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“Going back, I would chose to do exactly the same and I will for sure suggest Casavo to other people. In my own small way, I already speak well of you to my colleagues.”
Salvatore, would you mind telling us about your old house?
It’s was our family’s house. One of the most beautiful houses of the area. I was emotionally attached to it and it has been hard to part with it, but this was the right year to sell it.
Why did you chose to sell it?
It’s a little bit of a complex answer. In summary, it was the right moment. For so many reasons, including family reasons, it was time to give it away. It just didn’t satisfy me anymore. Since it was not essential to own the house, I preferred to make a financial choice and sell it, rather than keeping a property, which would have entailed many burdens. Moreover, it was at the end of a tenancy, that caused me a lot of trouble, and I didn’t want to invest more money before renting it out. In the end I choose to have liquidity rather than owning a property that gave no income.
When you finally chose to sell it, was Casavo your first option to do so?
Not really, I decided to sell the house when I received the notice of termination of contract from the tenant and didn’t put it on the market earlier because, since it was occupied, it would have been difficult to sell. Moreover, the tenant kept the house in terrible conditions and anyone who would have gone there and inspected it, would have had a terrible impression of it. I must admit that I had trouble with that tenancy and it hasn’t been satisfying from a financial point of view either.
What has your first impression of Casavo been? What did you think about the selling process?
I’ve been thinking about selling my house for a while, the problem was that the tenant, even though she gave me the notice of termination, didn’t want to leave because her new house wasn’t ready yet. But then this opportunity came about, I found you on Facebook and told myself: “let’s see what value will Casavo’s evaluation give me”, so I decided to meet Dott. Gerardi, a very professional, capable and pleasant person.
I was then contacted from Casavo, we organized an inspection and the process started. I was initially hesitant: although I’m an accountant, and often work with lawyers and notaries, when I explained the process I was undertaking, everyone was puzzled; there’s always some measure of scepticism about the linearity of the business process and on the fairness of the other part. In the beginning everything looks easy, but if a problem arises, a lawsuit begins and we didn’t want to go there. I believe a lot of operators tried to build this business in the past, and not everyone was correct and straightforward.
Was the promise “sell your house in 30 days” honoured?
I’d say so. Your offer is surely a little lower than the value I expected, but as I previously mentioned, you must consider a number of factors, starting from the features of the property, to the marketability of it, to the selling period. It’s not sure that If I had left the property on the market for 4-6 months, the discount applied to the selling price, would have been recovered obtaining a much higher yield. Therefore, in the end I really did save a lot of time.
Do you think you sold out your house by choosing Casavo?
My property had different values throughout the years, I might have gained much more money by selling it many years ago, but since I didn’t do that, and didn’t manage to sell it later on, I decided to rent it. Today, since the market is down, the value has decreased, but that’s what happens when you invest, you have to deal with the current conditions. During the process I was undergoing with Casavo, I spoke with some real estate agents as well, to evaluate the various options, but since our property was on the ground floor, which can be easily sold in summer but not in winter, I decided to keep going.
I probably didn’t reason as a landlord, but as an owner of a housing volume, which is worth a certain price.
Can we say that you’ve been pleased with selling your house to Casavo?
Yes, I’m very pleased. The process was really straightforward, concrete and correct, the timetables short and the tenant vacated the property in due time, without any problems. Another reason why I decided to make a transaction with Casavo is that it cut the waiting times of the selling process. Today we know that a property is worth “x” on the market, but the final price will be the result of a number of aspects related to the negotiation between customer and buyer, therefore you start from a price without knowing when you will sell and at what price. I needed to sell quickly and I can say that I’m extremely satisfied from this point of view.
Going back, I would chose to do exactly the same and I will for sure suggest Casavo to other people. In my own small way, I already speak well of you to my colleagues.
We are thrilled to announce that we have now raised an additional €200 million of capital, bringing the total capital raised to date to €385 million, including debt and equity.
Last week we announced the closing of a new funding round called “Series B”, that follows the Series A one just after 7 months.