Wednesday, 27 May 2015

One to Watch...Overpriced & Badly Marketed South Hylton Terrace (7.7% Gross Yield In A Couple Of Months?)

This is an interesting one simply because looking at the Zoopla ad you can immediately pick up on a few things straight away that make it one for investors to keep an eye on...

Click here for the ad http://www.zoopla.co.uk/for-sale/details/37059551 

Firstly it's being sold using an online agent who I've never heard of...they're based in Greenwich so it would reasonable to suggest that their knowledge of the Sunderland market may be pretty limited...but they're oh so attractive with their £299 selling fees!

The valuation is a little high at £92,000, given the above it's likely to be what the owner wants or thinks they can get rather than an accurate valuation of what's achievable from a local Estate Agent

The pictures are crap and aren't even the right way up (I've used them in all their not-rotated-90-degrees to-the-left-glory), more than likely taken by the owner

All this tells me the owner is doing it on the cheap to save a few quid in Estate Agents fees and despite what Sarah Beenie will tell you, they may suffer the consequences with a total lack of interest

I mentioned a similar South Hylton property in February http://www.sunderlandpropertyblog.co.uk/2015/02/three-bedroom-south-hylton-mid-terrace.html (that's still on the market by the way) which currently shades this one slightly as an investment due to the lower asking price - and given it's not sold it may be worth revisiting and making a cheeky offer...

So...back to this one...

I'd make a note of this, bookmark it or whatever and do nothing for a month or two then take a look and if it's still there make them a silly offer of around £80,000 - it's a risk but if I'm right they may have had very little interest and may entertain the offer or at least start negotiating

If you can get it for £85k it will return 7.7% Gross Yield based on £550pcm rent, as it doesn't look like it needs much doing to it

Call me if you;d like to have a chat about this one or any aspect of the Sunderland property market - call 0191 567 8577 or email neil.whitfield@belvoirlettings.com

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