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House Price Crash Forum


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Everything posted by YoungFTB

  1. It's starting to get really scary how bad things are getting for a lot of people
  2. That's some great advice, thanks Ausdave!
  3. Seriously? Cement down the sewers? Who does things like that, the people who had their house repossessed is it? I think I follow, is this why many repos are asking for cash offers on PropertyNews & PropertyPal? I.e. quick sale and no chance of a mortgage falling through? I phoned up about a property today and it was now a cash offer buy only, turns out the house went Sale Agreed with a mortgage offer and then it fell through as the surveyor report returned with damp issues so they couldn't get the mortgage for the property and the sale fell threw. In my search for a property I've spoken to quite a lot of Estate Agents and most of them are now asking for proof of funding if it's a cash offer due to the number of people who are just coming along claiming they are cash buyers and then when it comes to completion time they don't have the funds and drop out which is obviously wasting the Estate Agents time. That's really interesting, about how they claim to be cash buyers. Thanks very much for the info BelfastVI!
  4. Can you still get those grants or was that in the 90s?
  5. Right I see, what is it about a cash buyer that trumps a mortgage buyer? Is it because a cash buyer is not subject to the terms and conditions that a mortgage buyer would be? I have another question, if a mortgage buyer wants to buy a repo will the mortgage company insist on a survey being done on the repo property and them being satisfied with the survey before releasing funds to purchase a repo?
  6. Thanks for the reply mate, that info is a big help.
  7. In the case of it being published on Property Pal Or Property News it wouldn't cost them anything to do so, so I thought I'd asl
  8. Thanks again, so effectively every new bid results in a new 28 days to exchange contract?
  9. So does that mean that if someone puts in a higher offer then does the 28 days till exchange reset and it'll take another 28 days for the contract to be agreed?
  10. Thanks DD! Does anyone know if EAs can legally post a Public Notice offer for a repo if there isn't a buyer? Similar to claiming there is a buyer when there really isn't?
  11. What sort of time frame are we talking about? 4 weeks for a mortgage offer, 2 weeks for a cash offer or are we talking sooner? Apologises for my ignorance Travisher but what does that mean, repo's do not get published on the land registry? It's amazing how many normal people where involved in BTL, anyone I've spoken to from Taxi drivers to anyone in the building trade was involved in it. Crazy stuff! Thanks for your advice Travisher! I'm going to write some of these points down to ask the EA before I make an offer
  12. Thanks again for your advice, I really appreciate it!
  13. It's worth the least I can pay for it The less I can pay, the more I can spend on updating it Thanks for the advice Realistic NI EA, can I ask. If I find out there has been no offers on the property, would it be fair enough to offer 10% under the asking price or should I just offer the full asking price looking for a quick sale?
  14. Hi guys, I'll have been a member of this forum for 5 years next week! How things have changed! Well I'm still a FTB but I'm finally ready to buy a place, I haven't posted much in quite a while as I've worked and worked and saved and saved and I've decided that I want to buy a cheap property for cash and be mortgage free. I've found a property I want to buy that is in the £60,000 range, it's a repossession and it's been on the market for 2 months. On my first viewing within about 4 minutes the estate agent told me there was an offer on the property from someone who had a mortgage, their offer was slightly over the asking price. Anyway last week I viewed the property again and I'd like to place a written offer. I need some advice though at what price you'd advise as my first offer I've had an experience with a repossession before where the EA talked about other offers (even though there was no public notice offer on PropertyNews/PropertyPal) i.e. trying to pressure me into acting fast as "there are other offers" and then 6 months later the property still wasn't sold! There where no offers! Similar situation with this property, there has been no public notice of offer. Now perhaps the bid just hasn't been accepted by the vendor hence no legal requirement for such notice or maybe the offer doesn't exist. So I'm not sure what offer to begin with, I don't want to insult the seller and be out of the running with an offer below the asking price (IF) there is an actual buyer offering slightly over the asking price but then on the other side of the coin I don't want to offer more than they have offered as a first offer incase the buyer doesn't exist. The property does seem good value for money though as it's approximately 20 percent below rateable value but it does require work, I've had a surveyor hired to give me his opinion and I have a list of things that need fixed or replaced but I know the costs. I know I'm in a strong position though, Cash buyer, FTB, no chain and can complete the exchange very fast, solicitor in place to proceed a.s.a.p I'd appreciate your opinions guys!
  15. The Boffineer what was your experience with EAs and repos, did you get the impression that they favoured cash buyers? If you want to move fast on a purchase of a repo can you specify a smaller completion period, say 7 or 14 days? Or is that up to the seller and their solicitor to decide?
  16. Doccyboy I have a question about repos, if you have an offer accepted on a repo and a public notice offer has been placed (It's a requirement right?) If there is a 2 weeks deadline to exchange contracts, and someone puts in a higher offer and you match it, is there a new 2 week deadline for completion or are other offers only considered up until the contracts exchange deadline that was originally agreed?
  17. What does "Maximum Reserve" price mean? I see a lot of property up for auction with this statement followed by a relatively low price attached to it.
  18. This is the first time I've been here in over a month, I'm not liking this new format at all
  19. That's absolutely bang on the money! He used to be hilarious back when he was doing local shows like PK Tonight, he really used to push the boundary
  20. Happy days NuBrit! Congrats! Also pretty curious about what area you managed to buy a place for £52,000. No mortgage, happy days!
  21. Sorry to hear about your friend BB Sadly that's one of the legacies we face because of the troubles, it's certainly an ingrained mentality in many of the council estates where it's a big part of the culture. Very true BB! Propaganda is to democracy as violence is to a dictatorship It truely is amazing the amount of people who think that as soon as we reach the bottom house prices are going to start rising again. The only thing I see rising again is repossessions when interest rates start increasing again. I find it absolutely astounding that we live in the information age, we've never had more information at our finger tips and still the major of people are as ignorant as they've always been. THAT is a truely depressing fact IMO I'm glad I found this website, I think I would have gone insane otherwise. There is only so long I can be around people who don't think before it really starts to grind me down. I think Albert Einstein said it best Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe.
  22. Plus we can't have any news stories presenting all the facts from both sides of a story. I mean if that happened then people might actually start forming their own opinions on a subject and we can't have that now can we!
  23. Because only white people from Northern Ireland are racist silly
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