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Posts posted by YoungFTB

  1. I was speaking to a few people at the weekend and if anything the crisis for Pattons subbies has been understated.

    Place Ballymena on the map and think about an arc to the south and west up the shores of Lough Neagh. This is quarrying country and as a result there's quite a concentration of specialist manufacturing and contracting in this area, not all related to aggregates.

    This area has already been hammered in the crash but there are still plenty of decent operators who have just about held on but Pattons could finish them off.

    There is one major subbie owned more than £1m, mainly in relation to the Oxford Street Primark.

    There is another smaller firm where the boss is sure he will have to lay off nearly everyone and could end up losing his house.

    Beyond that are plenty of people who fear that if it doesn't finish them it will put them back years.

    It's starting to get really scary how bad things are getting for a lot of people

  2. If you're a cash purchaser get a good survey on a repo.

    If you're taking a mortgage, you'll need a bank valuation to ensure they will mortgage for the amount.

    Aside from this pay for a survey. Various levels, if house old get full structural survey.

    Because services are turned off on a repo your survey will reveal a red flag/traffic light (of concern or requiring immediate attention) on plumbing, electrics, gas etc.

    Generally bank inflexible, won't allow services to be connected even if you offet to pay all charges involved.

    You take a chance, reflected in the price.

    We got a builder to give things a once over and give his impression which gave us reassurance.

    Didn't get a spark to turn the electrics on, guy from NIE came out and reconnected and then with crossed fingers I flicked the breaker.

    Got a plumber to recommission heating and turn water on.

    Almost every radiator spang a leak and so did the toilets so it was good to have someone there with all the kit.

    You'll probably find debt to the address aswell, you're not liable for it but it's a pain in the ****.

    Recommend getting yourself on the electoral register - adds weight to your protestations to debt collectors who come calling.

    That's some great advice, thanks Ausdave!

  3. with a lot of repo houses (not all). there will be problems with title documentation and the house may be wreaked. Boilers gone and I have heard of bags of cement emptied down the sewers.

    Seriously? Cement down the sewers? Who does things like that, the people who had their house repossessed is it?

    The warning lights come on when the vendor is put off that your acceptable price comes via a mortgage. You have to ask yourself why is he unhappy about that.

    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.

    And thirdly, 9 times out of 10 turns out not to have the cash for the house as the bank is surprisingly not happy that they turn their own (mortgaged house) into a rental property.

    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. It is mental, the time to get into student HMOs was the 90s. The time to get out was 2006. Anyone considering doing this now when the chance of capital application is zero, is financially thick IMO. Queen's is spending millions on student halls. Greater regulation is coming and HMRC are clamping down on BTL tax. This is a one way ticket to losing money and subsiding students you let to.

    I know someone who bought a 2 bed here in the 90s for something like 25K. They sold in 2006 for 130k. A house of the same street has recently agreed <50K. They also got grants to do the place up and add a bedroom and downstairs bathroom.

    Can you still get those grants or was that in the 90s?

  5. no and yes. In reality you are unlikely to be gazumped by anyone barr a cash purchaser.

    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. Hi YoungFTB,

    The house that I ended up buying was the only repo that I viewed so my experience of EA's in this regard is limited. As I mentioned, the overriding impression I got from the EA involved was one of total nonchalance. Their only role during the viewings was to open the door and let me in! As for the time scales involved, the 30 day limit was imposed by the bank, and I can tell you, it took every fibre of my being to ensure that this deadline was met. It took almost daily cajoling and badgering of the solicitors, and all the other parties to complete within this timeframe. I required a mortgage for this purchase so can't comment on their opinion of cash buyers, although as my transaction progressed and the property remained on the open market, I was always concious that any higher offer from a cash buyer could have seriously weakened my position, given that the bulk of the time involved, was related to receiving the mortgage and the legalities associated with this aspect.

    Hope this is of some help. Anything else, feel free to ask.

    Thanks for the reply mate, that info is a big help.

  7. I don't know about the legalities of it but it doesn't make much sense if they did. Why would they spend money running a public notice in the paper when they had no offers on the property? I don't think it's going to make the general public rush into making offers on the property if it has been on the market for a while with no previous offers on it.

