The story of 10 property investment deals in 10 weeks, when Glenn first got started - Deal 5

Posted on 04. Jan, 2010 by glenn in Glenn's Blog

Gentleman called me and said he was moving in approximately 6 weeks with his company and needed £130k and thought that was a fair price for a quick sale was I interested?  I went round to view the property in question and they explained they wanted to cover existing debts and that his company were providing a property for them. So I said I would speak with my partner and get back to them. I looked on Rightmove for comparable properties between £120k and £180k but couldn’t find any 3 bed 3 story townhouses in that area. I did not know the area as well then as I do now.

I telephoned an estate agent friend who did a drive by valuation he said he thought it was worth in the region of £160-£180k he told me. Still unsure I checked our nothing similar sold recently. So I called another estate agent friend, Glenn he said there’s 5 similar on Rightmove.  I couldn’t find them I replied, well they are here all between £185k and £195k.

Needless to say I called back and agreed the £130k providing they paid their legal fees I said. No came back the answer I need £130k and you pay fees, I hummed and arr’d a bit and agreed as long as they used my second solicitors.

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