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house hunter

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  1. That looks like a repo due to the air freshener over the fireplace and sticker on the cast iron fire surround. Its no bad thing as these cheap houses coming onto the market will lower expectations of neighbouring sellers. I heard that next year the repos are going to be coming onto the market at greater numbers than the past 22 years, which if true will have a major impact on property prices across the UK. Time will tell.
  2. Since alot depends on the big announcement on 20th October I'll stick my neck out and go for a bigger week of 638 drops.
  3. I have a bit of experience in this matter as I looked at a number of reposessed properties before finally buying something earlier this year. Once an EA takes an offer on a repo and it is accepted by the seller ( bank usually) they have to advertise what the offer is in the paper and on their website. This gives everyone else a chance to make an offer before contracts are signed by both parties (yes, we do exchange contracts in Northern Ireland). Usually the repo company want a completion within 3-4 weeks if the buyer is in a position to do this but they will ask for signed contracts earlier than this if possible. This means that as soon as you see the notice on the property for the first time you have only a few weeks to make an offer before both parties sign contracts. If you saw this notice 19 months ago then the property is either already sold and the agent hasnt removed it off the site or the sale has fallen through and they have been too lazy to remove the notice. No repossession company will allow an agent to sit on an offer for 19 months as they want a quick turnaround. The notice may only have appeared recently so dont assume it was on from the moment the property came onto the market. Just call the agent and ask what is going on.
  4. When I was looking around for my first home to buy I did my share of trawling through EA offices in search of something cheap that needed work but in a decent location. I got chatting to an EA who told me that repossessed properties were valued independently by surveyors sent by the bank and then given to an EA to sell at the banks valuation. He said they didnt get much input into the asking price except to give their opinion which was usually ignored anyway. Some come on lower than market value but others are just as expensive as non-repo properties. My advice is to go around local EAs in your area and ask about repossessed properties for sale. Only one or two agents in any area will have a contract with the repo companies so you just need to go out and find which ones do. You could do worse than trying UPS as menioned earlier in this thread as i know they sell them for definite. In the end I bought a lovely house from a family so I didnt go for a repo after all. Good luck.
  5. In Ballymena there is certainly no shortage of houses on the market with each estate agent putting more and more on but selling very little. I think each of the major agents have well over 200 houses for sale and there are 4 I would classify as major and then another 3 with around 100 for sale. That BT article certainly doesnt reflect my local area.
  6. Its looks awful from the outside, like a big corrugated iron cow shed.
  7. Thanks Doccyboy, I'll still be using this forum as I think there is a good community of people here who want to help others by stopping them from rushing in and paying too much for a property. Nothing is guaranteed until contracts are exchanged so I'll keep my fingers crossed.
  8. Don't mean to hijack your thread but I would like to say that I have just agreed to buy a house 2 weeks ago. Like many on here I have been watching the crash over the last few years and hoping for prices for my 'Ideal' house to come into my affordability range. I wasn't planning on buying this early in the year as I expect there may be more choice of affordable homes later this year and into next year but I found a house that ticked every box plus much more for a good price. It was a detached 3 bedroom bungalow with garage in a nice quiet development, not overlooked and not crowded, plus the property is only around 7 years old and is in great condition. It had been on the market for 2 years with an original asking price of £270k. I managed to get it for £140k even though DCV was £130k but I dont think it will ever get as low as that for this kind of house and if it does I'm not worried. My advice is that if the house meets all your needs, is well within your affordability range and is close to rateable value then go for it. We can sit around waiting for more falls in prices and they will probably come but if your perfect house comes along at the right price then life's too short to keep waiting for a better bargain.
  9. Don't mean to be blunt but using the rental yield to base the value of a house is utter nonsense. You can rent a 3 bedroom semi for £500 pcm here while a large 5 bed detached property can be rented for £650. Rents have no bearing on the true value of a property especially as you say you have no intention of actually renting it out. Using something like rateable value is a better starting point but in my opinion thats not ideal either. Do your research on what similar houses have sold for in the past few months and factor in further falls in price over the next year to decide what a fair price should be. There are many variables so dont jump in straight away.
  10. Wonder how the auction went last night? Would be keen to see the results if anyone was there. Had my eye on one purely to compare it to another one for sale by an EA in the same area
  11. She probably has someone on her books who will buy it and will give her a nice kickback if they buy it cheaply so is putting off other interested parties. Either that or she is a very honest EA
  12. Good idea BB but it seems this thread has gone off the rails already Last few posts have been full articles and I was looking forward to checking this thread for interesting quotes not having to sift through a whole article.
  13. Gotta agree with the others here - An EA doesnt have to ring up everyone who has ever viewed the property when an offer is taken on it but I'm sure they rang anyone else who had already placed an offer to inform them a higher offer had been taken. If a low offer had come in and it was the only one on the table an EA would have probably given you and the others a call to see if you wanted to offer but it seems that they received an acceptable offer and it was agreed. I can imagine they didnt want to risk the deal by delaying it while other interested parties decided what they wanted to do. If they are typically agreeing 3 or 4 sales a month you can see why they dont want to mess around when a suitable offer comes in. Gotta feel sorry for them
  14. I'm feeling much more tempted to buy but every day I see prices being reduced in my area (Ballymena) which leads me to think that there are more drops to come and I can save more money by waiting. Estate agents who were just a few months ago saying people should buy because prices wont go down much more, are now actively slashing asking prices for their stock. I guess they weren't selling many houses and have had to do a U turn to save their businesses. Every day I hold off is going to save me money as prices go down and my deposit fund grows. I get tempted now and again when the odd 'bargain' comes onto the market usually from someone who is desperate to sell or if it is a repo. Barring picking up a bargain, I think I will hold off until this time next year.
  15. 1) £480 pcm 2) 3 bed townhouse, ensuite bathroom, tiny garden. 3) Decent end of Ballymena, close to roads leading to town and the motorway. Content to stay for another year or two until the ideal house is affordable to buy.
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