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Barb E Dahl

Oh My God! We're Fighting For A Property...

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I'm 100% bear but even I'm shocked at the sudden interest in FLATS round here, of all things!

After a lot of thought, we decided to purchase a flat a) because we expected them to be selling cheap because there are so many flats (well so I thought) and b ) because we could live more cheaply than renting and hence save even more. Our ultimate goal is to have a flat near work and then buy our dream house (once prices are around the bottom) out in the countryside.

We've been bartering with this guy for a week now and today we've just found out he has another 3 offers on the table! Our price is very reasonable now considering the mess of the property, but I feel we will lose it. I really want it but I will also feel a bit peed off if we go higher.

I've looked around this area and all the cheap places (particularly flats) are selling like hotcakes atm. I'm beginning to wonder if we have already missed the boat. Do I fight for the flat we want or let it go and not get drawn into this situation?

Edited by Crimson

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Guest DissipatedYouthIsValuable

I'm enjoying this idiocy. Pile in bulls.

Then bring on the Downward Leg of Bitter Tears.

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I really want it but I will also feel a bit peed off if we go higher.

I've looked around this area and all the cheap places (particularly flats) are selling like hotcakes atm. I'm beginning to wonder if we have already missed the boat. Do I fight for the flat we want or let it go and not get drawn into this situation?

As the old saying goes, a property is only worth what someone is willing to pay for it. This dictates the market price, everything else is just guidlines.

We bought a 5 bed house in the SE in March for £230k, but when when offered in a cold, dreary, recession hit December we had absolutely 0% competition and the builders begging us to buy.

M

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I'm enjoying this idiocy. Pile in bulls.

Then bring on the Downward Leg of Bitter Tears.

But what if you're wrong?

BTW you used to be funny. Nowadays you seem to be a tad vitriolic. Lighten up it's only life, nothing serious.

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I'm 100% bear but even I'm shocked at the sudden interest in FLATS round here, of all things!

After a lot of thought, we decided to purchase a flat a) because we expected them to be selling cheap because there are so many flats (well so I thought) and b ) because we could live more cheaply than renting and hence save even more. Our ultimate goal is to have a flat near work and then buy our dream house (once prices are around the bottom) out in the countryside.

We've been bartering with this guy for a week now and today we've just found out he has another 3 offers on the table! Our price is very reasonable now considering the mess of the property, but I feel we will lose it. I really want it but I will also feel a bit peed off if we go higher.

I've looked around this area and all the cheap places (particularly flats) are selling like hotcakes atm. I'm beginning to wonder if we have already missed the boat. Do I fight for the flat we want or let it go and not get drawn into this situation?

Ok, so you might not get this flat, but what harm is there in waiting a few more months to look for a more accurate trend?

What rational logic or evidence do you have that house prices will go on the rise again and that you'll miss the boat?

C'mon, talk yourself down from there.

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But what if you're wrong?

BTW you used to be funny. Nowadays you seem to be a tad vitriolic. Lighten up it's only life, nothing serious.

I think you'll find he's a bit perturbed at the moment.

I mean, it's not like he's keeping it a secret, is it? :lol:

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How strong is your financing? Don't forget that a lot of sales are falling through due to the banks not following through on initial loan offers. If you are a cash buyer, or have a good LTV you can use this to your advantage with the vendor. Those other three offers may not be worth anything in the end. Or they may be landlords in which case you're probably buggered anyway.

Don't lose sight of your aim which is to end up with a mortgage where at the very least the interest is less than the rent you'd pay on a similar house. To illustrate, I bought in 2001; at the time people were already complaining about HPI although in retrospect it was only 50% up on the 1989-1995 low. Nonetheless my mortgage, including the principal payment and the interest, was 53% of my rent on the same house (I bought from my landlord). If you're not going to achieve a saving vis-a-vis costs then the only thing left is sentiment on whether owning or renting is better and only you can judge how much that is worth to you.

For what it's worth I think we have another 10-20% to go but that it will take a year or two because of QE and so on. I don't think prices will shoot up again, but will bump along the bottom for a while. Then again I could be wrong.

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Guest DissipatedYouthIsValuable
But what if you're wrong?

BTW you used to be funny. Nowadays you seem to be a tad vitriolic. Lighten up it's only life, nothing serious.

Pile in.

This next bit is going to be hilarious.

Edited by DissipatedYouthIsValuable

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Guest Skinty
We've been bartering with this guy for a week now and today we've just found out he has another 3 offers on the table!

