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pie-eater

Negative Equity Desperation

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I went to look at a house today. I knew it was priced stupidly but it's a house I like the style of and in a good street. Bought for £355k at the very peak so worth around £300k now.

Up for £365k.........

The owner is newly divorced and has had to take a lodger to pay the mortgage. The lodger showed us around the house and said her landlady was using credit cards to live.

The house is nice, but on the edge of being a money pit. Roof has clips on it, old sash windows and electrics aren't modern.

The owner then showed up and was so desperate. Told us she needs to sell and would take, guess what.... £350k.

I didn't have the heart to tell her what she already knows.

Debt. A killer.

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The owner then showed up and was so desperate. Told us she needs to sell and would take, guess what.... £350k.

The fact that she's offered you a full 0.3% discount indicates that she's one of the more clued up people selling at the moment. :P

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....

The owner is newly divorced and has had to take a lodger to pay the mortgage. The lodger showed us around the house and said her landlady was using credit cards to live.

....

No doubt soon to be part of the 4 billion pound write-off of bad credit card debts (10% of all CC spending is now written off...)

Debt is a killer if you have to repay it. Let's hope that people do.

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EA called for feedback. I fed back my 'knowledge' and she repled, "She has replaced the floor in the kitchen and had the garden landscaped".

We put in an asking price offer.... :lol:

The fact that next door sold for £287k 6 months ago seems to have put buyers off so far. Wonder why.

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I went to look at a house today. I knew it was priced stupidly but it's a house I like the style of and in a good street. Bought for £355k at the very peak so worth around £300k now.

Up for £365k.........

The owner is newly divorced and has had to take a lodger to pay the mortgage. The lodger showed us around the house and said her landlady was using credit cards to live.

The house is nice, but on the edge of being a money pit. Roof has clips on it, old sash windows and electrics aren't modern.

The owner then showed up and was so desperate. Told us she needs to sell and would take, guess what.... £350k.

I didn't have the heart to tell her what she already knows.

Debt. A killer.

Thank you. I don't normally laugh out loud on HPC but that has done it for me.

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I looked at a house which sold in Dec 2006 for 250K and is now on for 399K - EA told me it has a new kitcen and bathroom.

I said it must be the best kitchen and bathroom in the World.

EA looked at me as if I was dirt.

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I looked at a house which sold in Dec 2006 for 250K and is now on for 399K - EA told me it has a new kitcen and bathroom.

I said it must be the best kitchen and bathroom in the World.

EA looked at me as if I was dirt.

You should have shoved his or her face down in the dirt laugh.gif EA`s are due a big wake up call. You should tell them not to bother calling you until they have serious sellers, not time wasters.

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Thank you to this thread for cheering me up. We have just made an offer on a house (10% below asking price as it needs A LOT of work) and were told by the EA that it would sell 'for at least 200k when done up nice and modern'. Er, I don't think so. Next door (which has an extension and extra bathroom and bedroom) was on the market for 6 months @ £209k, couldn't sell and was taken off the market 3 months ago.

Do EAs know anything about the current climate or the houses they are selling????

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.....

Do EAs know anything about the current climate or the houses they are selling????

They don't need to its not part of the job. The only qualification is to spot a mug. They are good at this and there is a very large supply of them (mugs). Remember that they work for the VENDOR ;)

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The fact that she's offered you a full 0.3% discount indicates that she's one of the more clued up people selling at the moment. :P

Thinking of 1992 - Possible scenario: It'll be taken from her by the lender later this year; will reappear for £299k and they will take £240k if you push them. Otherwise they may auction and get about £220k. It needs a good deal of refurb, so may have retentions on a mortgage.

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I have always been a bargin hunter and never pay the asking price.

if you want that house then just sit and wait, she will be desperate soon enough, when then bank goes for the repo then she will be up for any and every offer available.

i have done this with the last three properties we have purchased, don't be impatient just wait and it will pay off. Failing that you can always follow it to auction.

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Thinking of 1992 - Possible scenario: It'll be taken from her by the lender later this year; will reappear for £299k and they will take £240k if you push them. Otherwise they may auction and get about £220k. It needs a good deal of refurb, so may have retentions on a mortgage.

1992... I remember then, 100s of houses and me the only first time buyer in town. Estate agents driving me round, and still people stubbornly holding out when a large proportion of the local housing had been re-possessed.

If repossession return with a vengance (no sign with low interest rates), then the above is possible. However, I suspect the vendor will get real and reduce price. Our seller initially offered us £5K off a £730K asking price, it's just people bumping things up.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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