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Buying a place

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    #11
    Low interest rates now, but £200k on a an upward curve looks bad if you view it at 5%

    If someone offered 30% less than asking, from the get go, they'll not be allowed to put another offer in, if it were my house. There's going in on a chance of getting something off, and there's insulting people. That's like going to the pad in Canary Wharf and offering up 168k.

    As with most things, house prices are controlled by how much you want the place, and how much the people want to get rid of the place. Look to see how long it has been on the market and ask the vendors what their position is i.e. ask them if they've found a place, if they are looking, emigrating, etc, etc. All of the answers to these questions will put you in a better position as to how to ascertain a price.

    e.g.
    Buyer is emigrating next month, house has been on the market for 12 months and they need the money to buy a house where they are moving - A low offer, if you have no chain and money in the bank is likely to be accepted.

    Seller has not found place, it's just gone on the market and they want to sell their house first - They'll, more than likely, not accept a low offer.

    It's effectively all about where all parties involved are in the buying/selling process; there will never be a standard amount to start bidding at.

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      #12
      Originally posted by BoredBloke View Post
      I'd take more out of our house but the wife is not keen being sensible.
      ...my quagmire of greed....my cesspit of laziness and unfairness....all I am doing is sticking two fingers up at nurses, doctors and other hard working employed professionals...

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        #13
        Originally posted by BoredBloke View Post
        Didn't think of that. Do you know of any sites that deal with repo houses?
        A lot of the stuff in auctions will be repossesions, but if you are using a mortgage that can be difficult to organise and you won't get good rates so thats probably no good for you. But a lot of repos, particularly for better quality stuff will be on Rightmove and marketed through normal agents. First of all look on the pics for if its empty and then the big tell tale sign is that the pictures of the kitchen and bathroom will have safety notices and tape over the toilet and cooker, it seems to be common practice for repos.

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          #14
          Originally posted by rootsnall View Post
          A lot of the stuff in auctions will be repossesions, but if you are using a mortgage that can be difficult to organise and you won't get good rates so thats probably no good for you. But a lot of repos, particularly for better quality stuff will be on Rightmove and marketed through normal agents. First of all look on the pics for if its empty and then the big tell tale sign is that the pictures of the kitchen and bathroom will have safety notices and tape over the toilet and cooker, it seems to be common practice for repos.
          On a repo, it's like the rads are ripped out as well. For some reason, which I cannot fathom, people getting kicked out of their houses tend to get pissed and start trashing the joint. It's one of the main reasons you'll not get a mortgage on it.

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            #15
            Originally posted by Old Hack View Post
            On a repo, it's like the rads are ripped out as well. For some reason, which I cannot fathom, people getting kicked out of their houses tend to get pissed and start trashing the joint. It's one of the main reasons you'll not get a mortgage on it.
            I looked at a newly renovated house a few weeks back, the agent opened the door to find the house had been totally stripped over night including all the radiators. It was all done very neatly and they had drained the heating system down before getting to work.

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              #16
              Originally posted by BoredBloke View Post
              I'm looking to buy a place down near Canary Wharf. I'm sick of hotels and the costs of renting means that I'd hand over £15k for a year to a landlord. I've seen places advertised in Greenwich Millennium Village that are up for £240k for a 1 bed flat. We have about £150k of equity in our house and its on a tracker at 0.5% above the base rate on a flexible mortgage. I figured I could wip £50k out of it and still keep a healthy loan to value ratio and use 45k as a deposit and 5k to furnish it. Then when I don't need it I'd rent it out!
              We all back to buying property again?

              Boomed!

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                #17
                Originally posted by DimPrawn View Post
                We all back to buying property again?

                Boomed!
                Coyrtesy of the Funding for Lending scheme ( aka Tories try to win the next election with tax payers money )

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                  #18
                  Originally posted by rootsnall View Post
                  Coyrtesy of the Funding for Lending scheme ( aka Tories try to win the next election with tax payers money )
                  Ponzi scheme - Wikipedia, the free encyclopedia

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                    #19
                    Luckily there's always Greater fool theory - Wikipedia, the free encyclopedia

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                      #20
                      Originally posted by rootsnall View Post
                      I looked at a newly renovated house a few weeks back, the agent opened the door to find the house had been totally stripped over night including all the radiators. It was all done very neatly and they had drained the heating system down before getting to work.
                      An old friend of mine is a locksmith and one of his call out specials is by banks asking him to break into houses to secure them. He tells stories of them, literally, ripping everything out (bathrooms, kitchens, rads, boilers etc) and also to smearing tulipe everywhere too, to pissing on all the carpets, to breaking every window.

                      Money to be made in repos, but you need cash

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