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Posts posted by morillo

  1. It really gets to me. All we do here is recycle debt. We don't produce much in NI yet we have a mass of parasitic organisations and creatures sucking the life out of what little wealth we do create. We have a bloated and highly inefficient public sector with numerous employees that work the system and claim sick leave as holiday entitlement. We have a massive non-productive benefit class that sits around doing nothing costing us a fortune by paying the baby boomer BTL mortgages through LHA. We have a baby boomer class living in their nice detached houses living off their property gains, BTLs and RPI linked public sector pensions, happy to see the young fund their high discretionary spending life style. We have a developer class that thinks they should be highly reward for throwing up a few bricks and mortar in a zero risk venture which if it goes wrong the losses will ultimately be covered by the tiny miniscule productive sector through bank bailouts. Has anyone read the rich list? Retail developer this, land owner that, residential developer here, hotel developer there. What the hell. What wealth do these people actually create? None, That’s what they simply indebt someone else down the line.

    Then we have the professional class that thinks they deserve to be uncompetitive and are worth the high fees they charge. I'm talking solicitors, barristers here. They realise the paranoia present in our litigious culture, they fan these flames, encouraging it and decrease our productivity. They feel they should be placed apart from market economics with capped legal aid fees and are currently trying to hold us to ransom with regards to criminal legal aid yet there's no shortage of qualified law graduates. They hold us over a barrel saying "we are a civilised society everyone requires justice and we (the legal profession) guarantee justice. So please let us represent Johnny 20 time’s offender with repeated court appearances and 5 children in social care. Just pay for it. £100 an hour please"

    The whole place is a mess. All we want is a good quality of life with a roof over or heads at an affordable price. A means to earn a long term living and access to a good education. Well that’s all I wanted anyway.

    +1, couldn't agree more!

  2. Morillo,

    Can i just ask, how long did it take from offer accepted to everything being tied up?

    I'll let you know over the next few weeks, survey should hopefully be done by next week. Actually ended up in a bit of a bidding war, couldn't believe it given the state of the market at the moment. Other party backed out after a couple of bids. The bank/repo company came back relatively quickly (within a day). The estate agent was surprised as he said it quite often took a few days. I'm assuming they must have been happy enough that the offer was close enough to what they needed.

  3. well done morillo. Did you solve your moral dilemma and go for a repo in the end?

    I did, few of the posts on that thread made me see the light. Still feel a bit sorry for the poor punters that got stung. Hopefully the price I got it at will provide a bit of a buffer in case of further drops. Just hoping the survey comes back ok and there are no nasty surprises.

  4. Dropping like flies

    I bit the bullet and bought this week too! Does this mean I automatically become a bull now?

    Personally I think there is still a bit to go before we hit the bottom. I jumped now as we got the type of house we wanted, in the area we wanted, at a price we can afford. Will be a bit of a project as it needs some work, but I like a challenge.

    What I can say is that I could never have afforded this house this time last year.

  5. I don't understand the question.

    You have money to buy a place you can afford. Good for you.

    Feel bad about it? Give your wealth away - that's what the government encourages.

    Haha, point taken!

    I just wanted to see what other peoples views were i.e. are you likely to be socially ostracised? As said above houses need to be lived in, I guess will look at it differently now, value for money rather than gain at someone else's misfortune.

  6. I have noticed quite a few ... common tactic used by EA's to get their houses to the top of the lists again.

    Smoke screen.

    Property-bee is obviously a very useful weapon in the arsenal of buyers - i.e. how long the property has been on, reductions etc.

    Wonder are EAs tired of listening to "...property-bee shows that this property has been on the market for X years and reduced by Y, therefore I'm only offering Z..." and are attempting to get rid of the problem?

  7. I am no expert on this, and therefore am probably wrong but I cant see how you can have a committed offer without having a house bought. Surely the bank want a report on title and a valuation before they commit to anything. I am quite happy to be wrong here.

    First direct have agree to lend me £X on a 65% LTV basis. The booking fee holds the rate and term for a period of six months.

    I have completed my application and went through all of their checks based on the amount I want to borrow, without the need to have named a property. Ultimately, as with any mortgage, it will be subject to a satifactory property survey/valuation. I just need to find a property within the next 6 months and they will honour the rate I secured at the beginning of January (3.89%) rather than the current rate for the product (4.29%).

