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House Price Crash Forum

russ21282

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About russ21282

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  1. Ahhhh i see, so even if there aren't as many people selling up, the ones that have to, bring all the prices down. makes sense!
  2. Why would house prices drop to 2001 levels? Apart from the people who are getting their houses repossessed, less and less people are going to sell or not going to be able to sell due to the house being worth less than their mortgage. I can't see people selling and losing tens of thousands of pounds just because they fancy a move. People will just stay put until things pick up again. I'm no expert in the field but it makes logical sense to me
  3. there are laws apparently, did come across this though , thought D was quite funny
  4. This may be a stupid question, but where does it actually state you have to pay council tax? is there a law? While i'm asking questions what does MEW mean?
  5. Thanks for your advice, I think i'll just leave my offer on the table then and see what happens. When they told us of the first offer, we just let them know we were interested and left it at that until we could find the offer in the paper, they kept ringing, so hopefully this will happen again. We have thought it all through and my annual income alone is almost the value of the house, so we have left ourselves plenty of room for any changes in the future. So all should be well!
  6. Thanks for your words of advice Bloo Loo. Thankfully, i'm working for a company that does better when the economy takes a turn for the worse. During the last recession they had a boom in business. I don't take it all for granted but you have to stay positive!
  7. The house needs renovating though. it has no bathroom, kitchen and needs decorating throughout. Similar houses for £30k more which are less appealing and still need modernising (but have kitchens and bathrooms) are still selling around here. so once the work is done, it will be worth more. This isn't a development job, we are planning on living there for some time, the fact they are struggling to sell it in it's current state is no surprise. Developers are less likely to buy as there is no guarantee they will sell it once they have done. Private buyers are naturally going to be put off as it's not in a livable condition. So at the price it is we would have a very cheap mortgage which between us could realistically pay off in less than 5 years. If the market has picked up by then we're in a good situation. if not, it doesn't make a difference as we will still have a house and no mortgage. Win win as far as i can see
  8. bit of an update, I've been checking the public notices over christmas and nothing came up and the the asking price dropped by £6k. I phoned up yesterday morning and enquired about the "offer" they had and the told me it had fallen through. I rang back yesterday afternoon with an offer a few grand less than the new asking price, and the EA told me there was an offer higher than that. I said i rang in the morning and the lady told me the last offer had fallen through and she said a new one had been made this afternoon. I don't mind paying up to the new asking price as we were interested at the old asking price, but i don't want to lose a few grand if there isn't actually another bid in. Is it worth just waiting it out and see what comes of it or increasing my offer? maybe wait and see if a public notice comes up? they are becoming a pain in the **** considering they can't be selling much at the moment :angry:
  9. Because it's extremely cheap, you wouldn't be able to buy a garage in most places for the price. it needs a fair amount of work doing but i have a lot of fittings from a previous house that i'm paying storage for. because of this it will cost next to nothing to get it up to a livable condition. It also works out well for us as we don't have a big deposit, so we can buy it cheap and renovate as we go. If we wait for the market to pick up again we would have to save another £5-10K for the deposit. At the price it is, i can't see it losing anymore value.
  10. they just print in the paper the address and the offer and say if anyone else wants to make an offer, it needs to be done before contracts are exchanged. Thanks for the advice guys, we have been making plans (mistake, i know) and it would be a shame if we didn't get it as it's pretty cheap and i have practically everything in storage to renovate it. But it just doesn't add up to me, and i'd rather walk away than have an extra £5k on my mortgage because the estate agents want more commission. Like somebody said, i think i'll go ask for a copy of the notice then put my offer in. in this economic climate i can't see anyone putting in £2K more than the asking price when there was no other offers if it was a developer then they would be losing profit and if it was a private buyer they would want it cheaper as there is quite a lot of work to be done with the house. bluff calling time i think
  11. Hi Guys, first time poster here, and just wanted a little advice. i'm looking to buy a house which has been repossesed. From what i've gathered estate agents aren't allowed to tell you that and so tell you its a company selling it. because it's a repossession they are allowed to take offers right up until the contracts are signed and they have to print any offer in the local paper under public notices. The house i'm looking at has been on the market since august and is in need of repair. after i went to look at it, they told me somebody had just put a offer in for it. This raised alarm bells because: 1) nobody had said anything about an offer until we said we were interested. 2) The offer was also for £2k more than the asking price and they weren't bidding against anyone. 3) They said the offer had gone into the local paper under the public notices, but i've not been able to find anything about it. Does this sound like they are trying to make a few extra quid or there has been a **** up with the notice somewhere?
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