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Most Sellers are now seling their liablities (debt) not the product (house).

Don't bail them out!

That's a bit of a Eureka moment, well done !

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Most Sellers are now seling their liablities (debt) not the product (house).

Don't bail them out!

But why buyer beware? What difference is there between buying someones debt, or a house? Me thinks buying some ones debt might be a better bargin.

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Most Sellers are now seling their liablities (debt) not the product (house).

Don't bail them out!

Excellent way of putting it, we are beyond the pricing of assets and now into people just trying to dump debt. Buyers, don`t bail them out, you will get the house cheaper in the end if you don`t. Let the bankers suck on their own loans. Debt is for serfs.

Edited by dances with sheeple

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But why buyer beware? What difference is there between buying someones debt, or a house? Me thinks buying some ones debt might be a better bargin.

Because those needing to dump their debt paid (or mewed) too much for their house, they can`t sell any lower, they will eventually be repo`d. Those who have little mortgage, or own outright will come round to the idea of sensible price cuts (30% +) if they really want/need to sell.

Edited by dances with sheeple

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What?? No doubt you have a point about something, but I am clueless as to what it might be.

I'm not sure if OP means what I think she or he means. But I did see a couple of instances where the seller was not just selling the property but the mortgage on it as well. So the nominal price was token, very small, but the buyer would be undertaking to pay the seller's mortgage and gain the property.

And it was not made clear that this was what was being offered. It was quite underhand.

Wouldn't touch it with a barge pole. :angry:

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Way to simply put for some however 100% accurate. I think that there areas are where the value MEWed out out weighs the actual asset value. Suburban 3 bed semis with loft, original garage converted into habitable space and the front garden paved over spring to mind. All of those "improvements" plus the new BMW/Audi on the drive were MEWed, now buyers are expected to pay. As you say "buyer beware".

Edited by Blod

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What?? No doubt you have a point about something, but I am clueless as to what it might be.

Maybe I`m stoned or something, but reading the OP just reaffirmed to me what this site is about, and why there will be a massive crash. The legs have been cut from under the housing market because the loans to buy at peak prices just will not be given. Banker dude on Newsnight last night more or less confirmed it, they "moved on" before someone said HOUSES ARE TOO EXPENSIVE, THEY ARE GOING TO COME DOWN BY OVER 30%.

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With newer houses of course it is possible to find out how much they initially cost. Then factor in the historic average house price inflation, take away some to account for the falls we are all waiting for, factor in improvements, countenance depreciation (e.g. when will the roof or wiring need replacing based on it's age), and you have a reasonable valuation, no?

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I'm not sure if OP means what I think she or he means. But I did see a couple of instances where the seller was not just selling the property but the mortgage on it as well. So the nominal price was token, very small, but the buyer would be undertaking to pay the seller's mortgage and gain the property.

And it was not made clear that this was what was being offered. It was quite underhand.

Wouldn't touch it with a barge pole. :angry:

What I think the OP means is that if you bought in the last few years you opened your a*rse to a banker and stuffed some extra debt in there, debt that shouldn`t have been there, and is now starting to hurt. People squealing about how much their house is "worth" have been shafted by bankers, and although there are other sheeple out there thick enough to take the loans to ease this pain for the dumb peak buyers, the rapist bankers don`t want to give them out. Are the bankers trying to crash the market? Why not give the rapist a can of Mace straight in the face and DEFAULT, go and live with your parents til it all explodes?

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Maybe I`m stoned or something, but reading the OP just reaffirmed to me what this site is about, and why there will be a massive crash. The legs have been cut from under the housing market because the loans to buy at peak prices just will not be given. Banker dude on Newsnight last night more or less confirmed it, they "moved on" before someone said HOUSES ARE TOO EXPENSIVE, THEY ARE GOING TO COME DOWN BY OVER 30%.

Not sure this is totally correct, the banks are still lending recklessly with massive multiples. I have a friend in NI (where the crash has been huge). He is self employed and doing a new build. He almost wrote the whole project off thinking they would never be able to get the finance now. They have been offered 5 times joint salaries! He was shocked, the last house they bought in 2003 he was restricted to 3 times their joint salaries.

The reality is they have run out of punters to lend to. I posted in September that I am now the only person I know, from all my family and friends, who is not all in on property but in a position to do so.

Totally agree with the original poster, no way I am going to be bailing out someone else's debt or paying for someone's retirement.

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Not sure this is totally correct, the banks are still lending recklessly with massive multiples. I have a friend in NI (where the crash has been huge). He is self employed and doing a new build. He almost wrote the whole project off thinking they would never be able to get the finance now. They have been offered 5 times joint salaries! He was shocked, the last house they bought in 2003 he was restricted to 3 times their joint salaries.

The reality is they have run out of punters to lend to. I posted in September that I am now the only person I know, from all my family and friends, who is not all in on property but in a position to do so.

Totally agree with the original poster, no way I am going to be bailing out someone else's debt or paying for someone's retirement.

Not to the same degree as before 2007? sales volumes wouldn`t be where they are otherwise? Your friend must tick certain boxes as risk worthy, most sheeple don`t anymore?

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Not to the same degree as before 2007? sales volumes wouldn`t be where they are otherwise? Your friend must tick certain boxes as risk worthy, most sheeple don`t anymore?

Sure the doors have been shut on some and I do agree things are tighter but I think there is a lot of talk about banks not lending and very little consideration that the ponzi has been pushed so far that they have run out of people to lend to. 70% of the population are owner occupiers, that is unsustainable.

Socio-economics are starting to play out with behavioural changes as well. Only anecdotal I know but one department store I was reading about has reported a 30% rise in the use of debit cards this Christmas.

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Sure the doors have been shut on some and I do agree things are tighter but I think there is a lot of talk about banks not lending and very little consideration that the ponzi has been pushed so far that they have run out of people to lend to. 70% of the population are owner occupiers, that is unsustainable.

Socio-economics are starting to play out with behavioural changes as well. Only anecdotal I know but one department store I was reading about has reported a 30% rise in the use of debit cards this Christmas.

Retail collapse house price collapse coming? How do the VI`s save the day?

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Here's something that made me chuckle this morning. The rant about the increase in heating oil was on the radio. People caling it disgraceful opportunistic ramping of prices just because there is a shortage.

These are the same people who ramp house prices by thousands of pounds, based upon a shortage, but that's different I guess isn't it :huh:

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Not sure this is totally correct, the banks are still lending recklessly with massive multiples. I have a friend in NI (where the crash has been huge). He is self employed and doing a new build. He almost wrote the whole project off thinking they would never be able to get the finance now. They have been offered 5 times joint salaries! He was shocked, the last house they bought in 2003 he was restricted to 3 times their joint salaries.

The reality is they have run out of punters to lend to. I posted in September that I am now the only person I know, from all my family and friends, who is not all in on property but in a position to do so.

Totally agree with the original poster, no way I am going to be bailing out someone else's debt or paying for someone's retirement.

Don't worry our marvellous FSA say that only 43% of mortgages were non-income verified in Q1 of 2010. What was the percentage in the boom about 50%?

http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/1020_lb.shtml

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Don't worry our marvellous FSA say that only 43% of mortgages were non-income verified in Q1 of 2010. What was the percentage in the boom about 50%?

http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/1020_lb.shtml

I remember hearing that recently also. A lot of things point to a still very relaxed lending environment when compared to historical levels. Yet the number of approvals are still depressed, this can only point to a lack of demand.

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  • 284 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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