HPCwhen?

I reckon that answers my previous post. Cheers. Cheers for clearing things up for me. There was me thinking that the guide price would approximate to the reserve....silly me

Totally agree. Has anyone been to an auction recently and have a sense of these guide prices realistic, pitched low to grab interest or conversely even achievable? I'd be tempted to go to this Stormont Auction just out of nosiness!

http://www.brggibsonauctions.com/properties.asp?Auction=B&offset=0 Long time no post - but always lurking!! Not sure if this has been posted? Any views - some of these prices seem really quite good to me....although I stand to be corrected...and I probably will be

Only 50%? Friend of mine bought a terraced property in a relatively new development in East Belfast for 165K in '06. Bought as an investment. Eventually sold in '07 to another investor for..wait for it.....235K. Similar house today? Yours for 110K. I make that 55%. And they're still dropping....

I agree RV is only a very rough guide. The property I bought at the beginning of the year (a repo) had an RV of 130K (on the high side imho) although I paid 110K. My particular house was sold in 2007 (September) for 180K . Through the wonders of 'tinternet I discovered that back then the property was for sale for 200K and the estate agent was marketing it as 'excellent value for money'. The owner at the time was in financial do-do and needed to sell. The buyer, who I don't think ever moved in, probably thought they were getting a bargain - yet they were the ones ultimately repossessed. That said, I can see the value of similar homes to mine going lower still (perhaps sub 100K?) and while I'm not excited by that prospect I knew it was a real possibility when I bought. It's all down to what is right for you. I needed somewhere to live and I was getting below inflation returns from my deposit money. Now my mortgage payments are substantially less than what it would cost to rent a similar property and I still have rainy day savings. I'm happy that I waited - I'm just sorry that friends and family didn't follow my advice (and the advice of this forum) and hold fire. I know so many people who have been truly shafted by what has happened and I worry that they have seriously damaged their life prospects by doing what everyone was egging them on to do and 'getting on the ladder before its too late'. How hollow those words ring now! It has been a total disaster for everyone concerned.

Thought this was an interesting buy - looks a repo in Ards http://www.propertynews.com/brochure.php?r=1&c=7&s=130233492&i=5&p=JGNJGN1560&fp=1&sort=h2l For whats its worth I bought a repo which I think was an investment gone wrong.

No worries nsn - I want to thank you for your excellent work. I found my home by using your site. I got a great price and a great house and its thanks to you! Keep up the good work!

Don't know. I wanted to buy my house and I didn't want to buy the others. Do they factor 'desirability' into RV valuations? It would be hard to to put a figure on this I imagine? Just checked size - also mine is 25 sq m bigger so that might make a difference.

I agree that rateable value is a good guide but I have a niggling doubt that sometimes it can be a little off-beam. The house I purchased recently had an RV of 130K and I bought if for a 15% discount on that (110K). IMO 130K is a crazy RV for these properties. The reason I say this is because well-presented ex NIHE properties of similar size very close by have RV's of around 80-90K. At present these are going for priced around the 110K mark. The only difference is mine looks different and was built 5 years ago. Not enough to justify such a big difference in RV in my opinion although I could be wrong! I'm not really sure what this tells you.

They took all the first floor doors off mine! Now I'm trying to re-hang them!

Yeah - I think I was very lucky when buying my repo - the agents were pretty good - they actually went as far as saying that they would not be actively marketing it after my offer was accepted - although they did place the advert inviting higher offers I suspect this was only because they (or the mortgagee in possession) are legally required to do so.

I agree with NuBrit. The right house came up at the right price (it was a repossession too). I've got it for around 15% below the 05 valuation which I think is fair BUT these properties are the exception rather than the norm so I am not calling the bottom of the housing market - not by a long shot (I'm not that smart!). I still think that longer term this is where all properties are headed.

Thanks Doccy. I've just sent you a wee message to say thanks!

OK, so I've just bought! A property I'm very happy with and one I never thought I'd be able to afford! I agree totally that the properties that are selling are doing so at around 2004 prices! I'd like to thank everyone for all the great advice - if only more people has stumbled across this forum in 06/07 - we would all be better off!

Very interesting programme - Ulster Bank features heavily! http://www.bbc.co.uk/programmes/b00wlgq4

Good luck! Where are you looking?

Those rear wheel drive beemers are useless aren't they?

Thanks for the excellent advice - I will definitely be making sure my solicitor checks out that ground rent issue! Have decided to bite the bullet and pay for the costs of the searches. What you say about the intermediary mortgage company makes sense as the EA happened to mention he was dealing with the bank through an intermediary. Thanks again for your helpful post.

Ok, I'm looking for some free advice (or informed opinion!) I'm in the process of buying a repossessed property and my solicitor has written to me asking for money to cover DOE and property searches, stat charge searches, bankruptcy search, land registry search, priority search etc before my lender will offer a mortgage advance. They also advise that the vendor refuses to recognise this as a residential transaction and that it wont be subject to the Home Charter Scheme (whatever that is!). Does anyone have any experience of this type of thing? Are these costs that are normally borne by the buyer in any property transaction?Mr guess is that they probably are. Im just wary of paying up because I feel that there is a strong possibility that I may be gazumped because the property remains on the market until exchange of contracts! All advice welcome!

http://www.wcopeland.co.uk/index.html Had heard that this developer had ceased trading. Not sure how big they were - quite active in Ards / Down area. One of their developments was Ballycullen Halt - just one apartment block was completed and the the site is now appears mothballed. From the amateur-ish web-page they possibly weren't that big a concern. Judging from what has been written on the home page they are pretty bitter toward the banks.

I'll go for 110

I am probably just being really dumb, but this link isn't working for me! How about everybody else?

Is anyone else having trouble accessing the site tonight?

http://www.telegraph.co.uk/finance/comment/rogerbootle/8040080/Ireland-the-latest-casualty-in-a-grim-new-game-of-beggar-thy-neighbour.html It just gets worse....

I'll go for 505