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House Price Crash Forum

zemphis

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About zemphis

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  1. I've heard things about 2012 before.. but now theyre making a movie about it? 2012 movie Could there be any truth to this or its just scifi gone crazy? Would be interested in member opinions.
  2. With all these bailouts for the banks surely things wont get as bad as some people have been predicting. The government, although stupid in their reluctance to do anything quickly, seem to be handing out money to any organisation in financial difficulty. They know that if they did absolutely nothing then yes slowly there will be even more problems. It's as if the government has enough money to buy out anyone if they really wanted to. But they let things roll right up to the edge of the cliff before deciding to pulling it all back. They can manipulate the markets, give buyers tax discounts and allsorts. Everytime a crash is imminent guess who steps in to avoid disaster - the government. Dont worry everything is under control.
  3. Yes you're right most FTBs would probably be running away from a property like this. And yes it is basically a ready to start 'builders project' at the moment. In the current market you can tell people are cautious about taking on projects like this. If the prices really come down 50% in the next year or so it would be an even bigger loss than if you didnt need to do any work on a property. The auction route - this option did occur to me, but there are upfront fees to pay for the advertising etc. Then not knowing how many people will come round on the 'open days'. The embarrassment of it all, crowds of complete strangers gathering outside your door for a nosey round and a giggle. The neighbours coming out investigate whats going on today. I dont know if we could do it. But in theory, possible yes. Just need to set a sensible reserve.
  4. Im fairly new here so just trying to get up to speed with some very smart people on here. Ive learned some interesting and truthful facts about the market. But i had a thought the other day regarding STRs that i would like to share. With all these losses banks are making and the unstable nature of everything at the moment; can people really be sure their savings are safe in the bank? For example, Joe Public sold his property last year for £100k and put all the money in a savings account and is earning interest. He is currently renting and waiting for prices to come down before he can afford a bigger house. But all of this can only happen at a later date presuming the money is still there when he needs it. But what if something happened in the meantime and it was all wiped out? I dont know how or why but this is all hypothetical - banks going bankrupt, no insurance? With property at least you know its there and you own it, its a tangible asset. Money in the bank i dont know. But anyway, what are peoples thoughts on this or am i talking rubbish?
  5. Yes its a nice area and we would probably stay here if the work was done. But as ive listed above there is so much to be done. The house has not been updated for the past 20 years. Habitable, yes i think so. As long as you dont mind. Our employment situation is not as good as it used to be. So we cant really afford to get all the work carried out and doing it myself is not an option as i dont have the skills. Even small jobs like changing a bath suite or plastering etc are a nightmare with tradesmen not turning up to give quotes. It seems they only rush round to quote for larger jobs e.g. full kitchen full bathroom. If its a job they estimate at a couple of hundred they dont bother. Im sure its easier if you know family or friends in trades. But if you dont, then all you can do is call up strangers hoping they turn up and quote you fairly and deliver what they promise. We have been thinking about this move for a while and decided perhaps it would be easier just to move to a property where the work has already been done. But it will mean losing the current location and a smaller property. This is only possible if our own property attracts a buyer first. Otherwise we are stuck here whether we can afford the repairs or not.. It wouldnt be the end of the world if we cant move, but would certainly make life easier.
  6. Some good points made by the people above and i agree with you. It seems i may have underestimated the cost of the work required. I was thinking about £25k maybe £30k tops for everything. And yes we were hoping for a cash offer of about £140k-150k, but the offers we are getting are closer to £110k now I cant believe the price has dropped so low in just 12 months. The feedback we are getting from cash buyers is that the place needs so much work. I think this is what scares people off now. Because buying a property at too high a price in the current market, then having to spend a lot of money on it; not knowing if its worth investing in. I suppose if the property was in better condition and more 'sellable' then we could probably put it on the market for around £175k and see what happens. But on the other hand we are in two minds about moving because we really like the location and it might be a bad idea moving anyway. So its a mix of feelings really. By the way whats this business of bears and cows? If anyone can explain cheers
  7. Hi, just joined. How long does it take for new posts to appear? ive just added one on main discussion but cant see it anywhere. cheers
  8. We are considering selling a property. It's a 3 bedroom detached house that needs a full refurb. Basically the house is a dump and everything needs doing including: New bathroom New kitchen New rear windows Replace central heating system Possibly a rewire and full replumbing Most ceilings and walls need replastering Drive needs new tarmac If we had the money or the experience to do up the place, i probably would. But we cant afford it and there is so much to do that is overwhelming. In the current market i think it would be a waste of time putting it on the market. The thought of waiting months and months for a possible sale is discouraging. Any potential buyer viewing the property would be put off by the amount of work needed and the cost of it. Plus there is the embarrassment side of it when people come round to view the property. They will probably laugh at the state of the place. So we have decided to try the cash buyer route. But only had a couple of offers recently which are about 40% below market value. Would this be a fair price to sell at? For example if a similar property on the same road in good order sold for £220k last year, how much would be a fair cash offer for ours now taking into account the condition? Is there a way to work out the true value of a property? Does anyone have a formula or does it come down to what people are prepared to pay for it? all thoughts welcome thanks
  9. We are considering selling a property. It's a 3 bedroom detached house that needs a full refurb. Basically the house is a dump and everything needs doing including: New bathroom New kitchen New rear windows Replace central heating system Possibly a rewire and full replumbing Most ceilings and walls need replastering Drive needs new tarmac If we had the money or the experience to do up the place, i probably would. But we cant afford it and there is so much to do that is overwhelming. In the current market i think it would be a waste of time putting it on the market. The thought of waiting months and months for a possible sale is discouraging. Any potential buyer viewing the property would be put off by the amount of work needed and the cost of it. Plus there is the embarrassment side of it when people come round to view the property. They will probably laugh at the state of the place. So we have decided to try the cash buyer route. But only had a couple of offers recently which are about 40% below market value. Would this be a fair price to sell at? For example if a similar property on the same road in good order sold for £220k last year, how much would be a fair cash offer for ours now taking into account the condition? Is there a way to work out the true value of a property? Does anyone have a formula or does it come down to what people are prepared to pay for it? all thoughts welcome thanks
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