  8. Or I could do what I have done. I looked at this house in 2008 but the EA told me that the vendor wouldn't drop.

    It was on at 245K so I rented for 2 years and now I could have it for 155K.

    Renting is not dead money in a falling market.


    I couldn't agree more, one of the houses that I have been watching has dropped 40k since I started renting last year.

    (Depreciation in house value) - (Rental outgoings) = 40,000 - 3,750 = £36,250

    Renting atm is most certainly not dead money!

  9. I am no expert on this but I don't think a offer pegs the interest rate. I was renewing my own and had the offer a few days. Received the call to say the rates had changed and was about to let fly when the nice young man told me it had moved down. New offer arrived in the post. Haven't read the small print but I think it might say that the offer(or rate) only exists for as long as the product is available.

    I have heard of a few 6mth offers appearing back again but most are only for 3 mths.

    I fixed mine a few weeks ago - 5 year fixed rate, 3.89% with First Direct. Had to pay a booking fee of £99 but this holds the mortgage at that rate for 6 months. I may buy in the next 6 months but most likely not. The way I looked at it the £99 was worth the risk.

  10. I wish you hadn't said that as my wife has expressed a serious interest.

    Mind you I did find absolute bargain / burnt out wreckwhile looking around the area

    Its a real bargain when you see what capital value is http://lpsni.gov.uk/vListDCV/propertydetails.asp?di=13&dn=Down+District+Council&wi=0000000061&wn=Ballymote&si=0000000768&sn=Ardglass+Road&display=606176&rn=5

    There's an easy explanation for the price discrepancy, its built on an oil field :P

  11. I watched it but found the EAs to be parodies of circus clowns with their extreme hairstyles and clothes. I think she missed an opportunity to really expose the "profession".

    BTW what qualifications do you need for a professional EA?

    Don't need any qualifications AFAIK, just need to have sold your soul to the man with the pointy horns.

  12. Assuming I'm looking at the correct property, your rateable value is 140k.

    I think you have your house priced too high. There is another 3-bedroom semi in Orangefield for 135k and yours is priced at 174,950.

    ^Completely right. You are actually way over priced, here is a detached house in your area for £155k:


    You need to come down quite considerably. Sorry :(

  13. It was feautured before christmas but i stopped it over that period, and now put it back on, i understand wat you are saying about lowering the price but surely if someone likes it, surely they would put a lower offer in, as i said i would be willing to accept about 165k.

    You could ask your EA to put it on as 'offers over' 165k. That way you are signalling the lowest you'll take for it. It will also put you below the 169k figure you gave for the bottom end of the house price range in your area. If you're house is in better condition, better plot etc. it theoretically being cheapest should look the most attractive to potential buyers.

  14. It seems to be slightly higher than average asking price in that area. You've only been featured for a couple of days - try dropping 5k and see if there is any interest. The house is very well presented and tidy you just need to get people through the door.

    Exactly. I'd drop it by more if you can, you have to be extremely competitive in todays market as there are fewer buyers out there at the moment.

    To share experiences, I sold my house last summer. I had it on at 135k, priced identically to similar to other properties that were for sale in the area. After a month with no viewers, I dropped it by 10k meaning that I was a good bit below everyone else. It wasn't an easy thing to do, but I had to acknowledge that my house just wasn't worth what I thought it was. My neighbours who were also selling thought I was crazy. In a nut shell, the properties that I was competing with are still for sale and their asking prices are continuing to slide well below 115k. I am now sitting with a decent deposit, happily renting waiting for the bottom.

    If you can afford to do it and really want out of the area, go for it!

    If not just sit tight for the next 20+ years...

  15. The thing that I cannot figure out with EAs is their lack of basic understanding of economics.

    Houses aren't selling, cash flow is bound to be stretched to the max, redundancies will surely follow?

    Is it not better to shift 10 properties at 10k below asking price than 1 or 2 at asking price or a few k above?

    They should be pushing vendors to accept realistic prices rather than chasing ghosts.

  16. Don't get me started on EAs, as Father Ted used to say "a great bunch of lads"

    They are a law on to themselves. There is one EA in particular that I have dealt with in the past few weeks from a well-known south-east antrim agency. I'm sure if the vendors knew of this person's attitude and non-existent professionalism, they would be very quick in removing their services.

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