People Banned From Buying A House

[Democorruptcy]

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE^1249028&insId=4&radius=0.0&displayPropertyType=houses&minBedrooms=4&maxBedrooms=&minPrice=240000&maxPrice=250000&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&x=59&y=12&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

It's dropped £20k since going on the market July 2010. Are they so annoyed at the thought of someone living in their pwoperdee at a discount they only want the people there to rent it? A "Nobody is getting our house for less than we paid" type mentality? It last sold for £245k in Sept 2004 they bought it from someone who paid £192,500 in July 2003

So now the investment market can bid even less for it as they know it is a limited market. Talk about cutting your nose off to spite your face.

[Reck B]

Bizzarre.

Hello! I'd like to buy this house for £249,500 cash so that I may live in it with my family.

Sorry Sir, I cannot sell you this house, It must be sold using leverage to a property investor. if you really like it that much, let me take your details and i will contact you once a landlord has bought it. You can rent it off them.

Edited April 5, 2011 by Reck B

[exiges]

I guess it's to stop hoardes of people with their family traipsing through the property, haggling on price, getting in a chain, only to find they can't afford it several months down the line.

[200p]

But, but, but aren't all houses investments?

(Please flame me)

[tomandlu]

So now the investment market can bid even less for it as they know it is a limited market. Talk about cutting your nose off to spite your face.

It doesn't look like anyone's living there - could it be a repo? Maybe the bank thinks selling to an investor is less complex and less hassle than on the open market? Besides, what are they going to do if I came along and said, "yep, investor - that's me" and then moved in?

Seems odd though...

[SarahBell]

6 06/09/2004 £245,000 Det. F No Map 5, Keelton Close, Bicton Heath, Shrewsbury, Shropshire, SY3 5PS

7 11/07/2003 £192,500 Det. F No Map 5, Keelton Close, Bicton Heath, Shrewsbury, Shropshire, SY3 5PS

Although investors only usually mean it's not in a fit state to get a mortgage whether because of kitchen been nicked etc or some other issue - like having been recently sold so mortgage companies won't lend on it again for at least 6 months?

Edited April 5, 2011 by SarahBell

[oldbaginaonebed]

Bizarre. I can understand it being the other way round as I have often thought that, when I sell my house, I will specify that it has to be bought by an owner occupier.

[leicestersq]

But, but, but aren't all houses investments?

(Please flame me)

You do the 'house investment' an injustice. This is the one investment that always appreciates in value, and if there is any danger that it doesnt, then taxpayer money needs to be used to ensure that it does.

Seriously though, not taking a loss can lead to bigger losses. If they rent the property out at say a fixed rent, the property market dives, the opportunity cost of the money that they could have had if they had sold will dwarf their real financial position. Not wishing to take the loss wont save them from that loss.

[leicestersq]

Bizarre. I can understand it being the other way round as I have often thought that, when I sell my house, I will specify that it has to be bought by an owner occupier.

Why would you care? Why wouldnt you just sell it to the highest bidder?

[tomandlu]

Why would you care? Why wouldnt you just sell it to the highest bidder?

Long term consequences? Unfashionable, I know...

[Lagarde's Drift]

You do the 'house investment' an injustice. This is the one investment that always appreciates in value, and if there is any danger that it doesnt, then taxpayer money needs to be used to ensure that it does.

Seriously though, not taking a loss can lead to bigger losses. If they rent the property out at say a fixed rent, the property market dives, the opportunity cost of the money that they could have had if they had sold will dwarf their real financial position. Not wishing to take the loss wont save them from that loss.

Er, I would say that if there is one term that small-time BTL investors do not understand, it would be "opportunity cost". Although, they also probably do not understand "House Price Crash" either.

Failure to cut losses promptly is a generic human thing, during every housing (and other) price recession we see people chase the market down, always unwilling to sell it for "less than it is worth".

[CharlieChuck]

Something's clearly not right with it. The pictures don't give much away either, there seems to be a lot taken from roughly the same area, but none of the kitchen and bedrooms. Also, the bathroom picture's been cropped.

[Mr. Miyagi]

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE^1249028&insId=4&radius=0.0&displayPropertyType=houses&minBedrooms=4&maxBedrooms=&minPrice=240000&maxPrice=250000&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&x=59&y=12&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

It's dropped £20k since going on the market July 2010. Are they so annoyed at the thought of someone living in their pwoperdee at a discount they only want the people there to rent it? A "Nobody is getting our house for less than we paid" type mentality? It last sold for £245k in Sept 2004 they bought it from someone who paid £192,500 in July 2003

So now the investment market can bid even less for it as they know it is a limited market. Talk about cutting your nose off to spite your face.

You could just ring the agents and ask why.

[Mrs Bear]

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE^1249028&insId=4&radius=0.0&displayPropertyType=houses&minBedrooms=4&maxBedrooms=&minPrice=240000&maxPrice=250000&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&x=59&y=12&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

It's dropped £20k since going on the market July 2010. Are they so annoyed at the thought of someone living in their pwoperdee at a discount they only want the people there to rent it? A "Nobody is getting our house for less than we paid" type mentality? It last sold for £245k in Sept 2004 they bought it from someone who paid £192,500 in July 2003

So now the investment market can bid even less for it as they know it is a limited market. Talk about cutting your nose off to spite your face.

Maybe they want cash only, hoping for a quick sale.

Or the property needs the sort of work that means no lender will look at it. (subsidence?)

There's usually a reason; short lease, non-standard construction, etc. though doesn't look as though this one qualifies on that particular count.

[tomwatkins]

Must be a law against it somewhere on the statute book. No blacks, no gays, no women, no jews is unlawful but you can exclude the poor owner occupier and get away with it. Shameful.

[Executive Sadman]

Very strange. Says vacant too. Maybe it would be understandible if the residents wanted to stay in it and pay rent instead..