IP Newcomer Posted December 16, 2007 Share Posted December 16, 2007 Something to make all you BMV haters chuckle: http://www.singingpig.co.uk/forums/thread/372823.aspx Myself I think they lubricate the downward slide. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 16, 2007 Share Posted December 16, 2007 Thats right, the receiver can unravel sales made to avoid creditors- not sure of the period. I thought the idea of BMV was that the victim had all his financials sorted. Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted December 16, 2007 Share Posted December 16, 2007 ouch, messy. Does HIPs do anything to stop this? - I dont think so. Quote Link to comment Share on other sites More sharing options...
CviewUK Posted December 16, 2007 Share Posted December 16, 2007 From the thread: The value is another thing I am negotiating. She claims she has had a drive by val done and that they valued it at £185k for the time of purchase. I have a mortgage val done at £170k which is more realistic. The red book valuation is something I will bring up with her when we get to the negotiating point of how much she would get if the transaction is reversed, plus of course al the hassle and expense of reaching that stage. What is a red book valuation? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 16, 2007 Share Posted December 16, 2007 Red book valuation guide for surveyors. All Bmv ers are surveyors dintchanow Quote Link to comment Share on other sites More sharing options...
CviewUK Posted December 16, 2007 Share Posted December 16, 2007 Thanks. Does Red Book valuation = Forced Sale Valuation? Quote Link to comment Share on other sites More sharing options...
scuuzeme Posted December 16, 2007 Share Posted December 16, 2007 Another snippet from the thread ... I'm afraid the news from the specialist lawyers on this is bad news for us all. The fact that it was an arms length transaction and they had signed a declaration of solvency (even if it had been witnessed by a solicitor) is no defence. I went through all the free trade explanations with the lawyers and every twist and turn suggested here and by others and it all came back to the simple statute that if the person goes bankrupt within 5 years any undervalue transaction can be reversed.I have been advised to negotiate down the amount of undervalue but to settle as if it goes to court I will lose. These are lawyers that specialise in insolvency and bankruptcy and would have been happy to fight the case if it were winnable. This has put a big smile on my face for sunday evening! Lets face it, the only people who sell BMV are going to be in so much trouble already that bankruptcy in 5 years is going to have to be a possibility. If it was me (god forbid) then I'd threaten the new owner with my bankruptcy if he didn't half the rent! Sorry mate, don't like to, but I've got no choice you see ... Quote Link to comment Share on other sites More sharing options...
uro_who Posted December 16, 2007 Share Posted December 16, 2007 This is dynamite. The only thing keeping the BTL bandwagon on the road is BMV purchases. We need to get this into the public domain as broadly as possible. FP any ideas, press release or something similar? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 16, 2007 Share Posted December 16, 2007 Thanks.Does Red Book valuation = Forced Sale Valuation? I am not a surveyor, but I think the red book is a "Guide" for getting a valuation for a property issued by RICS. I assume that if a surveyor follows the guidelines, then he would be pretty safe in the event of a lawsuit. Forced Sale valuation? I dont know- I guess it would give a current market valuation. Quote Link to comment Share on other sites More sharing options...
CviewUK Posted December 16, 2007 Share Posted December 16, 2007 Thanks again. Further reading can be found here: http://www.insolvency.gov.uk/guidanceleafl...obankruptcy.htm Quote Link to comment Share on other sites More sharing options...
Sinking Feeling Posted December 16, 2007 Share Posted December 16, 2007 The radio adverts that were on constantly seem to have stopped over past month or so. Quote Link to comment Share on other sites More sharing options...
CviewUK Posted December 16, 2007 Share Posted December 16, 2007 Just found this in my link above However, others are controlled by individuals with no obvious qualifications who appear to be motivated mainly by a desire to exploit an already difficult situation. Beware, particularly of unsolicited approaches through the post or by telephone. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 16, 2007 Share Posted December 16, 2007 Lets face it, the only people who sell BMV are going to be in so much trouble already that bankruptcy in 5 years is going to have to be a possibility.If it was me (god forbid) then I'd threaten the new owner with my bankruptcy if he didn't half the rent! Sorry mate, don't like to, but I've got no choice you see ... This set me thinking as there are going to be many forced sales in the near future. What effect will this have if you buy a house at a reduced price, through an EA, and then the previous owner goes bust. Can the OR come after you for any percieved saving you made on the purchase compared to a normal rate. I think in the case of the BMVer, that the vulture has formed a relationship that puts him above other creditors, to his advantage,in the event of a bankruptcy, and that is where the OR could make a claim. The seller has come to an arrangement without the agreement of the other creditors. In the case of a normal forced sale, there is no relationship with the seller and the buyer. Any thoughts on this? Quote Link to comment Share on other sites More sharing options...
