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Posts posted by HPCwhen?

  1. Thanks for posting - very interesting. Even though they are guide prices, just goes to show the difference currently between must sell and would like to sell if I got the right price (the one I make up !)

    Most of them look good to me, for what they are.

    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!

  2. 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.

  3. Every type of property is coming onto our books as a repossession form the small terrace to large country house. The majority seem to be either ex council semis or semis in private developments. These would be your typical family homes so it seems that it is the working families that are losing their homes and not the BTL brigade as far as I can see. Through my contacts I have heard of a BTL portfolio of over 50 houses that is due to be repossessed and sold off as individual properties so that will change the origin of where most of the repossessions are coming from.

    Thought this was an interesting buy - looks a repo in Ards


    For whats its worth I bought a repo which I think was an investment gone wrong.

  4. Hi All,

    i'm afraid there wont be any further updates from my analysis of propertynews. It seems that propertynews have implemented some technology in the last week which is blocking automated data collection.

    The legality of what i have been doing has always been potentially questionable from a copyright perspective, so given the company have shown that they don't want it to take place, i wont be trying to figure out any work-arounds.

    I have similar data from propertypal and will be working to put together similar charts on drops etc. I believe that propertypal now have more listings than propertynews so might actually work out to be better.

    apologies again, but it's out of my hands


    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!

  5. Possibly your house has better insulation - finish inside? It is hard to tell.

    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.

  6. Rateable Value is used alot on these forums as a guide to fair values. Im am just curious to see how what the different views would be as to opinion on this.

    Would most of you be happy if values returned to this level, or does anyone see a situation whereby values drop below this? Maybe you think rateable values are too low?

    I would welcome anyones elses opinion on this subject

    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.

  7. With repossessions, banks are under obligation to get - or to be seen to get the best price they can for the property - hence the 7 day notice. It's a public notice in the local paper but it means that any Tom Dick or Harry that sees it knows what's been offered. As you are the original offerer you ought to be given the opportunity to just match the existing offer.

    Repossessions are more likely to see multiple offers as the banks have no desire to keep them and are marketing them for rock bottom prices to get them shifted inside six weeks.

    Further to an earlier post, an agent in English Law (sorry don't know for NI) is under legal obligation (Estate Agents Act 1979) to give all offers in writing to the vendor.

    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.

  8. 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.

  9. 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!

  10. 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.

  11. 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!

  12. 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.

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