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House Price Crash Forum

blackbirdlover

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About blackbirdlover

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  1. What I don't get is why serious economists didn't see this coming. I know Brown is a politician but surely if it was obvious to so many why didn't serious professionals see it - or was it just not in the Vested Interests' interests to see it coming? Surely Brown must have known UK houses were basically a big Ponzi scheme waiting to crash and that that would have serious banking repercussions? I mean The Economist had a big front cover of a house falling through the skay a year ago and still no one "serious" took it all seriously. The current response to it all also seems weird to me. How can printing money and bailing out banks fix a necessary readjustment? They are creating a false economic context that can't be sustained long term. The banks don't want to lend so the government are forcing them to - surely it's just putting off the inevitable and leaving the pound devalued at the same time?
  2. Apologies - no offence intended. Never thought of the auction option before - will look into it. If a house doesn't make the reserve in an auction how much roughly does the process cost? If I buy the wreck I'd have to live in it by the way - camp in it more like as I couldn't afford to rent alongside paying that mortgage. I'd be there for 10 years I guess for certain.
  3. I agree with you that there might now be a selling window but are you serious about the food and cash? Surely that's taking it a bit far - even by your own estimation there's 3 months before too much panic!
  4. I don't know how things normally work on here but I fail to see what use for me there is in telling you exactly where I live. I'm not interested in folk's opinion of this local market - I know it well - it's general trends I want to talk about. Also I'm pretty sure my estate agent checks this site - there's no chance I'd put any identified on here. No offence but that's how it is. You guys are paranoid.
  5. Funny you should say that as he keeps trying to get me to buy something else i don't want. Still, if I sell I have to sell irrespective of the wreck really - purely for financial reasons. I guess you either believe there is going to be a crash or not and really should act on it.
  6. Very useful - that clarifies things - thanks Scottbeard. The question is - how much am I likely to lose on the wreck? It looks to me like houses will drop perhaps 40% over the next 3-4 years so buying before 2011 is in fact mad. Then again -- it is a beaut the wreck with heaps of potential. The really interesting thing is whether this place will sell first. I dunno how you feel but I think if prices do what they did last year this year people will thenfinally realise what's happening and all bale out of property - I can't believe more people aren't panic selling now.
  7. Have done this - good advice and much appreciated. EA is selling both.
  8. Good point - I was surprised at how much all the estate agents valued it for - which is why I've decided to sell. It seems it's gone up at least 20% since I bought it - I did buy it ridiculously cheaply though in a crackingly posh area as the seller was desperate and I approached them by letter. I think their EAs were pretty rubbish as the going was so good for them back them they were treating people like fodder. I'm with you - I won't believe it's made a profit 'til the money has actually cleared in the bank - I will let folk know what happens. In its favour is the fact that there a few houses in this price range round here and it benefits from multiple markets - holiday homer types and regular families - oh, and retirees. The thing is even if it turns out I do lose money on it - I had to buy at the time. I needed to be settled and the house has allowed me to really positively develop in my personal and work life. It's been an utter boon in my life - I was able to put 80K in originally and would hate to lose that though.
  9. Thanks for that. No worries about losing my job. That said, my partner's job is less secure. Surely buying the wreck would be a mistake though since prices are likely to drop this year at least the same 18% they dropped last year? Then again the place is an absolute beauty and v. rare and I think we could haggle it down well. My other choice is - should I cough up the 7.6K penalty on my 10 year fix and just rent for the foreseeable or buy within the 6 months and not have to pay it? I know I should have sold last year but circumstances made that impossible. I can't believe more people aren't panic selling just now - things are falling off a cliff. And still the property shows are on the TV! Already I've had quite a bit of stick for putting this place on the market only the lines of how could I bear to rent etc.. but my thinking is - how could I bear to lose 50k in 2 years?
  10. I've just put my house on the market and could sell and make a good profit on my original stake 3 years ago. I have a partner and a baby since then and we would like to buy a gorgeous old wreck up the road together. Does the forum think I'd be wise to sell and rent someplace locally and wait for prices to drop over the next few years or should I sell and then immediately buy the wreck and do it up? If this place doesn't sell I'll just have to hunker down - I have 50k to go of EA valuation before I start eating into my original 80k stake in the house. I have 7 years to run on a 10-year fix at 4.78% and would have to pay a 7.6k penalty if I fail to buy another place within 6 months of this one selling. I'm genuinely keen to get any advice you folks can give as I've been following this site for years in appreciation. How keen should I be to sell? It's on for 335k. Blackbirdlover
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