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Coming To A Street Near You?! Selling house with sandwich board.

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Not sure if this has been posted if it has please delete.

http://www.thesun.co.uk/sol/homepage/news/3831768/Sandwich-board-bid-to-sell-home.html

To me this seems he is resorting to desperate measures just to get interest, which is a sad state of affairs. Surely he would be better served rethinking his pricing than trawling the streets looking for a buyer. I wonder how long it is before this becomes a regular feature of every town centre.

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That is the lengths people will go to to avoid a 'perceived loss'.

The difference in value placed on something by the owner Vs value placed by a prospective buyer. Lots of research into this.

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He's being the seller and the banker. Nothing wrong with that!

As a seller, he is selling his asset to another on a 16 year secured loan. In other words, he is giving you the credit for the rest of the term, as long as you pay up each month. If you don't he would repossess you.

It would only really make sense if he was charging more than he was paying on his mortgage or if he has paid off his mortgage off already though.

EDIT: IIRC, this is how Islamic banking works too.

Edited by Traktion

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A week!

Let's say I want to spend 50% of my post tax income on rent/mortgage/loan, which is about as high as you can go.

£390 a week = £780 a week net income = £60,000 per annum gross.

And in return I get to live unsecured with no rights, in a terraced house for 16 years earning £60K per annum in Bristol.

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I know exactly how he feels.

I've had something up for sale for months, it's only 10 years old, it's in the South East of England and has room for Four.

I only want £150,000 for it.

It's taxed and MOT ed up until next June.

No I'm not cutting the price, I've got debts to pay off for f**ks sake.

Someone buy my Ford Fiesta, think of my Children.

Edited by Lord D'arcy Pew

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A week!

Let's say I want to spend 50% of my post tax income on rent/mortgage/loan, which is about as high as you can go.

£390 a week = £780 a week net income = £60,000 per annum gross.

And in return I get to live unsecured with no rights, in a terraced house for 16 years earning £60K per annum in Bristol.

That's £20,280 pa for 16 years, to buy a £335,000 house.

In other words, £1690 pm.

That's less than a 1% mortgage, according to the BBC calculator: http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Mortgage required (omit commas) £335,000

Repayment period (omit commas) 16 years

Interest rate (enter 10% as 10) 1%

Monthly repayment (Interest only) £1896.78

At 5%, that's £2575.86pm.

Unless I am mistaken, that's actually rather a good deal compared to what the banks are offering*. Ofc, you would want to know that the contract was good and he couldn't bail out etc.

EDIT: * Whether it's a good deal for either is a different question though! ;)

Edited by Traktion

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At 5%, that's £2575.86pm.

Unless I am mistaken, that's actually rather a good deal compared to what the banks are offering*. Ofc, you would want to know that the contract was good and he couldn't bail out etc.

EDIT: * Whether it's a good deal for either is a different question though! ;)

If it's still 50% of net income and a mortgage @ 5% is £2575.86pm then that comes out to £96,000 pa gross income, £5,190.75 Net per month.

Not too shabby, HSBC would only give me 75% LTV, a bargain :) only $7,991 USD a month for a mid terraced 3-bed house in Bristol.

Edit: corrected figures

Edited by northwestsmith2

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hold on, hold on!!

He is Scamming like a banker re-read the article

He is advertising the three-bedroomed house for £390 a week, with no mortgage, meaning it will take over 16 years to repay.

he htne goes on to say

If people are fed-up with renting it'll give them a chance to get a foot on the housing ladder. They don't have to come up with a huge deposit. They pay a smaller amount and then monthly instalments until the amount builds up to a larger deposit and we agree a time frame for them to get the mortgage together."

so what he is ACTUALLY proposing is;

You agree to the purchase of the house with him, you pay £390 per week to him, this is actually a deposit. when the amount is sufficient he then will give you a time frame to get a mortgage on the property.

so i expect he'd want you to buy it at the price agreed today and NOT the value it could drop too.

but IF it went up i would imagine he would want the increase as well.

and what happens if you cant raise a mortgage? dur to the price difference from his point of view and the mortage valuers? i wil lassume he will keep the "deposit" as rent paid and kick you out.

False advertising?

Edited by Monkey

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Not sure if buying the most expensive purchase of your life from a man with a sandwich board advert is the best thing to do.

I thought crudely written adverts at roundabouts were bad.

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That looks near where I lived as a stoodent! If it is he was prob one of the dudes who used to complain about the noise we made - ooops.

I liked living there - as a student. Was kinda fun living near the Stokes Croft clubs and stuff, didn't like walking up the hill to uni though. Not sure I'd want to settle in that part of town though.

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The former software salesman and now self-employed property investor has owned the pretty family home in St Andrew's, Bristol, with his girlfriend for five years.

Changing the UK populace's view on property as an 'investment' and "the thing to be in at the moment" is going to take some time, even in this recession.

Oh, and its not pretty - it looks a bit run-of -the-mill. Try £200k now, or £149k next year

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Someone posted a sandwich board advert the other day on here that they saw in Warrington, Cheshire if I remember correctly! Why doesnt he just reduce the price to a level someone can actually afford and he would sell it in no time?

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So this guy will let you live in his house if you give him £300 per week and £95 for capital repayment. At £350k that would take 70 years to repay.

Does that sound like a great deal for a buyer??? NO it sounds like a great deal for Mr Mason plain and simple.

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The daily mail seems to think the deal is you pay £390 per WEEK, £95 of which is capital repayment and the rest is for Mr Mason.

This would take 70 years to pay back at that rate.

Glad ive got his number I might give him a ring to clarify :P

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  • 284 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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