A three bed terraced house in Everton, Liverpool, is on the market for just £45,000, however, the listing for the property reveals there is a catch.
The home is being sold via a certain method, explained in the listing. Buyers will also not be able to move straight in, as there are tentats living there now, but they do not need a mortgage before they secure the property.
What is the Modern Method of Auction being used to sell this property?
Property website EasyProperty.com explains this is a more buyer-friendly option.
Property for sale: Liverpool three bedroom house for just £45,000
Buyers must pay a fee to reserve the property, but the system makes it easier for buyers who need a mortgage to purchase the property, as the sale in completed over a longer period of time.
Therefore they can secure the mortgage they need after putting down the sum of money to reserve the property.
The property for sale well is well below the value of the average house in the area, which Zoopla estimates to be £82,555.
An end of terrace property, the home boasts two reception rooms, and is being sold by Reeds Rains Liverpool.
The current tenants are on a rolling contract, so this property could be a coup for a buy-to-let landlord.
It reads: “This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction.
“The Modern Method of Auction is a flexible buyer friendly method of purchase.
“We do not require the purchaser to exchange contracts immediately, however from the date the Draft Contract is received by the buyers solicitor, the buyer is given 56 days in which to
