You know that investment I was buying - I just got cold feet

Conrad

I paid the deposit this week and in my mind had exchanged contracts, howver 30 minutes ago I got cold feet and have withdrawn. Might proceed if developer gives me another big discount.

So my [EMAIL="b@lls"]b@lls[/EMAIL] aren't as big as I thought they were

When do you think this market will hit bottom?

Dithering_Dad

Have you lost your deposit? If so, how much was the deposit?

Conrad

£250 is lost. All part of business.

Dithering_Dad

That's no great loss. I thought at the time that you were a little premature in buying the place and a little unrealistic to think you could sell it immediately on to a FTB for a profit.

You should have a dabble in the stockmarket - a lot of real bargains available at the moment and much easier to cash in your profits than with housing.

formulaonefan

Conrad wrote: »

I paid the deposit this week and in my mind had exchanged contracts, howver 30 minutes ago I got cold feet and have withdrawn. Might proceed if developer gives me another big discount.

So my b@lls aren't as big as I thought they were

When do you think this market will hit bottom?

Is this the Repo property you were talking about or is it one of the new build you were planning to buy? Which one is it? I thought you already finished everything and you already own it? Anyway...see if the developer gives you more discount. With all the bad economy news that is coming out everyday and unemployment is clearly on the rise...I don't think it would hurt to wait for few more months. I think summer of next year property market will bottom out but by that time it would have fallen further 10%

geoffky

Was it the bt job losses that spook you?

dopester

Conrad wrote: »

I paid the deposit this week and in my mind had exchanged contracts, howver 30 minutes ago I got cold feet and have withdrawn. Might proceed if developer gives me another big discount.

So my b@lls aren't as big as I thought they were

When do you think this market will hit bottom?

What about all the Warren Buffett stuff you were on about "buying when no one else is" - forgetting the fact that the system isn't lending as much and FTBs need stonking deposits - and your overlooking the massive unemployment rises you were warned about.... and how the EA said you could sell it near immediately for a £30,000 profit ?

That last bit always had me laughing. Sure. Go on.. buy it.

Do you lose your deposit?

ad9898_3

Conrad wrote: »

I paid the deposit this week and in my mind had exchanged contracts, howver 30 minutes ago I got cold feet and have withdrawn. Might proceed if developer gives me another big discount.

So my b@lls aren't as big as I thought they were

When do you think this market will hit bottom?

I honestly think Conrad, you have done the right thing, I think bottom of the market is going to be anywhere between mid 2010 to mid 2011, then a bumble along the bottom for a few years.

formulaonefan

geoffky wrote: »

Was it the bt job losses that spook you?

I think BT job losses are just the start. All big cats still want to make profit and have more money in their pocket. So they all are using Credit crunch as an excuse to shed jobs and we haven't seen the end of it yet. The company I work for announced job losses today and not even for a minute I thought they would make people redundant because it is such a sound company and still making profit but their profit forecast has been cut so they are making loads of people redundant. There are rumours in the office there may be more job losses on the way. I just hate it when they make people redundant few weeks before christmas. Its very unfair! I don't know what is going to happen. It is very scary to be honest! One would think...nahhh it can never happen to me but when it happens its such a shock! That's what we are going through now.

Conrad

Dithering_Dad wrote: »

You should have a dabble in the stockmarket - a lot of real bargains available at the moment and much easier to cash in your profits than with housing.

I like many dabbled in the SM but didn't get very far. Even Warren Buffet dismisses day trading as an easy way to lose. I know you did ok recently, but for me the risk is too high and the insight to thin.

Dithering_Dad

Conrad wrote: »

I like many dabbled in the SM but didn't get very far. Even Warren Buffet dismisses day trading as an easy way to lose. I know you did ok recently, but for me the risk is too high and the insight to thin.

I guess I misrepresented myself with the word 'dabble'.

I was thinking more medium to long term with the stockmarket. Perhaps investing in funds with a good spread of geographies and industries. You seem to have concentrated your wealth into property and I think it might be time to diversify, especially as it's not going to be easy to turn a profit in property for quite a while.