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house hunter

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Everything posted by house hunter

  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.
  16. Yeah, what will give is their business as they cant live forever with no income from house sales, or very low income. The sooner the better as it will mean only the realistic EAs remain and they will be scared stiff to overprice any properties for fear of going the way of the agents who went bust. Alot of EAs must be burning money every month and living off the massive gains from the fat years but they wont keep losing money indefinetely and some will decide to cut their losses and sit at home on whatever wealth they have left.
  17. Me too, have been itching to join in so am gonna go in with a figure of 438
  18. I agree with Belfast VI on the reasons behind why someone would do this. I search properties daily as I am a self confessed property nut, although I am not going to buy just yet. I see many wildly overpriced properties sitting on the market and when I ask the agent why this is some have been very frank with me in explaining the psyche behind some of the deluded asking prices from vendors. One agent told me that they have been trying desperately to convince some of their vendors that property prices are down and have explained the reasons behind this and why they wont go up in price for a long time but got a range of responses that bewildered them. If someone is in no rush to sell and feels their house is worth 2007 prices then they would be alot better taking it off the market so that we dont have skewed asking prices eg some 2 bed terraces on at the same price as a 3 bed detached house with garage lol.
  19. Well it seems their slick marketing has done the trick as it has now been sale agreed. The one week only offer has now ended and been removed but funnily enough it is still listed for sale at the 'One Week Only' price lol. Would be interesting to know what they agreed it for, 100k is my guess.
  20. Just browsing on PN in my town and came across this listing that gobsmacked me: http://www.propertynews.com/brochure.php?r...=1&sort=h2l Its on sale at that 'low' price for only a week. What happens after that then? It goes back up to the previous £165k or something? Never seen anything like this before, it sounds like a deal in a supermarket that once its over you have to go back to paying the higher price again Lol. What was that EA or Vendor smoking when they thought of this?
  21. This is quite significant actually, as an article like this would never have graced the pages of the BelTel even a few weeks ago. It seems that someone in their grand organisation has woken up to whats happening in the real world and cant make a case for ramping property any longer when all around everyone else is saying the opposite.
  22. 2nd sentence is absolutely correct. I know Ballymena and Mid Ulster area very well as I have family living in both places. I see similar houses in both areas with vastly differing asking prices, Mid Ulster being much cheaper and the agents obviously leading the way in reducing prices. In fairness to some agents in Ballymena, they have begun this process in ernest but at least 2 seem to have ignored what is happening in the world for the last 2 years and are putting on new properties every week at close to peak 2007 prices, absolutely crazy!!
  23. I actually think the latest co-ownership news will have a massive impact in driving down the price of houses further. They will only allow about 50 applications a month from the WHOLE province and it is highly likely at least a third of those applications will fail their rigorous testing process. That basically rules out co-ownership as a means of buying a house for the forseeable future leaving straight mortgage applications with strict lending criteria. If the average person will only be lent between 75k-90k then there wont be too many houses sold until they come down to affordable levels. The Ulsterbank might be claiming 95% LTV mortgages but at their ridiculously high rates only an idiot would sign up to that in order to get their foot on the property ladder. Drops of over 60% from peak are very realistic in the near future, maybe 70% down the line.
  24. I was gonna say around £210,000 but after seeing the last example in Bangor I would reassess that to offer around £190k. I am not familiar with property in that part of the province but similar 4 bed detached new builds are selling here in Ballymena between £175k and £200k. Depends how desperate the developer is or how much pressure their bank is putting on them. A low ball offer is a must when buying a new build from a developer.
  25. 'Technically' saying house prices had fallen more than 5% since peak would be correct but they are taking serious journalistic license with the truth in that article. If they had said house prices had fallen more than 35% I think we could have accepted that and forgiven the extra 4% as 35 is a round figure but to enter a much lower figure and say 'more than' after it is just wrong. Not surprising at all by the BTel.
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