lets get it right Posted August 24, 2007 Share Posted August 24, 2007 I live in an affluent part of the South East. We have various local rags - property rags etc stuffed through our letterbox each week. I was taken aback to see the WHOLE OF THE BACK PAGE of one of these rags had a huge advert with the headline ... STOP Repossession! Even if you have been issued with a court order or an eviction notice This advert was placed by www.repossession-worries.co.uk Then I turned the paper over. Blow me the WHOLE OF THE FRONT PAGE is also one huge advert with the headline ... Sell & Rent Back Your Own Home This one is placed by www.aquicksale.co.uk Now, if everything is as tickety-boo as the endless VI reports on house prices would have us believe, why is the whole of the front and back pages taken up by adverts targeted at people in financial difficulty. Quote Link to comment Share on other sites More sharing options...
Minesapint Posted August 24, 2007 Share Posted August 24, 2007 Same adverts in West Yorkshire rags Quote Link to comment Share on other sites More sharing options...
madasafrog Posted August 24, 2007 Share Posted August 24, 2007 It would be interesting to hear how much they offer against the market value of the house. 70, 80%? By tracking this, it could be an indication as to how sentiment is towards the housing market. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted August 24, 2007 Share Posted August 24, 2007 It's the new "subsubprime" lending, where people are given loans while the reckless broker sings "Ain't No Love (Ain't No Use)". Quote Link to comment Share on other sites More sharing options...
lets get it right Posted August 24, 2007 Author Share Posted August 24, 2007 It would be interesting to hear how much they offer against the market value of the house. 70, 80%? By tracking this, it could be an indication as to how sentiment is towards the housing market. Just had a look through the two web sites and, in fact, it seems to be the same company. Reading their blurb - they offer you a 'trade price' for your property, usually '75% to 90%' of its value. Bet the normal offer is 75%. I love that expression 'trade price'. I didn't realise properties had 'trade' prices - presumably they also have 'retail' prices and 'wholesale' prices. Quote Link to comment Share on other sites More sharing options...
Minesapint Posted August 24, 2007 Share Posted August 24, 2007 It would be interesting to hear how much they offer against the market value of the house. 70, 80%? By tracking this, it could be an indication as to how sentiment is towards the housing market. Think the small print says up to 20% lower - dont have it in from of me so cant confirm Quote Link to comment Share on other sites More sharing options...
madasafrog Posted August 24, 2007 Share Posted August 24, 2007 It seems that the BTL industry is no longer a "cottage industry" for the "shrewd" individual. Its now corporate!!!!!! BTW, before any major bears try and slaughter me, i did put shrewd in speech marks and in italic Quote Link to comment Share on other sites More sharing options...
notthereyet Posted August 24, 2007 Share Posted August 24, 2007 I live in an affluent part of the South East.We have various local rags - property rags etc stuffed through our letterbox each week. I was taken aback to see the WHOLE OF THE BACK PAGE of one of these rags had a huge advert with the headline ... STOP Repossession! Even if you have been issued with a court order or an eviction notice This advert was placed by www.repossession-worries.co.uk Then I turned the paper over. Blow me the WHOLE OF THE FRONT PAGE is also one huge advert with the headline ... Sell & Rent Back Your Own Home This one is placed by www.aquicksale.co.uk Now, if everything is as tickety-boo as the endless VI reports on house prices would have us believe, why is the whole of the front and back pages taken up by adverts targeted at people in financial difficulty. Have been told it is usally about 70% of market value is offered,expect as the market chages the percentage paid may change, this is ok for people with equity as they get a quick sale and have control, were as if reprossesed the lender has control and after taking the mortgage and costs out will leave you with what is left. For people with no equity this is not a option. Quote Link to comment Share on other sites More sharing options...
DTMark Posted August 24, 2007 Share Posted August 24, 2007 Can a BTL landlord in trouble, sell and rent back their BTL home, and then rent it to the tenant? Quote Link to comment Share on other sites More sharing options...
libspero Posted August 24, 2007 Share Posted August 24, 2007 Certainly the US press wouldn't agree there is no housing slump.. In the Boston Globe dated Sat August 18th 2007 there is a funny cartoon showing a line of dominos depicting subprime, mortgage companies, home builders, markets, U.S economy, world economy.. Punchline, "There goes the neighborhood" It would seem they think there might be some percentage in it! I will scan it in over the weekend and post it. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted August 24, 2007 Share Posted August 24, 2007 If you can pick up a property at 70% of value it should be easy enough to cover the cost with rent. It sounds like a good business to be in. Obviously the owner should really sell and rent or trade down, but if they can't due to time pressure then their loss is someone else's gain. There should be opportunities to sell for a profit at some point in the future. Quote Link to comment Share on other sites More sharing options...
TheSiren Posted August 24, 2007 Share Posted August 24, 2007 If you can pick up a property at 70% of value it should be easy enough to cover the cost with rent. It sounds like a good business to be in. Obviously the owner should really sell and rent or trade down, but if they can't due to time pressure then their loss is someone else's gain.There should be opportunities to sell for a profit at some point in the future. Except if there are too many props for rent then prices will drive the purchase prices down! If the market goes down past 70% (and no one can truly predict this although I agree it seems unlikely) then it will be negative equity! Hey ho - what fun! Quote Link to comment Share on other sites More sharing options...
