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House Price Crash Forum


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About OptimusSubPrime

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  1. Not always will there be as much to do with the house. We bought a repo this time last year. Upon buying... Plumbing: The water was only turned off at the valve under the sink, so no problem there, just bled the radiators. Hot press needed reconnecting but it was only one wee pipe that had to get put back on, not a big deal. Electrics: Only the trip switch flicked off and an electric top up needed. Potential Damage to house: None at all. Only some possessions of the former owners which hadnt been taken away. Quick call to charity shop had it all collected and the rest binned. Unwanted letters etc: Some for a wile, our postman i think filtered a lot of these away after we handed him a reck of them with Return to Sender on them. All in all, we probably got off pretty lightly. Delighted with how it went, even though there was a few shaky moments when we thought someone was gonna gazump us after our offer accepted. Thankfully the bank rejected the higher offer to stick with ours. Good luck with whatever you decide to go with, my advice would be, if its the right house dont be afraid to go for it. But at the same time, dont get emotionally attached to 'the one'. There will be others that tick the boxes too!
  2. how did you get on, did you get finished up? i havent been on here much over the last few months. Where i used to spend time every day on propertypal etc, now i spend time alomst every day looking at stuff to put into/add to house. Moved into the new pad 6 months now, couldnt be happier with the purchase. The house was in good condition when we got it, but im amazed by how much you can spend on a house once you get it, theres always something new you would like to get for it (aka the missus wants) or add to it. After yers of enteral house searching, i watched prices fall so much in NI. Bid on a few...learnt my lesson. Watched prices fall some more. Seen the right one for us and went for it. I know prices will come down more, but the time was right for us and we were happy with the price. If you see something that ticks all your boxes, then my advice is go for it
  3. i think its to do with being in the same ward as greater shantallow area or something like that. half of derry is on it though, but there are some notable exceptions, gobnascale and ballymagroarty arent listed under any of those names i dont think, and they'd defs be on it!
  4. my advice is if it is the right house, then go ahead and start the ball rolling yourself. There may not be anybody else in the same position as yourself to go ahead anyway. If it is the house that you want to live in, then think of the price you can afford to pay, and are willing to pay so happily.. Then just go ahead and offer it. When it is the right house and right circumstances, why fret too much over the possibility that you could have got it for maybe a little cheaper? Just go ahead and get on with living. I am in the process of finishing up our first house, contracts signed etc. It is a reposessed house. A few other people made offers a good bit below which were rejected. Now, the asking price, to me, was a very good price in itself which stood out, and id have been happy to get it at that price. So eventually instead of bidding up toward that price with other bidders, we just offered what they were asking and got it accepted and agreed straight away. No point wasting the extra time and stress if its a price that you are happy with imo Good luck with your choice
  5. This is correct, the billing breakdown and the complaints procedure etc was one of the the first things we received recently from the solicitor
  6. they quoted me £500 plus VAT then the wee bits extra for the certificates etc. Id tell them to ram their 5 year old bill, i reckon they are just chancing their arm. Ignore it and see what they come back with, f anything.
  7. we have our mortgage app in at the minute, i will keep yous posted on how long they take etc...hopefully for us it goes through plain sailing! Best pal who is broker says should be a slam dunk case, but we went for overkill on the docs to submit at the start with more than we were required to supply, just to reduce the amount of back and forward with extra documentation etc
  8. [quote name=Graham ' timestamp='1315420777' post='3110668] I disagree. If the price is good, at least here in the south east, then you will likely be outbid. I bought a repo for £10k more than the initial price and there was a higher offer on the table when I completed. It was only because the final counter offer was so late in the day and only a £1k increment that I was able to complete anyway, after 2 round of supposedly final offers had already been completed. I've also been outbid on 2 other repossessions, both of which went for significantly more than the initial price (£10k in one case and £15k in the other). The first went for what I believe was a fair price, the second for more than I think it was worth, particularly given the state it was in. I pointed out to the agent that I wasn't going to increase my offer because it would be more economic to offer asking price on the one down the road which is completely renovated. I believe it's the norm for the initial offer to be outbid for desirable homes in good areas, for late and last minute bids and even for bids after the 'best and final offers' have been submitted, surveys completed, mortgages arranged and fees paid. Also bear in mind it is normal practice for a reposession to be on the market with 2 separate estate agents concurrently since the bank must be seen to be getting best and fair price for it. Whereas I don't doubt your agent may not be encouraging offers, someone else may well be, and if they have any morals (which they may well not if they are like many, but not all, of the agents I have met) then even your agent will be trying to get best price for it, even if they already hold the client with the highest offer. The bank, and the original mortgagee is the client and they have instructed them to get market value for it. That's what they're being paid to do and it's not their remit to decide who should buy it and for how much. Having said all that I wish you the best of luck. I don't regret buying my house one bit or the extra £10k i paid for it and I'm sure you won't either, just don't get carried away in the reposession 'auction'. Be realistic about what it might fetch in a free market sale and decide how much you are willing to pay for it in the state it is in. It's easy to get carried away in these situations. I'm naturally cautious but I've seen others pay more than market value in these situations. Graham are you SE england? bit of a higher demand for houses there i would say. The property is only with one EA. The only thing i can do is wait and see, but there are so many repos starting to come on here now that hopefully any other prospective bidders just wait for the next one to come along, like a bus!
  9. No we are buying in the cityside. id hate for someone to force the price up, as the place is perfect for us. If can get it done then 2011 will have seen both me and the wife take new, better, permanent jobs and get our first house all before the 1st weding anniversary. Fingers crossed
  10. Myself and wife just had an offer accepted on a repo yesterday. Its a very good deal for us, mortgage will work out less then rent (before additions) and about the same or maybe £50 more when everything alse taken into consideration. Anyway...the financials of it are not why i am posting, i have waited and saved and everything works out favourably for us in regards to affordablility etc. As we now await the public notice, we are afraid of being gazumped by someone else befroe we can get the contracts exchanged. We REALLY want the house The mortgage company had previously carried out their credit checks etc when giving us their decision in principle about 6 weeks ago for an amount just under 20k less than we will (hopefully) only require to buy this house. So im hoping the bank will not take too long getting the full mortgage offer through to us now that we have submitted th rest of the docs they wanted. Im thining it may still take a couple of weeks to get that through and get them to get the surveyor out to do the valuation etc. Does anyone know how common it is for people to come in and offer higher amounts on repos? Im hoping that the EA will not exactly encourage any other bidders from now on, since they will be getting the house sold and get the same commision anyway. itd be an awful pain in the hole to have to start bidding again etc!!
  11. id kinda disagree with that statement. the desire to make the first purchase is always there, but it hasnt been affordable/realistic to do so. A lot of people have been saving for 4/5 years to buy their first house. As house prices trickle lower this becomes more reasonable. Which is why any FTBer type houses that are correctly priced are selling very quickly. Unfortunately, there is just not enough priced properly as yet. But to say as prices come into more affordable ranges there is even less desire to purchase i dont think is true.
  12. haha, dont worry i get ya now, i actually didnt catch on til there now slow on the take up these days i am. maybe will hear the lot of it over a beer tomorrow
  13. was it cityside or waterside? i think that if a house is in a good location and is priced realistically, then there are plenty of people that have been waiting for the last few years to buy and if a good house comes on at levels they can afford then why not. i have been in a similar boat, and last month viewed a house we really liked. it came on priced well but ended up having 3 people bidding on it and went for 5k above asking. if they can get a good house for around 2.5-3 x joint income then why not
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