When to use Yellow Apricot - Local Authorities |
YELLOW APRICOT WORKING FOR LOCAL AUTHORITIES
Local authorities may wish to sell properties they own to "balance their budget" or for other reasons such as to sell uninhabitable properties in the hope that the buyer will invest his/her own money to bring them up to a habitable state.
Yellow Apricot Auctions attract developers and private individuals from a wide geographical field, looking for exactly these kind of properties. With Yellow Apricot, there is no delay in the sale as the sale completes normally in 28 days. Most importantly the local authority is seen to be acting in its best interest by selling the property at open market value, so there can be no arguments that the property was sold off too cheaply.
Example:
Neon City Council has 8 properties that have been empty for over 5 years. Although they are boarded up, they attract drug dealers and youths who cause a nuisance to the area as a whole. The properties have previously been vandalised. Although the properties are in residential areas, the Council cannot rent out these properties as they are uninhabitable.
Neon City Council decide to put the properties, valued at approximately £50000 each, into the next Yellow Apricot Auction.
The properties end up selling, for an average of £54000 to a number of buyers. In 28 days time the Council will have its money and the properties will then be refurbished by the purchasers usually to turn a profit. With the properties now habitable, the areas in which they are will become more sought after and this will hopefully reduce the acts of vandalism and crime generally.
Councils throughout the UK have in the past sold properties in depressed and crime-ridden areas which have subsequently seen an upturn in years to come.
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