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PhoneyMcRingRing

Bbc Stretched Homeowners Eye Rental Option

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What a fantastic business.

Buy bmv

Ready made tenant who you WANT to default so you can resell their home but in any event you give them 6 and 12 month agreements and get rid then.

EXCELLENT. Any more clowns for this scheme.

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Guest DissipatedYouthIsValuable
So how many houses can these companies buy that advertise "we buy your house and you rent it back"

If I had a dodgy BTL to get rid off and it looked like a reasonable strategy to minimise losses on exiting the market, might be a good option.

Or does one have to rent the place from the buyers for a long period of time?

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Only the BBC could put a positive slant on such a practice that nobody in their right mind should ever contemplate. We all know this is a shady practice where sellers get much less than the market rate. We all know it's a mug's game that few sensible people undertake.

So the real question is, who writes this shite? Cos it ain't really news.

Edited by Yes Sir

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This scheme/scam has been around for some time , it was highlighted on here about a year ago .

I like the picture that comes with the article , all those sad for sale and to let signs all standing in a row and no offers on any of them :lol: , a sign of things to come ????

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Last Updated: Wednesday, 4 July 2007, 23:04 GMT 00:04 UK

Interest rates have risen from 5.5% to 5.75%,

I want their crystal ball!!!!

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Ah ha!

Proof the BBC edit their stories retrospectively without changing the date at the top; something the BBC have denied:

untitledqs0.jpg

Edit: What OzzMosiz said.

Edited by Jason

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Coleague at work was telling me about this scheme. He reckoned that because there were so many companies now engaged in this scheme / scam that house prices wouldn't fall because these companies would soak up all the distressed OOs. Slight flaw in the argument is of course that the distressed OOs have had to sell at 20-30% below MV thus dragging average house prices down.

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Ah ha!

Proof the BBC edit their stories retrospectively without changing the date at the top; something the BBC have denied:

untitledqs0.jpg

Edit: What OzzMosiz said.

Blimey, stretched home owners are renting their eyes out to pay their mortgage! :o

Times must be hard!

I hope they've signed a good retinal agreement :huh: <getting coat>

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This is being presented as if it is a scam but it is not. The reality is that these companies wil only buy the property at a price that allows them to cover their mortgage payments with teh rent and gives them a cushion against a drop in the market.

In other words they pay a prices for a property which is consistent with its true value not the inflated value that the owner thought it was worth before they were forced to take the company's offer. If the owner could get a higher bid then they should have put it on the market, taken the first decent offer they got and then just gone out and rented one of the many BTL properties on offer.

There is no scam here it is just another form of commercial BTL except the person who sells the house is not getting an inflated price - they have to take a price that reflects the risk and the rental yield. In other words they get the price that all houses need to fall to which is 25 - 35% off current asking prices.

People need to get real on their financial situation and about the true value of houses. They do not have to sell to these firms.

Edited by Wad

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Call me stupid but isn't selling to a landlord company to rent back the same as renting off the banks:

. (otherwise known as a MORTGAGE)

This country makes no sense anymore................

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