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Realistbear

We Target Desperate Homeowners

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Sign of the turning market in some areas?

http://www.thisismoney.co.uk/mortgages/art...mp;in_page_id=8

We target desperate homeowners

Helia Ebrahimi , Mail on Sunday

25 June 2006

THEY make tens of thousands of pounds by preying on the vulnerable and desperate. The new breed of buy-your-home-quick companies run on the internet and exposed by Financial Mail last week are paying their staff enormous bonuses for chopping huge sums off home prices.

Though there are firms that provide a genuine route out of crisis for home sellers, Financial Mail has learnt that there are even more out for a fast buck.

...../

'They usually have no choice but to accept less money. They just don't realise at that point how much less it will end up being. We keep them on the phone as long as possible, asking them very personal questions to find out how desperate they are.'

He said valuations were made in London by sales staff with little or no experience in the property market.

If people are truning to property buying companies it may reflect a slowing market. Desperate times are on the way it seems. :o

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Credit is a chameleon, first it was to MEW, now it is to 'help you out'

I agree though, I see these adds on the TV along with the Ocean finance ones, the 'Need cheaper car insurance' etc... all targetted at the women in a household as a good idea...because, lets face it Money isn't that important to them. Being happy and 'safe' is lol.

Scary what the next months/years will bring.

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I was shocked when I first heard these adverts on the radio and also the adverts for easier ways to handle your debt, referring to IVAs. The tone of voice of the adverts and the way that they are worded try to make it sound like it is an acceptable solution to what is obviously a growning problem. From a marketing and advertising perspective they are very clever and the repetitiveness of these kinds of adverts bash it into peoples heads so that some think "everyone else is doing it, it must be okay", "it sounds so easy, it will solve all our problems".

Inevitably, these companies will make a tidy profit at the expense of their customers. And more importantly these customers will be left either seriously out of pocket or worse still a terrible credit history that will affect them and is some cases their partners.

Some people borrow beyond their means from irresponsible lenders others are simply trying to survive in an extremely expensive housing market, but the consequences of a bad credit history and the cost to repay extensive borrowing may take a long time to sink in and to dig out of.

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Have you seen the smallprint on the TV ad where the husband is being videoed by his wife while he makes a 'phone call to consolidate their many loans (now that IS kinky)?

While he spouts off about how cheap the monthly repayments will be, the text "amount borrowed £25,000 over 180 months, total repayable £45,000" appears in the corner!

Now that's an expensive holiday/TV/DVD player/hot-tub/other luxury good that the media has convinced the poor and gullable that they NEED now.

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Have you seen the smallprint on the TV ad where the husband is being videoed by his wife while he makes a 'phone call to consolidate their many loans (now that IS kinky)?

While he spouts off about how cheap the monthly repayments will be, the text "amount borrowed £25,000 over 180 months, total repayable £45,000" appears in the corner!

Now that's an expensive holiday/TV/DVD player/hot-tub/other luxury good that the media has convinced the poor and gullable that they NEED now.

And in Gordon's world that is precisely what drives the miracle economy. Cheap money that isn't really cheap but too easy to obtain due to the complete lack of oversight from the government to reign in shylocks and EAs. When the game of musical chairs stops the miracle economy collapses and all that is left is debt owed on depreciating assets. Its all going to come to grief soon.

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Have you seen the smallprint on the TV ad where the husband is being videoed by his wife while he makes a 'phone call to consolidate their many loans (now that IS kinky)?

While he spouts off about how cheap the monthly repayments will be, the text "amount borrowed £25,000 over 180 months, total repayable £45,000" appears in the corner!

Now that's an expensive holiday/TV/DVD player/hot-tub/other luxury good that the media has convinced the poor and gullable that they NEED now.

I have this appalling image of the two of them in bed afterwards going at it hammer and t(h)ongs, while that video plays in a loop on the TV.

She is particularly grateful and compliant with his most disgusting demands - he having proved himself yet again in the manhood/virility stakes by cannily re-scheduling their debts.

And in Gordon's world that is precisely what drives the miracle economy. Cheap money that isn't really cheap but too easy to obtain due to the complete lack of oversight from the government to reign in shylocks and EAs. When the game of musical chairs stops the miracle economy collapses and all that is left is debt owed on depreciating assets. Its all going to come to grief soon.

You remind me of something my Mum often said of my Dad (behind his back). It was 'it's being so cheerful keeps him going.'

Were these 'property buying companies' around more in the last crash ?

Does anyone know how the current lot compare to last time.

B@stards that kick you when you're down have been around since the dawn of time.

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I was shocked when I first heard these adverts on the radio and also the adverts for easier ways to handle your debt, referring to IVAs. The tone of voice of the adverts and the way that they are worded try to make it sound like it is an acceptable solution to what is obviously a growning problem. From a marketing and advertising perspective they are very clever and the repetitiveness of these kinds of adverts bash it into peoples heads so that some think "everyone else is doing it, it must be okay", "it sounds so easy, it will solve all our problems".

Inevitably, these companies will make a tidy profit at the expense of their customers. And more importantly these customers will be left either seriously out of pocket or worse still a terrible credit history that will affect them and is some cases their partners.

Some people borrow beyond their means from irresponsible lenders others are simply trying to survive in an extremely expensive housing market, but the consequences of a bad credit history and the cost to repay extensive borrowing may take a long time to sink in and to dig out of.

These companies make money quite simply by buying something for less than it's worth. If they do this by being upfront that they are offering quick money in return for large discount compared to what an EA could get then fine.

Many also offer to let the property back to the vendor for say 3 years (so as not to disrupt kids education) with a buy back option for the vendor at a pre-agreed price (which can be exercised if their finances change). Often by doing this quickly they ensure the vendor doesn't get a bad credit history - that's the whole point, the vendor get's quick money and may lose out on day 1 but gain in that they can contiunue to get mainstream finance in the future.

However I suspect that MANY of these companies have no ethics at all. True scum bags targetting the vulnerable.

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isn't a lot of the 'scam' based around charging the vendor a valuation fee of 1K or so and then offering a derisory price for the house?

still - the vendor could charge the valuation fee to their credit card and include it in their bankruptcy :lol:

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I have this appalling image of the two of them in bed afterwards going at it hammer and t(h)ongs, while that video plays in a loop on the TV.

She is particularly grateful and compliant with his most disgusting demands - he having proved himself yet again in the manhood/virility stakes by cannily re-scheduling their debts.

You remind me of something my Mum often said of my Dad (behind his back). It was 'it's being so cheerful keeps him going.'

B@stards that kick you when you're down have been around since the dawn of time.

"B@stards that kick you when you're down have been around since the dawn of time."

I seem to remember an american saying going something like 'misfortune is often the driver in real estate'

Edited by Saving For a Space Ship

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isn't a lot of the 'scam' based around charging the vendor a valuation fee of 1K or so and then offering a derisory price for the house?

still - the vendor could charge the valuation fee to their credit card and include it in their bankruptcy :lol:

I have heard that. This is absolutely disgraceful. Saying that, how stupid do you have to be to pay someone to make you an offer on your property.

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  • 301 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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