    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. We deal in a load of repos so I know what you've been through but spare a thought for the good EAs like us who never know if the sale will go through or someone will come in before exchange of contracts with a higher offer, putting us back to square one and another 2 months from a commission on the sale. I would rather the house be agreed to the buyer who put in the fair offer and them be given exclusive rights to get to exchange of contracts within a strict time period, say 28 days otherwise it goes back on the market. It's the not knowing if someone will gazump you at the last minute that must give some buyers sleepless nights.

    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?

  9. The repo agent will try and get you to complete in an impossible timescale and at no time until you do will they stop taking offers from other people. So be prepared to lose whatever you have to put up front to secure mortgage etc..

    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?

    The choice is yours but go into it with your eyes and ears open. Repo's do not get published on the land registry. The BTL who lost the house had, according to local knowledge some 50 properties when they were declared bankrupt. If they were all in the same area that is some distortion to the real house price figures around here.

    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

  10. Offering full asking price will get the sale agreed if there are no other offers but why pay full asking price when you may get it cheaper. It seems this EA is playing you so that he gets over asking price which may earn him a higher commission if the fee is on a performance basis that some repo companies work on. I wouldn't let that stop you offering 10% under asking price to start with. A repo company won't hold it against you or get offended like a private vendor so go in low to start with.

    Thanks again for your advice, I really appreciate it!

  11. The lender has to get the best possible price, bid what you think it's worth to you.

    It's worth the least I can pay for it :) The less I can pay, the more I can spend on updating it

    I don't know where to start with this as there are so many obvious inconsistencies from the EA. Firstly, you need to find out how many previous offers have been placed on the house because if the current offer is the only one and is actually above the asking price then it's a sign the agent is talking rubbish. Why? because a repossession company always ALWAYS accepts the full asking price if the buyer is in a proceedable position, ie cash buyer or mortgage in place. I've never seen anyone come in with an offer over asking price if no one is bidding against them.

    A repo company doesnt give special merit to cash offers ie if you offer the same as a buyer who requires a mortgage you wont get the house agreed to you, you will be equal and the house will go to the highest offer irrespective of financial position. The EA however will want a quick sale so they should be taking you seriously and not playing silly games.

    The public notice does not have to appear on PPal, PNews etc but it has to appear in print in a local newspaper. It could have appeared a week or 2 ago without you seeing it if the current offer is genuine. Don't assume that the EA is making up the offer because the public notice is not on propertypal, most of our repos dont display the notice on ppal as we aren't asked to do it by the repo companies. Ask the EA if a public notice has run yet in the paper and if you find it you will know the offer is genuine. If no notice has run then there is probably no offer above asking price as I already explained that a full asking price offer would have been accepted by now.

    Speak to the agent with the above knowledge in your head and let us know the outcome.

    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?

  12. 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!

  13. The property we chanced upon is in the ‘greater west Belfast’ area, 4 bedroomed, detached with decent front and rear gardens and garage. We were drawn to the property initially as it was priced well below other similar houses in the area. When I phoned the agent, it was made clear to me that it was a ‘corporate sale’ (repo), and that unless we had a decent deposit, an AIP, and could complete within 30 days, we shouldn’t even bother. I resisted the urge to shout expletives, and arranged a viewing. We viewed the property twice, and on both occasions, the extent of the EA’s role was to open the door. Not one bit of effort was made to ‘sell’ us the house or extol its virtues.

    The property was on the market at RV -12%, and I was informed by the EA that a bid of RV -18% had been rejected by the bank. Following our second viewing, and some amount of soul searching, I made an offer of RV-16%. Once the ‘other bidder’ was consulted and did not proceed, and following proof of our deposit and AIP, our offer was accepted within two days. The one, caveat (and it was a big one) was that we would have to complete within 30 days, during which time the property would remain on the open market. Whilst an advertisement was not placed in the local press, details of our offer were included on the PPal and PNews websites.

    The next 30 days were stressful to say the least, and probably worth their own post, what with dithering banks, intransigent solicitors, incompetent surveyors and a jobsworth building control officer, but suffice to say, we ended up getting the property within the thirty days. Since then it has been a whirlwind of painting, gardening and basically spending money, something which is strange to me after all the years of saving. We received a copy of the ‘folio’ from our solicitor a number of weeks ago. It showed that the previous owners (before the bank that is) purchased in 2000 for RV -41%. This underlined for me just how crazy things got here in the last decade.

    In conclusion;- Do I think house prices here have further to fall? Absolutely.

    Do I mind if they do? Not in the slightest!

