Guest vicmac64 Posted October 21, 2008 Share Posted October 21, 2008 People with cash are going into the Banks in Northern Ireland and walking away with Houses at a fraction of their previous value, this apparently has been happening for some time now. I know there are quite a few on this site that have str'd so maybe now is the time to go into the banks and make them a silly offer on something they want to get off their books - like 1/2 price. Let us know how you get on.. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted October 21, 2008 Share Posted October 21, 2008 (edited) What? How can I go into a bank and buy a house from them? Do you mean go into a bank and ask what houses they have repo-ed lately? I wasn't aware this was possible. And...only 50% off? You've turned into a bit of a bull vicmac64 Edited October 21, 2008 by JoeDavola Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted October 21, 2008 Share Posted October 21, 2008 Ok.... maybe I am missing something but how exactly do you know this? How do you suggest one of us finds what property has been repossessed and by which bank? Your bank must be better than mine because I have never encountered someone in any one of my banks who could comment on repossessions much less give me a list so I could go looking!! Quote Link to comment Share on other sites More sharing options...
getdoon_weebobby Posted October 21, 2008 Share Posted October 21, 2008 Yeah if i could get a house at 50% off peak then I would be a happy bunny indeed - however how do I go to the bank and do this exactly?! I thought banks dealt through agents and auctioneers ?!?! Quote Link to comment Share on other sites More sharing options...
needle Posted October 21, 2008 Share Posted October 21, 2008 People with cash are going into the Banks in Northern Ireland and walking away with Houses at a fraction of their previous value, this apparently has been happening for some time now. I know there are quite a few on this site that have str'd so maybe now is the time to go into the banks and make them a silly offer on something they want to get off their books - like 1/2 price.Let us know how you get on.. Lay off the weed....man. So what do I do? Walk up to the counter and say to the cashier "I'd like to set up a standing order and do you have any 3 bed semis going cheap?" Idiot. Quote Link to comment Share on other sites More sharing options...
Guest vicmac64 Posted October 22, 2008 Share Posted October 22, 2008 What?How can I go into a bank and buy a house from them? Do you mean go into a bank and ask what houses they have repo-ed lately? I wasn't aware this was possible. And...only 50% off? You've turned into a bit of a bull vicmac64 Yes that is exactly correct. A bull - no - I'm not a Bull but Bears have their day too - only there is NO IRRATIONAL EXUBERANCE. Ha Ha, we shall leave that to the Bulls. Quote Link to comment Share on other sites More sharing options...
Guest vicmac64 Posted October 22, 2008 Share Posted October 22, 2008 Lay off the weed....man.So what do I do? Walk up to the counter and say to the cashier "I'd like to set up a standing order and do you have any 3 bed semis going cheap?" Idiot. Might help if you ask for the bank manager... Hey Hey 'ask the cashier' ha ha ha ha ha ha ha ha..... Use your loaf, it is happening right now... Quote Link to comment Share on other sites More sharing options...
Guest vicmac64 Posted October 22, 2008 Share Posted October 22, 2008 Yeah if i could get a house at 50% off peak then I would be a happy bunny indeed - however how do I go to the bank and do this exactly?!I thought banks dealt through agents and auctioneers ?!?! Apparently not - they can sell directly too. Word is some clients are buying up 15 - 20 properties at a time this way. If you have sold to rent then infaltion will destroy you funds in little to no time ... Better to get it into property but only at what you reckon houses will be worth in 3 - 4 years time. You do the maths and then if you have the cash get into the banks and start asking the questions. Quote Link to comment Share on other sites More sharing options...
