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House Price Crash Forum

champstamp

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About champstamp

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  1. The sole purpose IS to flip and make dosh (so we have a greater deposit for a place we'd like to settle down in) but as we're first time buyers, Plan B would be to live in it. The leasehold fees and service charges ARE eye watering truth be told, but with these costs included are total expenses will be about the same as they currently are now while renting. Another repo isn't likely but never say never, in this scenario we'd wait for that repo to sell, then market ours a few months later. The current repo we're looking at was repo'd from the original owner who bought the apartment when it was first made 10 years ago, it's not one of those buildings that was knocked up in the buy to let craze. Currently there are two others for sale (the building has 80 apartments total) the same layout as this one, and they are both priced at 18% more than this ones market value. Thanks for replying by the way.
  2. Lurked on here since xmas but need some advice, hence first post. We've come across a repossessed apartment (in very good condition) in arguable the most desirable building in a major city centre. It's asking price is 50k - 60k (30%) below it's market value. I found the market value from asking the Ea what it would be marketed at if it wasn't repo'd and checking previous sales on zoopler, the last two sales in Sep 12 where the same price as the Ea's estimate. We're considering buying the apartment, cleaning it up and putting it back up for sale within about a month, essentially flipping it and pocketing the difference. How feasible is this? I've worked out all the fees/costs involved and we'll stand to make a small fortune which makes me believe it's too good to be true, which is why I'm asking your opinions.
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