Orbital Posted August 24, 2007 Share Posted August 24, 2007 If There Is Nothing Wrong With The Housing Market, why is this in the local paper? If repossesions are so common, why does this company need to take out such a large advert? Sounds to me like they are struggling for business. ! Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted August 24, 2007 Share Posted August 24, 2007 If repossesions are so common, why does this company need to take out such a large advert? Sounds to me like they are struggling for business. ! Obviously since that is the only reason to advertise, not to grow your business in a newly expanding market. If I had some money to invest in shares, I think I would go here rather than Northern Rock, for instance. That and any publicly quoted Property Auctioneers and Debt Recovery firms. Never mind Gold, make money out of OPM (other people's misery). Quote Link to comment Share on other sites More sharing options...
Pilgrim Posted August 24, 2007 Share Posted August 24, 2007 I love that expression 'trade price'. I didn't realise properties had 'trade' prices - presumably they also have 'retail' prices and 'wholesale' prices. Ha, good point. There will be a few BTLers with extensive portfolios who'll be undergoing career changes from "property developer" to "wholesaler" fairly shortly... Quote Link to comment Share on other sites More sharing options...
Levy process Posted August 24, 2007 Share Posted August 24, 2007 If repossesions are so common, why does this company need to take out such a large advert? Sounds to me like they are struggling for business. ! No, no. Advertising is primarily about getting people to switch brands or use your brand. Quote Link to comment Share on other sites More sharing options...
dryrot Posted August 24, 2007 Share Posted August 24, 2007 I live in an affluent part of the South East.We have various local rags - property rags etc stuffed through our letterbox each week. I was taken aback to see the WHOLE OF THE BACK PAGE of one of these rags had a huge advert with the headline ... This one is placed by www.aquicksale.co.uk Now, if everything is as tickety-boo as the endless VI reports on house prices would have us believe, why is the whole of the front and back pages taken up by adverts targeted at people in financial difficulty. The local free newspaper in wokingham has a double-pge advert cover this week on the same topic. Advert from: http://www.a-quick-sale.co.uk/ (They seem to be a franchise outfit. ) I posted on this some weeks ago: http://www.housepricecrash.co.uk/forum/ind...c=51182&hl= D tel. article on the quick sale boys: http://www.telegraph.co.uk/money/main.jhtm.../cnhomes110.xml Quote Link to comment Share on other sites More sharing options...
DoctorJ Posted August 24, 2007 Share Posted August 24, 2007 Can a BTL landlord in trouble, sell and rent back their BTL home, and then rent it to the tenant? can't see why not - except all the rent would go to the company that own the property- wouldn't it Quote Link to comment Share on other sites More sharing options...
Magpie Posted August 24, 2007 Share Posted August 24, 2007 If you want to know more about this business model, go to www.singingpig.co.uk and look at the BMV section. It's a growing fad amongst property 'speculators', basically the advertising is an attempt to locate desperate (and unwise) homeowners who might go for this scam rather than admit to their friends and neighbours that they are in financial trouble. It is quite an unpleasant business and, as someone has pointed out, almost certainly not the best option for the desperate homeowner. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted August 24, 2007 Share Posted August 24, 2007 I live in an affluent part of the South East.We have various local rags - property rags etc stuffed through our letterbox each week. I was taken aback to see the WHOLE OF THE BACK PAGE of one of these rags had a huge advert with the headline ... STOP Repossession! Even if you have been issued with a court order or an eviction notice This advert was placed by www.repossession-worries.co.uk Then I turned the paper over. Blow me the WHOLE OF THE FRONT PAGE is also one huge advert with the headline ... Sell & Rent Back Your Own Home This one is placed by www.aquicksale.co.uk Now, if everything is as tickety-boo as the endless VI reports on house prices would have us believe, why is the whole of the front and back pages taken up by adverts targeted at people in financial difficulty. For the sake of argument, I'll offer a different interpretation although the only way to really find out what's going on would be to look at the books of a few of these companies. I don't see that this would be a viable business in a falling market. These companies can only make a profit if they're sure that, including transaction costs, they can sell the propery on for more money 6 months down the line after the initial AST reaches a termination point or if they're sure they can make a decent yield on the rental. Having said that, neither of those fundamental issues seem to concern the average BTLer to any great extent right now so these guys could just be an extension of that phenomenom. Quote Link to comment Share on other sites More sharing options...
lets get it right Posted August 24, 2007 Author Share Posted August 24, 2007 The local free newspaper in wokingham has a double-pge advert cover this week on the same topic. Advert from: http://www.a-quick-sale.co.uk/(They seem to be a franchise outfit. ) I posted on this some weeks ago: http://www.housepricecrash.co.uk/forum/ind...c=51182&hl= D tel. article on the quick sale boys: http://www.telegraph.co.uk/money/main.jhtm.../cnhomes110.xml Interesting, so some franchisee has lobbed out for the whole front page and back page of my local rag. They're either nuts or there is big money to be made out of people's misery. Quote Link to comment Share on other sites More sharing options...
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