Immpossible To Buy

[mr plumber]

When are the house prices going to drop , It is almost impossible for me to buy a home

[Pent Up]

When are the house prices going to drop , It is almost impossible for me to buy a home

Probably see drops starting this year as the oversupply kicks in. Accelerating as interest rates rise. Don't buy yet got at least a year to go before buying IMO. Kick off is just months away though I think.

[Once in a lifetime]

When are the house prices going to drop , It is almost impossible for me to buy a home

Once you've lost your job there'll be at the lowest.

[Georgia O'Keeffe]

When are the house prices going to drop , It is almost impossible for me to buy a home

have you cosidered approaching N Rock or LloydsHalifaxfor a mortgage, if you can provide proof you are still breathing they should release sufficient funds for a 4 bed detached in Mayfair

[Englaender]

Looking at Rightmove properties in London, there were 91 changes over last 24 hours using Property Bee which I've just tallied up by hand..

21 were price reductions.

2 changed status from under offer to available.

The rest (68) were newly listed properties.

I don't have the patience to do the same for the last 3 days (over 1000 properties) but if anyone knows how to get Property Bee to do this, let me know. It'll be interesting to see how figures are looking middle of next week once this weekend's viewings have all happened, but the figures above reflect all I've been seeing in London, Birmingham, Brighton and Maidenhead, the 4 areas I've been keeping an eye on.

[non frog]

...It is almost impossible for me to buy a home

Why on earth would you want to?

[mbga9pgf]

When are the house prices going to drop , It is almost impossible for me to buy a home

Not to sound like a smart @rse, but when you save a 25-30% deposit.

Unfortunately, that isnt going to change anytime soon.

Oh, properties are out there. We just bought a house for 15% off its Q1-2 2006 value, after its had loads of work done to it, solid oak flooring, 2 new bathrooms, new kitchen...

Repo, they left all their belongings behind, including 2 Dysons, 2 full size freezers and enough stuff to keep me busy at the car boot for the next 15 years.

Keep your eyes peeled. If you have a large deposit, can move quickly (we viewed, exchanged and completed in 2 weeks....) it CAN be done. We were outbid twice but our offer was favoured as we were on the ball, werent messing around and most importantly didnt have a chain.

Oh, I think the election looming helped too.

[okaycuckoo]

Not to sound like a smart @rse, but when you save a 25-30% deposit.

Unfortunately, that isnt going to change anytime soon.

Oh, properties are out there. We just bought a house for 15% off its Q1-2 2006 value, after its had loads of work done to it, solid oak flooring, 2 new bathrooms, new kitchen...

Repo, they left all their belongings behind, including 2 Dysons, 2 full size freezers and enough stuff to keep me busy at the car boot for the next 15 years.

Keep your eyes peeled. If you have a large deposit, can move quickly (we viewed, exchanged and completed in 2 weeks....) it CAN be done. We were outbid twice but our offer was favoured as we were on the ball, werent messing around and most importantly didnt have a chain.

Oh, I think the election looming helped too.

Would be very interested to know who the original lender was, when they got the possession order, how long it took to get the bailiffs in, whether there were other chargees, did the lender have to employ people to clean the property.

This is the kind of information kept from the outside world, will be the fate of alot more borrowers in the next few years.

Rummage around in the discarded paperwork and you might find mortgage statements and correspondence.

[Guest absolutezero]

Probably see drops starting this year as the oversupply kicks in. Accelerating as interest rates rise. Don't buy yet got at least a year to go before buying IMO. Kick off is just months away though I think.

You believe rates will go up?

They'll chuck the kitchen sink at keeping them low.

[mbga9pgf]

Would be very interested to know who the original lender was, when they got the possession order, how long it took to get the bailiffs in, whether there were other chargees, did the lender have to employ people to clean the property.

This is the kind of information kept from the outside world, will be the fate of alot more borrowers in the next few years.

Rummage around in the discarded paperwork and you might find mortgage statements and correspondence.

Hmm... without disclosing too much, Bank of scotland, for £300K, with "other" unsecured lending, including 4 cc's maxed beyond 5k each, bank account with 25K limit.

We werent noseying, we are ensuring that we dont get our credit ref affected by their misdemeanours. All the companies we rang didnt know about the posession notice, and they got their first back in 2007, barely 12 months after purchasing the house.

Other chargees? Only 2 got paid back, of the Dozen lenders/businesses with outstanding finance (gas/elec/council/water board), as only 2 had second charges on the property. Of those 2, only one will get all the cash back. The second before I forget was for a seperate 100K secured "shark" loan which kept the bailiffs away for a bit longer I reckon.

I didnt have to rummage. All the paperwork, letters, baliffs letters, eviction notices we kept together. Unopened. As for how long to evict, I think they were allowed to try and sell the house for 12-15 months before they were evicted, and it looks as if it happened pretty rapidy, as most of the possessions are in the garage, boxed. Or now recycled.

As for the state of the property, I have just got out of the bath having spent the last 48 hours cleaning up human and animal faeces, 7 month old rotting food out of the freezer, as well as doing something about the rodent infestation in the house. Its not pleasant, not least because they also left family pictures, kids school work and clothes. I would be a pretty hard nosed b@stard if I said it didnt affect me.

If anyone thinks it appropriate, I will put up a buying guide to repos up here for hints and tips sometime.

But only if I get the interest (PM me if you are shy) and people genuinely want to know the potential pitfalls in the whole process.

