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r thritis

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Posts posted by r thritis

  1. What we dont know, is the other side of the story. Yes an offer is an offer. The status will be "Sold Subject to Contract". Part of exchanging is getting the place surveyed to ensure it is structurally sound and will not need an work etc etc. Maybe this seller has several issues with his property that they chose to hide but has subsequently come out in the survey. It is imperitive that you can return to the table and adjust your price as you see fit following having this survey done and getting your mortgage from the bank

    Of course it is. The offer is subject to survey and if that survey reveals that unforseen expenditure will be required, it is entirely reasonable to change the offer. What is under discussion here is offering on a property which is then taken off the market, proceeding to the point of exchange and then reducing the offer just to make a few quid.

  2. but, if a seller drags his feet, its the BUYER that loses.

    the gazunder is just an adjustment....

    and what about pulling out altogether? this happens in chains all the time...are you suggesting that a seller should shoulder the whole thing if his buyer is unable to complete?...just on moral grounds?

    Not sure what your point is here. If someone can't complete due to factors outside their control, the sale falls through. If a buyer changes their mind and pulls out after offering, they shouldn't have put the offer in the first place if they weren't sure, but nothing anyone can do about it. If an offer is made, both buyer and seller should stick to it.

  3. this is all well and good, but tell that to the bank that withdraws a mortgage offer, a seller that doesnt tell some fact that would affect you.

    The law says the offer is NOT the contract. An offer can be withdrawn or adjusted at any time. Its the LAW.

    Its not the law. Its a loophole in the law, which can be exploited by weasel low-lifes.

    A verbal deal is made on trust and the trust is broken just before exchange. This isn't the way to behave in life or in business. You lose credibility by doing this sort of thing.

  4. I've been a long-standing (if not prolific) bear on here and I've always considered we've held the moral high-ground, and been proved right by correctly predicting the financial doom and subsequent crash.

    The knowlege and wisdom gained on here helped me to avoid following the masses into financial ruin and buying in a housing bubble. When I finally made an offer on a house, it was a very low offer based on my expectations for a continued weakening in prices. However, when that offer was accepted, I felt that I had made a deal on a handshake, my word was my bond, and I went on to complete at the agreed price. I would not have dreamed of double-crossing the seller at the last minute before exchange, by lowering the offer.

    Support for gazundering is nothing to do with the bulls vs bear argument - but its everything to do with the sort of person you are. Just because house prices have been forced to ridiculous levels by idiots (buyers, speculators, regulators, lenders and chancellors), does not make acceptable to con people. Championing gazundering substantially weakens the argument.

  5. http://news.bbc.co.uk/2/hi/business/8416610.stm

    The SFO said it would also investigate why substantial funds flooded out of the bank in the days before it failed.

    I don't quite understand this. Remembering that time, there was plenty of warning that Kaupthing was going down. In the week before it failed, I took my savings out as no doubt many others did. What is there to investigate?

  6. Ok, well I've finally buckled after many years on here and bought a 3 bedroom detached house with garage on a 23 year mortgage.

    House is sold for 169K and I have bought it on my salary alone with mortgage just below 3 times my gross salary.

    Mortgage is ~ 1/4 of mine and my fiances take home pay. House needs some work (garden, decorating, new carpets) but is liveable.

    Do I expect it to be worth less in 1 or 2 years? Probably, unlike others I will be sticking around here though as its one of the best forums for

    economic news.

    Congrats Ozz, hope it works out well for you. I did the same earlier in the year after many years as a contented tenant. Like you I think the market will probaby fall next year, but I decided to jump in when the market is comparatively low as a hedge against inflation / uncertainty or being wrong.

  7. HI All

    I have found a house I am keen to move into and am in a lucky position where my parents are going to lend me the money to buy. Obviously I am not needing a mortgage so would like some advice on what I need to do as a cash buyer? Things like survey etc.......

    many thanks

    MS

    As a cash buyer, you are in a very strong negotiating position, so a seller is highly likely to accept a low offer. Use this to your advantage when making your offer. The estate agent will try to draw you closer to the asking price and will be reading your every move in the negotiation, trying to get a feel for whether you will be prepared to go higher. Decide ahead of time what your max offer will be and when you will make it. Don't be rushed or react too quickly. When/if your offer is accepted, get a solicitor to handle the legal work. Don't use one recommended by the agent, better to get one on recommendation from someone you know. Same advice for the surveyor. There are usually 3 levels of survey, the first being a basic report and valuation, the last being a full structural survey. Base your choice on the age and condition of the property. E.g. if its a modern house on a recent development, you maybe don't need the full works - its up to you. The solicitor will then see it through to completion.

