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andrew311

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About andrew311

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  1. I'm in NW Cumbria. My house I hope has sold is a 3 bed semi ex local authority, paid 75k for it roughly 3.5 years ago.
  2. Will be keeping my fingers crossed everything goes through OK, hopefully will with the buyer paying cash. Sold for 87k, marketed at 98k with a probable peak valuation of around 105k. Due to the lack of rental properties around we're tempted to buy (only with a hefty discount) had a 20% reduction accepted on a house. The mortgage would be well under 2.5x our salaries. Spoke to my solicitor yesterday when asking what offer I'd taken on my house she said I'd done well and had two 40% reduced sales in this week........... Biggest regret is not knowing about this forum 12 months ago and sold back then!
  3. http://www.telegraph.co.uk/money/main.jhtm...7/cmhouse27.xml
  4. Hello all posted a couple of weeks ago with my tales of property woe here’s the link to the original post http://www.housepricecrash.co.uk/forum/ind...showtopic=79736. Anyhow got the quotes in for the new house to try and satisfy the 10k retainer, on getting the rest of the quotes in this subsequently rose to 15k which means we had to use the money from our deposit to cover this so only had 5k left to do 20k worth of repairs. Decided on this info to pull out on the sale today. The seller wasn’t prepared to reduce the asking price but what got my back up even more is the ‘appraiser’ from the EA phoned me and basically said I was getting a bargain as it was and it would be worth much more once the repairs are done and it was marketed at a price to reflect this. My reply was that was then and this is now, prices around the country are going down and it’s only a matter of time until people have a reality check and asking prices start plummeting too. Obviously he’s telling the seller that it will sell no problem even though it’s been on the market for 18 months and in a poor state of repair which will only get worse. Gutted initially as we loved the house but on reading this forum and various predictions we just couldn’t ignore the obvious anymore! We’ll sit back reduce my current mortgage and play the waiting game. The lender we were going with also say that tomorrow their fees and rates are shooting up so we had to commit today. It just wasn’t meant to be! Cheers
  5. Thanks for the good advice people, I have money in savings (not much, and no other debts save mtg)May use this to cushion an acceptable loss on my house. Some things people may find interesting:- The house I'm hoping to buy need the roof replaced roughly 12 weeks ago I had three quotes of 14.5k, 15k and 17.5K I had some quotes at the weekend for 6k and 8k. Obviously differences between individual builders but perhaps they are starting to read between the lines? Also a new selling tactic around my neck of the woods that you may like (I've seen this on 3 private sale homes) 'Final reduction, if someone doesn't buy it now I'll just extend' They should extend and get the job done at the half the price it would have cost him this time last year Cheers
  6. Gazwas1, thanks for the advice I'm currently crunching the figures-I thought I was doing the right thing reducing the term and interest I’m paying on my current home but that means the mortgage payment now far outweighs any potential rent I could achieve. You are right in what you say about potential break ups etc, my partners original plan was to buy somewhere and rent it so she at least had her money ‘in something’ rather than sitting in the bank-obviously now that’s not the best way of thinking! The new place is basically within the budget of what she was looking at to buy on her own. I could knock mine down to 85k which is 20k down on Decembers valuation but I’m not sure if the best way of thinking is to market it at 95k and be prepared to take a 85k offer or market it at 85k with no breathing space. Anyhow I’ll report back on what happens got a few people coming to view this week
  7. That's always true but never more so than now. Orsino, I take your point if I can sell my house it's obviously the best way forward. My partner isn't on my mortgage and has the money still in the bank from selling her previous property, so while the new mortgage will be joint (which we've secured) the burden is shared between two of us. We're on a very good combined wage for the area so worst case scenario have the money to cover both and potential interest rises etc. We're still a good while off completing for the new place so if I get no interest or offers on place in the next 4-6 weeks I can revaluate things then.
  8. Maybe an out board motor will be more help
  9. The two I was referring are SOLD not STC, perhaps my faith is slightly unfounded then. What I really need to do in my opinion is get people through the door to judge what I'm realistically going to achieve on my house and like the previous poster says then think about taking a hit on my house and off setting this with a further reduction on the new place. I've read through the various posts on this site with great interest, and all the doom and gloom is hard to ignore. I've grew up (post uni) on the back of soaring house prices and cheap debt, certainly in my area if prices come down by anything more than 10% even people will be well and truly up the creek! Thanks
  10. I probably got on to the ladder when the boom in prices was about halfway through leading up to a peak in 2000 my current house would have been worth about 50k looking at historic prices. The area that I live in luckily isn't within the Lake District national park boundary so not a huge amount of holiday homes but the local authorities are now enforcing sales on land and property within the boundary which mean only those who have lived in the area for a certain amount of years can buy that sort of land/property, this is defiantly too little too late for first time buyers living in rural areas. The town which I live in has high employment due to the nuclear industry where the wages are high for equivalent jobs. I guess I'll know soon enough how big a hole I could find myself in once an offer is made (that's if I get one!!) Cheers
  11. Hello all, this is my first post on the forum after reading through various posts decided to share my story and get some opinions. My partner and I are in the process of buying a new house that we’ll hopefully live in for many years to come (if we ever get in it). I currently live in a 3 bedroom semi (ex local authority) I bought it 3 years ago for 77k however 10k of various debt from college and doing the place up was added to the mortgage it was ‘valued’ by 5 local ES’s with the average of 105k. The house that we’ve had an offer excepted on is in a bit of a state but will be a bit of a ‘dream house’ once it’s completed. Asking price was 185k (which is a lot of house for the money in my area 4 bed period style semi) and sealed bids were being taken in January due to the amount of interest in the house. The buyer whom I know indirectly had a bid of 190k accepted but pulled out due to family bereavement. Around March time we came along when the house was back on the market. Loved the house and decided to make an offer of 170k pending reports on the repair work that may need to be carried out. According to the EA there were various offers in on the house but all were involved in chains so we thought we’d make the offer and if we got the house would live in my house while all the work was being done. The repairs came in higher than we expected so I went back to the seller and renegotiated successfully. We’ve had a retainer put on the property now so we’re hoping to re-negotiate further. My problem now is what to do with my house. My initial thought back in March was to rent it out until the market started to pick up again and didn’t market it for sale as we knew we’d live here while the work was being carried out on the new house (a new roof is one of many things it needs). I’ve put mine up for sale yesterday at 95k, but I’m in a bit of a bind as I reduced the term of my mortgage and can’t really afford to lower it much more and sell for a loss. I do have a bit of faith in property market locally as a house on my estate (3 bed link) has just been sold for 90k after asking 95k. Also my brother (who lives in a nicer part of town) sold his last week for the asking price to the first person through the door (he had it valued by the estate agent and put it up for 190k). We’re in a strange position really where we can afford to have both houses but if prices slump then I’ll have to rent my place out for a very long time so I don’t take a huge loss. It’s crossed my mind just to sit tight and loose the other house but then again it’s a unique place and we’ve had a good amount knocked of the surveyors value, and we’d hopefully spend the rest of our lives there. Any thoughts?
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