trebor21 Posted October 22, 2008 Share Posted October 22, 2008 Apparently not - they can sell directly too. Word is some clients are buying up 15 - 20 properties at a time this way. If you have sold to rent then infaltion will destroy you funds in little to no time ... Better to get it into property but only at what you reckon houses will be worth in 3 - 4 years time.You do the maths and then if you have the cash get into the banks and start asking the questions. The bank would have to liquidate the developer in order to even consider this. Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 22, 2008 Share Posted October 22, 2008 ... go into the banks and make them a silly offer on something they want to get off their books - like 1/2 price. Interesting idea. However, I'm still waiting for the fire sale at the end of 2010 with some properties 70% off in the estate agents Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 22, 2008 Share Posted October 22, 2008 I'm sure I heard of this happening before in the last HPC. IIRC, someone on the main forum was talking about it a few weeks ago. Thinking about it, it makes perfect sense - they cut out the middle men and you get a cheap house. I shouldn't imagine you'd get much help in buying it, much like an auction, but they know that they wouldn't get much at auction too, so they may as well sell directly. It sounds ridiculous, but if you have an STR fund and want to buy a house sooner, rather than later, it could be worth a phone call imo. Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 22, 2008 Share Posted October 22, 2008 The bank would have to liquidate the developer in order to even consider this. They could be private repossessions too, remember. How about a few of you STR people call your bank manager and see what they say? I don't have such a STR fund, but I'd be interested to hear if there is much truth to this. Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 22, 2008 Share Posted October 22, 2008 How about a few of you STR people call your bank manager and see what they say? I don't have such a STR fund, but I'd be interested to hear if there is much truth to this. ... I just think it is too soon. I would only be doing this for research purposes and I don't want to burn any bridges, by wasting someones time. Yes, I know inflation is affecting my STR fund. However, I think the housing market is going to get a whole lot worse over 2009 and 2010. What looks like a bargain today may not look like a bargain next year. Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 22, 2008 Share Posted October 22, 2008 ... I just think it is too soon. I would only be doing this for research purposes and I don't want to burn any bridges, by wasting someones time.Yes, I know inflation is affecting my STR fund. However, I think the housing market is going to get a whole lot worse over 2009 and 2010. What looks like a bargain today may not look like a bargain next year. Very true, but 50% off peak now may appeal to some fed up waiting for the prices to come down. It would be interesting to know what the banks would say though. Quote Link to comment Share on other sites More sharing options...
getdoon_weebobby Posted October 22, 2008 Share Posted October 22, 2008 my concern is that you may need to buy sooner than you really want. at some point the govts are going to inflate the debt away and that point you may as well leverage yourself in a property this is not an immediate problem but one to watch Quote Link to comment Share on other sites More sharing options...
Guest vicmac64 Posted October 22, 2008 Share Posted October 22, 2008 my concern is that you may need to buy sooner than you really want. at some point the govts are going to inflate the debt away and that point you may as well leverage yourself in a property this is not an immediate problem but one to watch Look - the way sterlings going right now any money in the bank is becoming worth less and less. We haven't seen the effects of inflation by they come in their usual insidious fashion. The builders are now owned by the banks - when you borrow money from a bank - THEY OWN YOU! THEY CALL THE SHOTS! it is the banks money after all. Bypass the builder (oh just a small tip - try it with a bank which does not have your money sitting on account. Works better with banks that have nothing to lose ie capital) Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted October 22, 2008 Share Posted October 22, 2008 (edited) Thanks for nothing! I have never felt so stupid.... the halifax in Bradbury place told me that they know of very very few reposessions at this point and that even if they existed, "this is a bank, not an estate agents". It seems YMMV with this one.... Edited October 22, 2008 by talksalot81 Quote Link to comment Share on other sites More sharing options...
Traktion Posted October 22, 2008 Share Posted October 22, 2008 Thanks for nothing! I have never felt so stupid.... the halifax in Bradbury place told me that they know of very very few reposessions at this point and that even if they existed, "this is a bank, not an estate agents". It seems YMMV with this one.... Someone had to give it a try first! Maybe worth trying again in 6 months' time? Thanks for reporting your results either way! Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 22, 2008 Share Posted October 22, 2008 (edited) I hope you asked them for some tartan paint, a long stand and a left-handed screwdriver Yeah Traktion, lets try this again around the beginning of April Thanks for nothing! I have never felt so stupid.... the halifax in Bradbury place told me that they know of very very few reposessions at this point and that even if they existed, "this is a bank, not an estate agents". It seems YMMV with this one.... Edited October 22, 2008 by Belfast Boy Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted October 23, 2008 Share Posted October 23, 2008 I actually went in an they did their usual spiel of asking whether I would like a mortgage.... why not.... come on.... be a pal... and I quietly asked not really expecting to get any sort of positive response.... it was the resulting calling amongst the staff (clearly they were interested to know about this too), calling 'upstairs' (!?) and it turned into a 5 minute show with me wishing id just kept my mouth shut! Quote Link to comment Share on other sites More sharing options...
trebor21 Posted October 23, 2008 Share Posted October 23, 2008 Look - the way sterlings going right now any money in the bank is becoming worth less and less. We haven't seen the effects of inflation by they come in their usual insidious fashion. The builders are now owned by the banks - when you borrow money from a bank - THEY OWN YOU! THEY CALL THE SHOTS! it is the banks money after all.Bypass the builder (oh just a small tip - try it with a bank which does not have your money sitting on account. Works better with banks that have nothing to lose ie capital) Biggest pile of rubbish ive heard. The bank does not own you! The bank does not own business's. The banks cant simply decide to sell a business assets to Joe Bloggs walking off the street. They liquidate the business and usually apoint the likes of Price Water house to oversee this! They will sell the assets and divide between creditors! Quote Link to comment Share on other sites More sharing options...
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