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Below Market Value Properties (BMV) |
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Yellow Apricot is delighted to be a prime source nationwide of below market value properties, often abbreviated to BMV. These properties are being sold genuinely below their market value because of a sense of urgency created by an imminent adverse event, the occurrence of which will put the whole sale in jeopardy and create an adverse financial situation for the seller. The most common example of such an adverse event is an impending warrant of execution following a successful claim by a mortgage lender for possession of the property. In this case, an eviction date will be the adverse event and the seller will stand to lose possession of the property unless contracts are exchanged prior to the eviction date. Other events giving rise to BMV sales include Bankruptcy, current mortgage arrears or just the need for a quick sale.
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Advantages to the Buyer: The property is usually in good condition and typically at a discount of 15-30% below its market value. This enables the Buyer to gain instant equity in the property and to be able to put in minimal deposit, especially if a Bridging Loan is used to help finance the purchase prior to a remortgage.
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We are offering £500 cash to anybody who introduces a person in financial difficulties and facing repossession to us who subsequently sells his or her property through us as a BMV property. This money will be paid on completion. You will need to contact us to advise us that this was an introduction from you.
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Advantages to the Seller:
- Quick sale with instant exchange of contracts using the auction contract
- Prevent Repossession, Bankruptcy or another adverse event
- Maintain a credit rating better than you would otherwise have
- Not have the lender and bailiffs chasing you for money after the sale
- Walk off with cash rather than lose it all in fees and additional costs of repossession
- Save embarrassment and publicity of an eviction (more people than you think find out - don't forget nosey neighbours who will tell everybody)
- Make a new start without your debts chasing you
- Get free help and advice from Yellow Apricot to keep creditors at bay during sale
Many people forget that if you are repossessed, then additional charges and fees are added to the amount owed by you. If after the creditor in possession sells your property there is a shortfall, then you will be chased by the creditor for the extra money. If you are working, the creditor may get a Court Order and get the money owed deducted out of your wages. If you are unemployed, the Creditor may get a Court Order to get the money owed deducted from your DSS benefits. Don't take the headache with you.
Selling the property as a BMV property can help get your life back & stop the depression.
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How it Works:
A BMV property is advertised as such, a distress sale, a discount to market value or similar terminology. A one page document is then emailed to registered users on the Yellow Apricot Website with a sales price, details of what you are buying (often with pictures), comparatives where available and a finders fee which is typically 1-3% of the sales price. This fee is payable by the buyer for Yellow Apricot's efforts in packaging the deal. The deal is "first to exchange takes the property".
The finders fee is payable within 24 hours of exchange of contracts at the same time as the deposit and is always a condition of the contract even if you do not sign agreeing to pay the fee, as all BMV sales are "as advertised".
YOU CANNOT PULL OUT OR RE-NEGOTIATE THE CONTRACT AFTER YOU HAVE SIGNED THE CONTRACT, WHICH WILL BE LEGALLY BINDING ON BOTH BUYER AND SELLER AS SOON AS YOU HAVE SIGNED IT AS CONTRACTS WILL BE LEGALLY EXCHANGED AT THAT POINT. IF YOU OR THE SELLER FAIL TO COMPLETE FOR ANY REASON WHATSOEVER, YELLOW APRICOT WILL BE ENTITLED TO THE ADVERTISED FINDERS FEE, FULL COMMISSION AND WITHDRAWAL FEE AS IN CLAUSE 47 OF THE TERMS AND CONDITIONS OF APPOINTMENT - AUCTION SALE. THIS WILL BE PAYABLE AS A DEDUCTION FROM DEPOSIT WHEREVER HELD. YOU WILL BE RESPONSIBLE TO RECOVER ANY LOSSES FROM THE SELLER IF YOU ARE NOT AT FAULT.
TAKE INDEPENDENT LEGAL ADVICE BEFORE BUYING A BMV PROPERTY ADVERTISED BY YELLOW APRICOT AS YOU MAY LOSE MONEY IF THE SELLER FAILS TO REPAY YOUR DEPOSIT IN FULL IF THE SALE FALLS THROUGH.
Click here to register free for emails & updates on Below Market Value Properties.
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