I saw this earlier today, and it's a good chance to pick up a freehold property whilst everyone else is worrying about the weather!
2 bed house (freehold). Repossession. Advertised at £79,995 and will sell for very close to that. If this isn't pinched quickly, it will get bid up, so if you need to arrange a mortgage, forget it - this will have been bid over by the time you're ready to move.
It needs work, but don't let this put you off. In tip top condition, this would sell for £95k. It needs £10k spending on it (top end), so the basic objective would be to buy it quickly for less than asking (£75k?), spend the money on it, and end up with a tip-top property for less than it's worth.
It will rent for £525PCM. With an all in spend of £85k, that's a yield of 7.4%. If you want a freehold property with a high yield, you aren't really going to do much better than that unless you rent out room by room.
richard.baker@belvoirlettings.com for more details.