How do you know this for sure?

Makes me think of ebay. I've seen second hand items go for more than the price of the item new because buyers ended up in a bidding war.

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Walk away leave him your contact details, 8/10 chance he'll phone you. you are going to over stretch yourself, then when the rates rise your going to be repo.

Edited by crash2006

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Walk away leave him your contact details, 8/10 chance he'll phone you.

Yep, this is the only way - don't get emotionally involved - it's just a financial transaction. Let others overpay for a flat (!) just before the next downward leg.

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Pile in.

This next bit is going to be hilarious.

I piled in a while ago. Completely wrong timing.

Having STR'd at the wrong time too I am happy to admit to be ignorant.

On the other hand our monthly mortgage is now £360 a month, 3 years ago we were paying 4 times that in rent.

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Guest DissipatedYouthIsValuable
is that the part where you complain about your salary again??

Oh no, I can wait.

I find it useful to mention the fact that there's clearly a mismatch between ever rising houseprices and ever declining real incomes.

You pile in sonny.

Fill your boots.

This is the Recovereh, remember.

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I piled in a while ago. Completely wrong timing.

Having STR'd at the wrong time too I am happy to admit to be ignorant.

On the other hand our monthly mortgage is now £360 a month, 3 years ago we were paying 4 times that in rent.

Public spending cut income tax rise to 23% interest rates gonna go up, this is when the debt gets paid back.

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I've looked around this area and all the cheap places (particularly flats) are selling like hotcakes atm.

...and so another faux bear reveals himself :lol:

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Public spending cut income tax rise to 23% interest rates gonna go up, this is when the debt gets paid back.

Income tax is rising to 50% for some of us. Hence why we are reducing monthly spend by overpaying.

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Guest Skinty
BTW you used to be funny. Nowadays you seem to be a tad vitriolic. Lighten up it's only life, nothing serious.

He's a doctor. They're meant to be vitriolic, sardonic and cynical. Haven't you see Star Trek? Battlestar Galactica?

Don't let any care free doctor treat you. They're probably escapees from the mental ward ...

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He's a doctor. They're meant to be vitriolic, sardonic and cynical. Haven't you see Star Trek? Battlestar Galactica?

Don't let any care free doctor treat you. They're probably escapees from the mental ward ...

I hate science fiction. I watched a few of the early Star Trek episodes - got a bit scared by one where some beautiful woman turned old and ugly. Scared me for life.

Not looking forward to old age myself. Imagine being surrounded by a childhood nightmare.

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As the old saying goes, a property is only worth what someone is willing to pay for it. This dictates the market price, everything else is just guidlines.

We bought a 5 bed house in the SE in March for £230k, but when when offered in a cold, dreary, recession hit December we had absolutely 0% competition and the builders begging us to buy.

M

That sounds like a bargain - where exactly in the SE?

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That sounds like a bargain - where exactly in the SE?

Aylesbury in Bucks. Big building plan between 2006 and 2020ish, 25000 more new homes being built.

M

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I'm 100% bear but even I'm shocked at the sudden interest in FLATS round here, of all things!

After a lot of thought, we decided to purchase a flat a) because we expected them to be selling cheap because there are so many flats (well so I thought) and b ) because we could live more cheaply than renting and hence save even more. Our ultimate goal is to have a flat near work and then buy our dream house (once prices are around the bottom) out in the countryside.

We've been bartering with this guy for a week now and today we've just found out he has another 3 offers on the table! Our price is very reasonable now considering the mess of the property, but I feel we will lose it. I really want it but I will also feel a bit peed off if we go higher.

I've looked around this area and all the cheap places (particularly flats) are selling like hotcakes atm. I'm beginning to wonder if we have already missed the boat. Do I fight for the flat we want or let it go and not get drawn into this situation?

you are a mug if you fall for that trap

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It's strange/funny how when bears do get involved in the buying process, the previous bearish logic seems to go out of the window and people become emotionally involved in not "losing" a property and it becomes much more difficult to pull out of a deal. I guess once you've got your hopes up and you/partners can see yourselves living in a new property then it's very difficult to leave your feelings at the door. This is not a criticism of the OP - a friend of mine who has been a bear for a while has got himself involved in a (probably fictitious) bidding war and no amount of logic seems to put him off - it is now a competition and he wants to win it. Weird. I am stating this because I don't want to fall into this emotional trap myself when the time comes, and perhaps as a warning to other bears. It seems to be a common human emotion.

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