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House Price Crash Forum

mrgizmo

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About mrgizmo

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  1. I really wouldn't like to say just in case I advertise a potential bargain and gain some competition. What's your view of the housing market in Liverpool. I've just returned after having 4 years away and it seems to have inflated like a bubble.
  2. I take on board what you say and it's good advice however it would be a bitter pill to swallow to see massive reductions shortly after I bought. This would effectively mean that I have used cash that I could be using to fund the little ones through university or retire early simply because I got the timing wrong and have a larger mortgage to pay. Unfortunately my circumstances changed at the wrong time in the housing market so on the one hand I have a higher price for my small semi in Cambs but that rung of the ladder in buying a large family home is much further away. Our household income for the area we are moving to must be in the top 1% so I can see little to sustain the prices in the long term. The plan is to get the repo at a reasonable price to insulate ourselves against the down turn. I really appreciate all the advice.
  3. I wish it would cost £136K year end but I can't see it. I would be more than happy to pay £168K when I can see properties similar but in a better condition have sold very recently for £275K. That would be some crash! Anyone know how long the banks have to sell these properties before they slash the price? If I offer £160K and keep raising the offer gradually will I simply hit their sale figure and have one accepted or am I liable to cheese someone off and they will not take me seriously? If I can't get a reasonable price I will wait for the reductions to start across the market as a whole but nobody can realistically expect prices to more or less half in 12 months.
  4. Hi I think house prices are unsustainable and hopefully eveyone will see sense this year with rising mortgage costs etc however life goes on regardless and we could do with getting settled. We've recently had a baby and moved back to Liverpool from Cambridge. We've sold our small new build semi there for £215K and are currently renting with £100K of equity in the bank. We've been looking for 6 months and will not pay more than we think something is worth. Now we have found the perfect family home. It's a 5 bed old victorian property and it's on the market for £196K recently reduced from £205K. It's a repo and it's in a bad condition. We've got a builder friend taking a look at the weekend so we will know what we are letting ourselves in for if we make an offer. Now here's where I'm after the advice. The house last sold in 2004 for £168K and it looks like it has gone down hill rather than got better since. It's been taken over by the bank so they must not have kept up payments. It looks like the bank must be after at least £168K to cover the money owed. Is it realistic that they will take this sum for it? Can anyone give me some general advice etc on how to play this situation as I have always bought new build or off another individual. We're looking to pay no more than what it may be realistically worth by the end of the year if there were to be an adjustment. If it's too high we will continue to rent. When the houses are fully renovated in this road they can achieve up to £275K which is crazy. So if we get it low enough and the work doesn't stack up too much we may weather any crash and get our much wanted family home now. Thanks in advance for any advice and thanks to the forum for opening my eyes to things this past 12 months whilst I have been lurking.
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