We are the lowest offer on the 2 bedroom repossessed property.
As mentioned in previous posts, we are currently looking to expand our Passive Income Portfolio of Buy to Let properties in the UK. Whilst the original searching, buying, renovating and renting of a Buy to Let property may be far from passive, once the property has been rented to long term tenants, the investment becomes very passive, especially if you have the services of a great property letting agent.
We had previously put an offer in on what we had hoped to be our 5th Buy to Let property. Unfortunately our initial offer had been rejected.
We had deliberated long and hard over the weekend and had decided to make a “cheeky offer” of just £48,110 against the property which was for sale at offers over £45,000 and had a Home Report valuation of £50,000.
So with a closing date set on Tuesday 10/09/13 at 12pm, we eagerly awaited news if our (slightly cheeky) offer had been successful.
However at 15:38 on Tue 10/09/2013, our solicitor emailed us to say that a total of 7 other offers had been made by the Closing Date and “unfortunately you had the lowest offer”.
We aren’t very disappointed in loosing out on this property. This repossessed, 2 bedroom terraced home needed considerable money and time to be invested on it to turn it in to a decent Buy to Let property within our Passive Income Portfolio. Given our desire for our Buy to Let investments to Passive in nature, a renovation of this size was unwanted.
We look forward to seeing how much this property finally sold for on the Our Property website, but we secretly hope it went to a first time buyer who’s kids can enjoy the excellent, nearby primary school where our own children had previously attended.