    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?

  14. Visually - by looking at photos of kitchen bathroom with tape across taps /toilet to prevent use. Usually it is empty and could have the kitchen/plumbing ripped out.

    Getting to know certain agents who deal with them. Look out for the agents who put public notices in the paper and propertynews saying they have an offer of so much for a house and you have so many days to increase it.

    It's the only way I have been able to identify them. Phone up an agent and they won't tell you if it is a repo - 100% my experience.

    There is also Colliers who are fixed charge receivers and they deal with the public and don't need to put a public notice in the paper.

    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?

  15. Great stuff! He's heading back in the right direction with this sort of thing.

    He used to be funny until he moved over to England and started doing middle of the road watered down dross.

    The old Kielty was one of the most controversial comedians in the UK, took his life in his hands with some of the old routines he used to do.

    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

  16. Hello chaps,

    I've went against your advice :o and went for a viewing at this place. Have a surveyor friend who was also able to accompany us in the viewing. He didn't spot anything that was too amiss with the property, so we decided to throw in a silly £50,000 bid. Surprisingly enough, we weren't laughed at :blink: The estate agent said they would inform the seller of our bid. Anyway, two days later, we got a phone call back with a counter offer of £55,000. At this point, we got a whiff of desperation. We said £52,000 - final offer. A day later, our offer was accepted.

    Still a bit in disbelief that I've actually bought. Don't get me wrong, I don't for a second think that I'm getting a bargain. With an angsty partner and having spent half my life in rented accomodation. I could have probably held off buying, but my partner could not. At least with such a cheap property, if prices fall by a further 50% even, the loss is manageable. Also, thanks to a decent deposit and a small loan from my parents, I've bought the house outright, so no chances of negative equity for me.

    Don't worry though, I'm not quite out of the game yet! I have one eye on trading up in three or four years!

    Happy days NuBrit! Congrats!

    Also pretty curious about what area you managed to buy a place for £52,000.

    No mortgage, happy days! ;)

  17. Once upon a time there was an incident between a local Sinn Fein councilor and the police. I was having a chat with one of the policemen involved who was a good friend of mine. (Sadly he was murdered by terrorists :( ) During the chat he casually mentioned what had happened on his previous shift. I had no reason to doubt any of the story he told me. He was actually there, and had no reason to lie to me.

    Later in the week I was sitting at our work coffee bread reading the local papers. The local protestant paper had the story and was roughly the same story my friend had told me. The local catholic paper had the same story. However, this time the whole thing had been started by our brutal police force. :rolleyes: Everyone knows how honest our local politicians are and they would not lie to the press to suit themselves. <_< (Anyone with half a brain knows that all politicians, protestant and catholic, are a bunch of self-serving liars.)

    I pointed out to the people at work that my friend was actually there and had told me his story. One of the catholics accused me of forcing lies upon them. He insisted the the Sinn Fein councilor was telling the truth. :blink:

    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.

    What amazed me about the whole thing was that my colleague blindly believed what had been printed in 'his' paper. He could not accept that he was being lied to.

    The press have more power over the sheeple than we think. My girlfriends friends have all decided that the housing market will 'return to normal' by Christmas. I have learned to keep my mouth shut. :(

    Personally I believe that the housing market will start 'returning to normal' by Christmas 2012, at the earliest. I did not read that in a paper. I worked it out myself.

    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.

  18. Sorry, folks - way off topic but I think it's quite interesting. I've just learnt from the BBC website that the "loyalist racist" charged with a revenge attack on the church that sheltered the Romanian gypsies is a son of well known QC Adrian Colton (who's a Catholic), and that a Portuguese immigrant was tortured by a gang of thugs... from Lithuania. Now, why has the Bel Tel completely ignored these stories? I'm going to get Esther Rantzen on the case. I've also found a hilariously misshapen parsnip.

    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! :P

  19. Sorry, folks - way off topic but I think it's quite interesting. I've just learnt from the BBC website that the "loyalist racist" charged with a revenge attack on the church that sheltered the Romanian gypsies is a son of well known QC Adrian Colton (who's a Catholic), and that a Portuguese immigrant was tortured by a gang of thugs... from Lithuania. Now, why has the Bel Tel completely ignored these stories? I'm going to get Esther Rantzen on the case. I've also found a hilariously misshapen parsnip.

    Because only white people from Northern Ireland are racist silly ;)

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