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★Trade Secrets of a Property Cash Buyer – Part 7 – Selling a home with non-standard construction.
Posted on: 17th May 2016 | Filled under: Property Cash Buyer Trade Insights
Written by: Mark King
One of the issues that I commonly see, particularly with an ex-local authority property or an ex-council property, is that they are not made of what is called a ‘Standard Construction’
What is standard construction?
Generally speaking, a standard constructed property consists of brick and/or block walls under a tiled pitched roof sat on concrete foundations.
A Non-standard constructed property is anything that differs from this. For example, they could be built with concrete, wood, or steel framed.
Typically, these properties are more difficult to obtain a mortgage on and therefore less valuable and more difficult to sell.
Buyers wanting to purchase a non-standard construction property often struggle with lenders to get a mortgage and most lenders will reject a mortgage on a non-standard construction home.
Some mortgage lenders have been known to offer what’s called a tension.
This means that the mortgage lender wouldn’t offer a full mortgage, (a full mortgage being between 85% – 95% of the price) meaning that the buyer cannot afford to make the purchase, and cannot offer the seller the full price.
How to sell a non-standard construction property
Do you own a steel house from British steel construction? Or a hollow form concrete property?
If you have a property like this that you are struggling to sell I would be happy to come and look at this type of property and make you a quick, fair and guaranteed cash offer. I’m not using a mortgage to buy the property so you don’t have to worry about the types of lending issues affecting my fixed and guaranteed offer. I always aim to complete a transaction within 7 to 10 working days and I cover all additional legal fees.
Please click on my web link: www.markingproperties.co.uk and fill out the online application form.
Top Tips
1. A standard construction home is consists of brick and/or block walls under a tiled pitched roof sat on concrete foundations. Anything that sits outside of this is generally known as a non-standard construction property.
2. A non-standard construction property is more difficult to obtain a mortgage on and therefore less valuable and more difficult to sell.
3. Buyers trying to get a mortgage on a non-standard construction property are commonly rejected or could be offered a tension. A tension is where you are not offered the full mortgage amount.
4. If you’re struggling to sell, contact me today for a quick, fair and guaranteed cash offer on your non-construction home.
If you are looking for a quick house sale Mark King Properties can make you a cash offer today. We Buy Any House regardless of condition. Get a free cash offer today click here.
