors were looking at it but no one would buy it. The project was not viable, it didn’t make sense to keep it and she was desperately looking for an exit from this situation.
We needed a quick exit because it was costing her more to keep it. We knew we would be able to find a solution for her. We used our 4 step process: including a solution oriented fact find and a report suggesting my opinion that auction would be the best way of selling it. Although Fi was unfamiliar with the auction process, she had enough confidence that we could take her through the process to ensure the property was sold with the best possible outcome.
Using our experience and knowledge we chose the best auctioneer and we managed the progress of the sale for her as that is what she wanted. The property went on to receive multiple bids before the auction, securing a pre-auction sale of £560k! Which having bought the property at £480,000, she made an impressive £80k profit in only one month of owning the property!
The result – a swift exit from the property with four times the profit she would have made if she was to build out the project and in a much shorter time frame. And instead she had the peace of mind and free time to take a family holiday, spend time with her children and the finance to move on to her next project.