Edited May 16, 2010 by mbga9pgf

[mbga9pgf]

I would be interested in your buying guide to repos if you want to start another thread about it thanks.

Will do. Will spend a day or 2 pulling it together, with the end of SMI, I think it could be quite a useful post.

[blobby o mr blobby]

More potential downward pressures on house prices are arriving each week. To name but a few.

1.CGT to rise to 40% on second homes, this is great news for FTB who have been competing with BTL. It also shows the government are willing to make moves that could cause drops in house prices, are they going to go further and bring in new measures, don't know but this is a great start.

2. Public sector cuts bringing rising unemployment.

3. New Euro rules that may chase hedge funds from the city of London, removing thousands of high paid jobs.

4. There is now a glut of property being advertised on online property websites, ie some areas of Bristol have seen a 40% increase in listings.

5. The Euro is devaluing so buyers from France, Germany will be seeing prices rising, hopefully this will stop overseas investors.

6. Unstable Euro zone, British national and public debt, rising interbank lending, ever increasing deposits needed to buy, volitile stock markets, all of which will make banks less capable or willing to lend.

[blobby o mr blobby]

Hmm... without disclosing too much, Bank of scotland, for £300K, with "other" unsecured lending, including 4 cc's maxed beyond 5k each, bank account with 25K limit.

No wonder house prices are so out of kilter if people like these; so willing to get into debt like this are given a mortgage.

[Darkman]

When are the house prices going to drop , It is almost impossible for me to buy a home

When a plumber can't afford a house we're definately in trouble

[piece of paper]

When a plumber can't afford a house we're definately in trouble

Plumbers are the new glovers. Shitting in the street is the new black.

p-o-p

[okaycuckoo]

Will do. Will spend a day or 2 pulling it together, with the end of SMI, I think it could be quite a useful post.

A thread that might actually give people useful information on finding a bargain. Disgraceful! What has HPC come to? We need more threads about economics, the bond market, precious metals, and MILFs.

From your post, looks like it took 2 years between first arrears and the time they quit the property? Sounds like they might have abandoned ship without bailiff having to come in. But to allow the property to sit uncleaned is amazing.

Surprised that the sale proceeds covered more than the first charge. Maybe I misread your figures.

Would be interesting to know who you bought it from - not looking for a name, but did the lender spin it off into an SIV or something like that?

Honest EA used to have good information on repos, but I don't think he posts anymore.

p.s. I understand the sadness on seeing the leftovers of ruined lives. The last days of the boom were evil.

[easy2012]

Hmm... without disclosing too much, Bank of scotland, for £300K, with "other" unsecured lending, including 4 cc's maxed beyond 5k each, bank account with 25K limit.

We werent noseying, we are ensuring that we dont get our credit ref affected by their misdemeanours. All the companies we rang didnt know about the posession notice, and they got their first back in 2007, barely 12 months after purchasing the house.

Other chargees? Only 2 got paid back, of the Dozen lenders/businesses with outstanding finance (gas/elec/council/water board), as only 2 had second charges on the property. Of those 2, only one will get all the cash back. The second before I forget was for a seperate 100K secured "shark" loan which kept the bailiffs away for a bit longer I reckon.

I didnt have to rummage. All the paperwork, letters, baliffs letters, eviction notices we kept together. Unopened. As for how long to evict, I think they were allowed to try and sell the house for 12-15 months before they were evicted, and it looks as if it happened pretty rapidy, as most of the possessions are in the garage, boxed. Or now recycled.

As for the state of the property, I have just got out of the bath having spent the last 48 hours cleaning up human and animal faeces, 7 month old rotting food out of the freezer, as well as doing something about the rodent infestation in the house. Its not pleasant, not least because they also left family pictures, kids school work and clothes. I would be a pretty hard nosed b@stard if I said it didnt affect me.

If anyone thinks it appropriate, I will put up a buying guide to repos up here for hints and tips sometime.

But only if I get the interest (PM me if you are shy) and people genuinely want to know the potential pitfalls in the whole process.

Hi mbga9pg,

Yes, a guide would be nice. Thank you very much.

[hirop]

[edited out: caught wrong end of the stick]

Edited May 16, 2010 by hirop

[non frog]

I think Mr. Plumber is trying to build backlinks for his website to improve pageranking. Unfortunately, when he entered the keywords he forgot to actually put in a link.

Sounds feasible - that forum has been promoted similarly elsewhere. Spelling doesn't seem to improve either

[DrMartinSanchez]

I think Mr. Plumber is trying to build backlinks for his website to improve pageranking. Unfortunately, when he entered the keywords he forgot to actually put in a link.

My exact same thoughts when I saw the thread.

Here's a more appropriate way to do SEO

Worst plumber ever, yeast infection, photos of Gordon Brown having sex with animals

[TheEmperorHasNoClothes]

I think Mr. Plumber is trying to build backlinks for his website to improve pageranking. Unfortunately, when he entered the keywords he forgot to actually put in a link.

Here it is for you Mr. Plumber: Plumber Rochdale Plumbing help

I hope you weren't paying for SEO Mr Plumber, otherwise you're being ripped off.

The links are now all no-follow anyway, so not sure how Google regards them but probably very little value for page ranking.

And back on topic, yeah houses are expensive. Actually they are cheap it's the land

[Goat]

You believe rates will go up?

They'll chuck the kitchen sink at keeping them low.

Hi, you might have missed it but Brown's no longer PM.

Why would the current lot want to delay the pain? Better to get it out of the way now when they can still (correctly) pin it on the nu fascist scum.