  8. Can I suggest an enhancement?

    On the forum/index.php page, which shows the list of threads, when you 'mouse over' the thread title, it pops up 'thread started at ' etc. Various other forums show the the first 60 or so characters of the post, when you 'mouse-over'. This is more useful than the date/time. You can often decide whether or not you want to read it on this basis.

  9. For me it wasn't the BTLers that I hated directly, it was just that BTL was a symptom of an economic system that was so obviously broken.

    It was obvious to anyone who was able to just step back and look at what was happening, that for the banks to take on the risk of handing out unlimited numbers of mortgages to individuals, was evidence of an unsustainable business model. The risk they were taking was apparent to many on here, but for some unfathomablereason was invisible to the bank policy makers, the government (and opposition, with some notable exceptions) and the regulators. Pre-crash, HPC became a mecca for those who saw what was looming on the horizon, together with a minority of BTL bulls who were riding the wave, intent on taunting those who they thought were misguided or had 'missed the boat', as they relentlessly grew their portfolios like there was no tomorrow. Given this backdrop, it is not surprising that the BTLers are not exactly flavour of the month round here.

  10. Did the same earlier in the year. I'm no economist, but surely qe has to be inflationary in the longer term? To hedge against this risk and coupled with the fact that we got the right house at the right price (paid 330 this year when original asking price at start of 2008 was 450), we went for it. Inflation is what is intended as a deliberate policy to screw the savers to rescue the over=borrowers.

  11. Yes there is. You are at the mercy of Shorthold Assured Tenancies - having to possibly move house every 6 months is a huge shadow over the lives of anyone with a couple of kids in local schools.

    Renting's fine when you're young with responsibility just for yourself.

    If people are going to be doomed to rent forever, I'm wondering when some political party is going to take it upon itself to reform tenancy legislation so you can have lifetime tenancies.

    It will never get on anyone's agenda if they think that people think 'there is nothing wrong with renting'

    Its only a 'huge shadow' over your life if you make it one. It is usually in the interest of both landlord and tenant to extend the lease beyond the shorthold tenancy period. The majority of rentals will be available as long as it suits you to stay, unless the landlord needs to sell or goes under. Why would they turn away a good tenant and risk a void rental. And if it does happen, you just move within the catchment area. There is over supply of rental properties in most areas. Its not a 'huge shadow' for the kids - they love the excitement of moving to a new house. There is nothing wrong with renting.

  12. £60K mistake for a Solicitor ? .......what were you buying ...Buckingham palace ? ....

    Yeah - picked it up for a snip. Distressed sellers apparently :lol:

    It just p*sses me off that they're so damn careless (again). If it is just a genuine mistake, they really should deal with this incompetance (maybe they should send themselves on a primary school maths course). Presumably, recommendation and reputation is important for their business - and they sure as hell won't be getting any repeat business from me.

  13. I have just received a final statement from my solicitor for a house purchase and it contains a simple arithmetic error, which is 60k in favour of the solicitor. Now I would pass this off as just administrative sloppiness if it were not for the fact that exactly the same thing happened when I last completed on a house sale back in the 90's. Different solicitor that time, and just a 2K error in their favour.

    I am begining to wonder if this is some sort of institutionalised rip-off. With large sums of money flying around, if they do this regularly, maybe 1 in 10 times it would go unnoticed.

    Should I report them?

  14. These people are undoubtedly stupid, but there have always been stupid people and there has to be a mechanism in place to protect stupid people from harming themselves. It is policy makers and regulators who should have been performing this role. Unfortunately stupid people were appointed to these roles by a stupid chancellor.

    They might have been saved by the financial advisors who advised on their mortgages. However they were stupid too.

  15. The trouble is, that there's nothing really to talk about anymore. This forum was in its hayday when it was HPC against the world. A minority of realists against the deluded masses. Now the world has met the fate predicted long ago on here and HPC and recession are upon us. There's nothing left to argue about.

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