Jump to content
House Price Crash Forum
Sign in to follow this  
Imp

Another Housing Forum

Recommended Posts

http://www.streetwisepublications.co.uk/fo...p?TOPIC_ID=5080

cazandgaz

United Kingdom

12 Posts

Posted - 11/06/2007 : 09:05:31

--------------------------------------------------------------------------------

Hi all, does anyone know if it is possible to obtain a mortgage as follows on a probate sale.

Property current valuation approx £150,000, but once refurbished approx £225,000 resale value. Problem is we have no deposit, minimal equity on our residential property, and cannot afford additional monthly interest payments as already fully committed.

So, ideally, we need a lender who would loan £125,000 to buy out the widow's share, plus approx £30,000 to refurbish, with a positive cashflow. Interest to be rolled up so the loan plus interest would be repaid in full on resale of the property (say 9 months to refurbish).

Any suggestions welcome with thanks,

Cazandgaz.

Edited by notanewmember

Share this post


Link to post
Share on other sites
For your information and entertainment

darren1412

Distressed Sale

I have a fantastic one bedroomed apartment in Ravda, Near Nessebar, Bulgaria overlooking the sea which completed last year. It is fully furnished and fully kitted out. I purchased it off plan 2 years ago for approx 83,000 euros and is it now worth around 110,000 euros because of its location etc. I would be more than happy to accept an offer around 55,000 euros as I have had a massive change of personal circumstances. It is currently let at 400 euros per month plus bills on a long let to a company

Posted - 06/06/2007 : 11:48:14

--------------------------------------------------------------------------------

Sympathies, Darren,

but I hear the sound of bubbles bursting and cries of "Abandon ship !".

You are just the tip of the proverbial iceberg. Reasons for selling offered on here and other forums, whether it's ' a change in personal circumstances',or 'we wish to invest in another project' or 'we've changed our investment strategy' all translate to the same thing: "We believed the sales rep hype that we couldn't lose, prices can only go up, guaranteed rentals, sell on before completion etc. and now we'll do anything to get rid !".

A property's worth is exactly what someone will pay for it.

The fact that you are not even using the tried (and failed) ploy of offering to 'sell for what we paid', but are prepared to take substantial losses, speaks volumes. Sory to be so hard on you but sometimes we have to learn from expensive mistakes. I would suggest that with regards to the property you haven't completed on, don't waste any more money - walk away; as for this one take whatever you can get.

The resale market in Bulgaria for coast and ski apartments is virtually non-existent. Agents are only interested in selling off-plan; naive investors conned into believing they can flip before completion are only interested in off-plan.

It will be aeons, if ever, before all these Bulgarian holiday properties are sellable at prices remotely approaching their original purchase prices.

Personally, if someone offered to give me a Bulgarian holiday apartment for nothing, I would politely decline; there wouldn't be enough rental return to cover service charge and maintenance costs, and if I wanted to go on holiday there - I can rent one very cheaply.

It may be too late for Darren (and thousands like him according to other forums - seems like lots of Irish investors are in a similar boat, or should that be sinking ship ?) but if anyone else was thinking of investing in all this overhyped Bulgarian proprerty - DON'T !.

(The only investors who 'might' make a long term return are those buying dilapidated houses inland, and renovating them.)

http://www.streetwisepublications.co.uk/forum2/

Sounds like alot of people have got caught with their trousers down in Bulgaria. The usual story what appears cheap over here in terms of our prices is like Buckingham Palace over there for the locals. You have to pass the parcel to some other Western European Sucker :lol::lol::lol::lol::lol::lol:

Edited by joey

Share this post


Link to post
Share on other sites
Sounds like alot of people have got caught with their trousers down in Bulgaria. The usual story what appears cheap over here in terms of our prices is like Buckingham Palace over there for the locals. You have to pass the parcel to some other Western European Sucker :lol::lol::lol::lol::lol::lol:

I was looking at stuff on the internet there years ago thinking it looked like a bargain. Very glad I didn't invest there. Mind you the way things are looking I may not be much better off after plonking my wad down in the UK!

Share this post


Link to post
Share on other sites
I was looking at stuff on the internet there years ago thinking it looked like a bargain. Very glad I didn't invest there. Mind you the way things are looking I may not be much better off after plonking my wad down in the UK!