Lone_Twin Posted December 16, 2007 Share Posted December 16, 2007 This is dynamite. The only thing keeping the BTL bandwagon on the road is BMV purchases. We need to get this into the public domain as broadly as possible.FP any ideas, press release or something similar? I agree, this is really important news for the good guys. . ST Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted December 16, 2007 Share Posted December 16, 2007 Look honey I swapped the BMW for a BMV....... Quote Link to comment Share on other sites More sharing options...
CviewUK Posted December 16, 2007 Share Posted December 16, 2007 In the case of a normal forced sale, there is no relationship with the seller and the buyer. Agreed, on the assumption that it is sold at a public auction. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 16, 2007 Share Posted December 16, 2007 Agreed, on the assumption that it is sold at a public auction. WHy not an EA? that was common in the last crash- they used black horse agencies around here, if they received an offer there would be a small add in the paper asking if anybody wanted to bid higher. Quote Link to comment Share on other sites More sharing options...
HelpMe! Posted December 16, 2007 Share Posted December 16, 2007 (edited) I've already e-mailed details of the BMV timebomb to my local paper in Peterborough and The Times, however, each have not yet published anything. I would assume my local's put a 'no-publish' on it since it might upset e/as who pay ad money to them and The Times simply because they can't understand anything unless it's in black & white, or they've read it on someone else's website or wire-line first. What those 'wonderfully clever' BMV'ers don't realise is sooo obvious; if you're soo cash strapped to accept a lowball offer on your home, bankruptcy is a very viable next-step. Payback time soon Here's a link to my youtube on this http://www.youtube.com/watch?v=AfWX3NJF_YE Regards Edited December 16, 2007 by HelpMe! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 16, 2007 Share Posted December 16, 2007 I dont think anybody here need publish it, anything this serious is likely to flow through the trade like wildfire. Quote Link to comment Share on other sites More sharing options...
HelpMe! Posted December 16, 2007 Share Posted December 16, 2007 I dont think anybody here need publish it, anything this serious is likely to flow through the trade like wildfire. Nope, it's just denial, plain & simple. With the old model of rising prices people were suckered into this wonderful 20% BMV model and never looked for a second at the reasons why someone would let this happen. Don't get me wrong, selling before repossession is a sensible move, albeit the last option, it's just that selling won't alleviate all the other debts that such a person may well have sitting on their shoulder. And that's something that the money-grabbing BMV vultures couldn't or wouldn't see. Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted December 16, 2007 Share Posted December 16, 2007 The radio adverts that were on constantly seem to have stopped over past month or so. Bloody propaganda "The statue of Liberty is Kaput" [Saving private Ryan] Quote Link to comment Share on other sites More sharing options...
redwing Posted December 17, 2007 Share Posted December 17, 2007 This has really cheered me up. The funniest, sweetest bit of irony I've read for a long time. Only 808 people have read this post and it's slipped to page 3 in less than 24 hours. So I guess this is a bump. Enjoy! Quote Link to comment Share on other sites More sharing options...
yellerkat Posted December 17, 2007 Share Posted December 17, 2007 This has really cheered me up. The funniest, sweetest bit of irony I've read for a long time.Only 808 people have read this post and it's slipped to page 3 in less than 24 hours. So I guess this is a bump. Enjoy! Yes, I thought it incredibly significant as well. The one factor that some people thought might mitigate against the crash has had the rug smartly wyanked from under it. Quote Link to comment Share on other sites More sharing options...
HelpMe! Posted December 17, 2007 Share Posted December 17, 2007 bump One minute it's 'make a million out of others misfortune' and the next it's 'Yes Mr Official Receiver, I was trying to rip them off.' http://www.youtube.com/watch?v=AfWX3NJF_YE Quote Link to comment Share on other sites More sharing options...
Nelly Posted December 17, 2007 Share Posted December 17, 2007 From the thread:What is a red book valuation? Its where Michael Aspel turns up and says this is your sh1te life from now on, and then all your friends and family come out saying all he ever went on about was houses and his empire of two w@nky terraces etc etc Quote Link to comment Share on other sites More sharing options...
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