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Timm

Repos Rising?

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Is it just me?

I've noticed a sudden rise around Oxfordshire of end of chain houses needing updating listed on rightmove that are going to auction with low guide prices. Normally, I'd see between none and one of these on a browse around the area. I've seen I think five today in just a 10 minute visit.

Is anyone else seeing the same?

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I'm seeing good prices and repo's on flats in my search area. Quiet frustrating really, if i seen good pricing on houses i would maybe buy. Why more repo flats, maybe they tended to be target FTB in 2006/2007 also they have high service charges which you get no help with from the DHSS when in trouble.

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I've never heard of anyone I know getting repo'd. Now I know of two one gone last Saturday and ones a couple more to sell up. Seeing lots of no onward chain on rightmove but never really looked into them enough to work out if they are repos.

Maybe it's this starting?

http://www.guardian.co.uk/business/2010/sep/09/standard-and-poors-repossessions-warning

Standard & Poor's warns of wave of house repossessions
Standard & Poor's ratings agency says planned spending cuts and tax rises may lead to many more house repossessions
Edited by Pent Up

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Just anecdotal but I'm on a mailing list for "below market value opportunities" (aka distressed sellers). They're sending me things much more frequently than they were 4-5 months ago.

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Is it just me?

I've noticed a sudden rise around Oxfordshire of end of chain houses needing updating listed on rightmove that are going to auction with low guide prices. Normally, I'd see between none and one of these on a browse around the area. I've seen I think five today in just a 10 minute visit.

Is anyone else seeing the same?

Don't take this as me being nasty, but I have charges on peoples houses and we are not going for repossessions as there is no equity in them. Our line, as with other creditors up and down the country, is to wait a few years when the market recovers or until the owner wants to move.

Repossessions would be far higher if people hadn't got 100% mortgages.

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My friend who landed a gig administering the mortgage rescue scheme for a nearby local authority says "business" has never been better. Many of the clients are single mothers who used to work 16 hours a week to claim all the tax credits but are now unemployed.

I'm told the money is running out in March 2011 so another crutch is about to be removed.

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Don't take this as me being nasty, but I have charges on peoples houses and we are not going for repossessions as there is no equity in them. Our line, as with other creditors up and down the country, is to wait a few years when the market recovers or until the owner wants to move.

Repossessions would be far higher if people hadn't got 100% mortgages.

Sister says the same thing .. she's seeing people with 20% equity coming in for emergency housing because the house is being repo'd. People are coming to her SAYING they are going to be repo'd but she can talk the lender round (arrears paid by the local authority, reduction of interest rate or switch to IO) if there is a possibility of the house having equity in it then the lenders are very aggressive in going for repo now ..

She had a client with a £70,000 mortgage on a property arguably worth £200,000. Client had buried head in sand and lender had added loads of extra charges and had up'd the interest rate to 12% .. Arrears were £13,000 and by the time the family came to her the bank had a repo order. She confidently expects the lender to spend at least six months buggering about before selling the property at auction for £120-130,000 .. The family will probably get just enough over the £15,000 savings limit to cut them off from any entitlement to benefits .. (the main reason they are in this trouble is because they tried to soldier on without claiming benefits).

Other clients with £200,000 Mew'd mortgages on houses "Worth" £200,000, and the lender will do anything to keep them in the house ..

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if there is a possibility of the house having equity in it then the lenders are very aggressive in going for repo now ..

Equity in the hand is worth two in the bush?

Hmm that sounds ruder than I thought it would.

Anyway... the rush for equity begins... and so the house of cards will tumble.

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I've just posted this in the Aberdeen forum.

3 in Queen's Road - who'd have thunk it.

"I see even Aberdeen is not immune to repossessions (even in the posh bits!)

http://www-s.aspc.co...KLKAJOC#picture

http://www-s.aspc.co...KLKAJOC#picture

http://www-s.aspc.co...KLKAJOC#picture"

Links broken by hpc posting software. Pity - would have liked to see!

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Links broken by hpc posting software. Pity - would have liked to see!

Just for you - although by now I'm sure you've found this on the Aberdeen forum.

The first one on Queen's Road is on fp at £275k although it's valued at £235k !

http://www-x.aspc.co.uk/cgi-bin/public/LiveProperty/283718?ID=NKLKAJOC#picture

http://www-x.aspc.co.uk/cgi-bin/public/LiveProperty/282309?ID=NKLKAJOC#picture

http://www-x.aspc.co.uk/cgi-bin/public/LiveProperty/282301?ID=NKLKAJOC#picture

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Is anyone else seeing the same?

Doesn't seem to be much change round my area, but I'm playing the long game: the "perfect storm" of job cuts (and rising unemployment), above-target inflation (and future rises in interest rates), and the "nasty Tories" running the shop, should mean repos rising over the next few years.

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  • 140 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% +
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      • Even
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      • up 5%



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