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House Price Crash Forum

gfromls

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About gfromls

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  1. On a Friday evening, early 2013, a moody’s employee looks into the uk’s figures and announces to the world: This doesn’t add up. Just seen this on sky news, reported as “breaking news” As an out of touch former hpc’er, I’d like to ask the new kids on the block: What will happen next?
  2. Panda, first time I've posted in years, just logged on to see if there was any known unknowns before i committed to buying my second house since my last post. you and i leaned a lot on this forum - we all did. much, if not all was driven by free market economics - but that era has finished. what we now have is a stagnant market and it will last for a decade or even two. A lot of buyers and most EA's are still suffering from bubble mania, but if you do your research you can find value - lots of people need to sell. the only question you need to answer is this: When rates rise (its coming) how will our masters react? my personal view is that its better to own something than have money in the bank. Concentrate your efforts in learning about house prices, (at the coal face) sharpen your claws, and when the opportunity comes - strike.
  3. I’ve done it. 56% less than last sold price (2005) and 10% higher than the prior sold price (2000). I always thought I’d be the last to buy, but it looks like I was wrong. I got out of the market in 2002, I didn’t ‘str’ intentionally it was more down to personal circumstances. I knew the market like the back of my hand and had done for years. I sold, had a short break, and by the time I was ready to jump back in the market had gone ballistic, it frightened me. I just couldn’t work out what had happened, houses were selling for 20% more than what I thought they were worth (and believe me I knew what they were worth). The EA’s that had previously asked me for a second opinion didn’t know either, they were riding the crest of a wave but I knew something was wrong. I stayed out of the market waiting for the inevitable crash, just like I’d seen on TV as a kid (89ish) but it didn’t happen. Life went on and I used my str? fund to set up a business. I found hpc and after months of lurking and I plucked up the courage to post. Here I found all the answers. Without hpc, I think I’d have caved in around 2006/07 - many, many thanks. Sorry for such a long post but it felt like the right thing to do. ….basically I’ve bought cheaper then I sold in 2002. I’m fed up of second guessing everything and I think I can use my old skills to hold my own from here on in. the market hasn’t bottomed yet, far far from it but the road we are about to go down is fraught with danger, especially if you’ve got your life’s work in the bank. I’ve found value that I can relate to and I’ll make it work. Btw, I’m certainly not turning bull, I’ve just found what I’ve been looking for and its almost for nothing. I wish I could/or it was appropriate to say more but most of you will know there are two markets, make sure you choose the right one and if you look hard enough you’ll find value.
  4. They normally do. If the property is with an asset management co (a large % of repo’s are) they usually put a public notice in the local press, once they’ve accepted an offer. I don’t know if they’re legally obliged to do so but its certainly common practice (near me anyway). Ask the EA and your solicitor (tentatively) for clarification but I wouldn’t go down the root of kicking up a fuss from the info you’ve provided so far. Btw, if they were up to no good, I can’t see what they’d gain from publicising the fact that they’d accepted a lower offer.
  5. Well, if your offer is cash (you should have said) and you’ve provided proof, you have a case. Has there been a public notice in the local press?
  6. No, that’s wrong. The bank or more than likely the asset management company acting on the banks behalf will accept the ‘best’ offer. Taking into account that ‘they’ expect contracts to be exchanged within 14 days, they would look more favourably at a cash offer, thus no mortgage or survey to worry about. Don’t get me wrong, they might do it differently where you are but those are the facts from where I’m standing.
  7. Yes, I’m shaking like a sh1teing dog after reading that.
  8. The vendor will favour and even accept less from a cash buyer. ‘best offer’ doesn’t necessarily mean highest offer.
  9. what do you think they’re going to do? from what I can gather the people who are talking about re-writing the monetary system are the people with the most debt . They need to do something big, but they have very few options. I think the following are OFF the table, to the extent that they can be ruled out imho. 1, the US & UK going through a long period of deflation whilst trying to pay back massive debt - personally I don’t think its possible, the numbers are just too big. The banking system can’t take it and the public are too soft to go through it. 2, devaluing £ & $ thus making the debt repayment easier - what happens to inward investment, interest rates or the price of fuel ect? It creates more problems than it solves. 3, keep the game going with a few rate cut and a bit of stimulus here and there - we’re already past that point, the game is up imho. 4, just inventing a new world currency, without any backing - who’d trust that at this stage in the game? Ironically its safe to assume that the UK &US will have the biggest say in this new system, I can’t see the likes of Russia, India or china being asked to create a new financial blueprint. The article is just speculation but thought provoking non the less.
  10. Or just allow the newly mined gold into circulation.
  11. I think this is almost plausible. I read somewhere that the US has 8,000 tones of gold and china only has 600 tones…… No one would expect Britain to have been steadily accumulating gold over the past few years, our leader hates the stuff, he described it as a ‘barbarous relic’ when he sold lots of the stuff a few years ago. So no chance of that happening… A few years ago when all was calm in the financial markets, didn’t Alan Greenspan have regular meetings with gordenron?. What were they talking about, were they thinking long or short term? I’ve always said that I believe that much of the relative wealth (over the years) here and in the US is down financial workings at the highest level… Now, before anyone has a go, I did say ‘almost plausible’, not probable or even possible but could you imagine creditor nations such as china asking for payment, only to be told they could have as much paper as they wanted - it’s worth **** all.
  12. We’ve discussed this before, it’s nothing more than a potential 15% discount.
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