FUSION PROPERTY ANNOUNCES HOME BUYING SERVICE TO PREVENT REPOSSESSIONS

Against a backdrop of rising mortgage interest rates and an increase in the number of repossessions, Fusion Investment Property Services has announced a home-buying service.

[ClickPress, Mon Dec 04 2006] The service is offered to both lenders with vacant accommodation or arrears and homeowners seeking a quick sale.

Fusion, which acts for buy-to-let property investors, is currently seeking in excess of 100 properties for retained clients.

“We’re not looking to take advantage of the those unfortunates who find themselves in straighten circumstance or acquire properties on the cheap, said Fusion Managing Director Gregoire Godin, “We use independent valuers and pay a fair market price.”

Fusion is sensitive to trauma and distress involved in losing one’s home. In certain instances Fusion can purchase a property and allow the former owner to remain in situ as a tenant, possibly with a rent-free period, while they put their finances in order - eliminating the distress of eviction and homelessness.

Repossessed homes are often sold by auction at, literally ‘knock down’ prices below their true value, to speculators and developers.

There are numerous other advantages of those finding themselves facing mounting mortgage arrears in seeking a solution such as that provided by Fusion. The vendor may be unable to meet the mortgage due to illness, redundancy, or business failure. Selling to a company like Fusion may prevent going into arrears, running up legal fees and getting a bad credit record.

The saving on estate agent’s fees or auctioneer’s commissions and legal costs of repossession can amount to many thousands of pounds. The borrower remains liable for all mortgage interest and all costs on repossessed home until its sale – and beyond – if there is negative equity or costs exceed the viable equity.
Fusion, with cash buyer clients, offers a quick sale with exchange of contacts and completion in less than four – and sometimes as little as two – weeks, not just to those who cannot afford their mortgage.

Many vendors need a swift completion to prevent the loss of a dream home, breaking a chain or leaving a property empty if the owner is relocating for, say, work or moving abroad. An early sale can also avoid splitting up a family while the breadwinner moves into rented accommodation for work, eliminate expensive hotel bills or the need to take a minimum 6 month short-term tenancy.

Fusion will often acquire a property that fails to find a buyer because it is looking for properties for rent. Tenants (generally single without children) are usually less exacting than buyers. For example, a slow to sell property may be in a less popular area, overlooking a rusting gasometer rather than a park or county fields, have no garden or garage, lack schools or be next to a noisy factory or late night restaurant.

Contacts:
George Shaw, Avocado Media T: 01892 750851 M: 07860 695555 E: geo@avocadomedia.co.uk
Gregoire Godin, MD, Fusion Property M: 07803 584180 gregoire@fusionproperty.co.uk
Charles Phélines, Director, Fusion Property M 07973 505617 charles@fusionproperty.co.uk


Editors’ Notes: Photos available

Typically, Fusion clients invest c£50,000 from savings, by releasing capital on an existing property through remortgage, or a mix to the two. Following conversion to an HMO, revaluation and remortgage, c50% this initial investment is returned, leaving a net investment of only c£25,000.

Rooms are rented inclusive of all utility bills, so tenants receive one bill, with no extras to pay. Fusion tenants also benefit from clean, furnished, comfortable rooms in well-managed properties which meet full Health & Safety and HMO regulations. Properties feature washing machine and dryer, carpets, curtains/black-out blinds, central heating, double-glazing and insulation. Broadband access and TV connection (with TV if required) is provided in each room. Kitchen and bathrooms are shared.

Fusion Investment Property Services Ltd, 8 Park Lane, Crowborough, E. Sussex TN6 2QN
Offices also in London and Kent
T: 01892 610099 E :info@fusionproperty.co.uk W: www.fusionproperty.co.uk