Nohpc, that sounded like a tired bearish comment…

Are you starting to see the cracks….? I am always intrigued by what changes some ones sentiment in today’s market…

Share this post


Link to post
Share on other sites
For your information and entertainment

--------------------------------------------------------------------------------

Hi,

I am looking due to very sad personal circumstances to sell 1 recently completed apartment as soon as possible.

Plot 1.23, Advent development, Great Ancoats street, Central Manchester (development is fully sold)

2 double bedroomed apartment (approx 700 sq.ft) with ensuite and bathroom with secure underground parking space (very valuable for central manchester - could be rented out separately?). 10 mins walk from city centre and by canal (on corner of Pollard Street and Great Ancoats Street). Current comparison value is around £165k without parking and £175k with, however I would like to sell privately for around £150k with the parking which is a genuine 15% discount. It is built by Artisan Group Ltd who build superb properties and are well known for great finishes. Rentals for similar 2 double bed apartments in the area are from £650-700pcm so very attractive on yields!!!

As it also falls in the East Manchester Regeneration zone, so stamp duty would not be payable on completion if deal on £150k or under

http://www.streetwisepublications.co.uk/fo...p?TOPIC_ID=4617

http://www.streetwisepublications.co.uk/forum2/

Darren the same guy who bought off the plan in Bulgaria though has some interest in this one

It appears this site is a Flipper graveyard. Distressed sale, Strategy change, you name it. The more I read about the mugs and muppets in the game (I am refering to the latest batch of speculators) the more I know there will be a flood of new builds and properties onto the market. The ironic thing is alot of these speculations are being leveridged by their own properties.

Edited by joey

Share this post


Link to post
Share on other sites
Darren the same guy who bought off the plan in Bulgaria though has some interest in this one

It appears this site is a Flipper graveyard. Distressed sale, Strategy change, you name it. The more I read about the mugs and muppets in the game (I am refering to the latest batch of speculators) the more I know there will be a flood of new builds and properties onto the market. The ironic thing is alot of these speculations are being leveridged by their own properties.

This guy Darren Partridge is everywhere on the forum, he must be every salesmans dream, Manchester, Bulgaria and now Spain or is he a clever salesman playing the sympathy card selling at a so called low price but in effect its an inflated price. Though by the dates the messages were sent late 2006 he may knew what was coming especially in Spain and bailed out b4 the crash.

Hi,

I have a 3 double bedroomed villa (sleeps 8) on a 480sqm plot with own 9x5 pool which due to very sad and personal circumstances is for sale.

It has been adapted for disabled use as well which is a niche market in Spain as not even many hotels cater for disabled clients. I have had no problems renting out the villa for the last 3 years and have been fully booked from Middle of March through to the middle of November each year at competitive prices. I always ask for feedback from each client which has been very postive and do have many clients who have rented the villa every year that i have had it.

It has a very large lounge/diner, 2 full bathrooms, a fully fitted galley kitchen and comes fully furnished.

It has full air-conditioning which act as heaters in the winter. There is also a very large sun room on the front of the villa with massive windows.

The drive way has room for 4 cars and there is a massive patio area. It shares a private entrance with one other villa and is secluded so very peaceful even in the height of summer.

It is 10 mins drive from Mazarron and only 15 minutes drive from Puerto De Mazarron which is a fantastic fishing town with a superb marina about to be finished. It is still a very spanish area with around 90% of the homes in Mazarron and Puerto De Mazarron owned by spanish people who either live there permantly or who have them as second homes (visit nearly every weekend)

It is only 1 hour drive from alicante airport and only 45mins from San Javea airport.

It is only 10 mins drive from the Sierra Espuna which is a fantastic national park.

I have a mortgage on the place at present with SolBank and they have the deeds so there is no problems with this at all.

The property was valued by SolBank in July 2006 at 250,000 euros however I am willing to sell at around 185,000 euros to a quick buyer.

I am happy to carry on renting the property out if the new owner would wish this to happen and have plenty of contacts there who do the cleaning of the villa/pool/maintenace etc.

Please contact me on either 07966 231961 or on the email: darrenppsi@yahoo.co.uk.

You can also view the villa with plenty of pictures and more information in depth at my website which is www.partridgeproperty.com

Many thanks

Regards

http://www.streetwisepublications.co.uk/fo...p?TOPIC_ID=4618

Darren Partridge

Edited by joey

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 355 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.