1000's of cheap homes coming onto the market very soon

System

Shame you haven't learnt a lesson in random line breaks and random capital letters as well.

confused31_2

bing0 wrote: »

Wait and see, apart from people
Being on negative equity,there are those who just want to sell to move on,30% may seem a big drop in the
Asking price,but many sellers Can afford this paper loss.I have had a very hard
Lesson in the last several years, it's now payback time.If you don't like what I have to say....then so be it,that's your choice.Thankyou for all your kind words and support.

the only way you will get a bargain house, is if you buy a repo or buy at auction, like the other people have pointed out if people are in negative equity they wont be able to accept low offers that will not cover the outstanding mortgage.

The only pitfall with repos, is cash buyers who dont have to get a mortgage can let you do all the surveys and the rest of the work and then you can get pipped at the last minute, ive read a few post's on here where this has happened.

Auctions are okay but yet again you have to have the funds ready and available, which you may have, i dont know?

Ive got plenty of equity in my house, and it was up for sale and i kept on lowering the price, infact i had my house up for sale 3 months ago for 140,000, and had it valued last week for a remortgage and it was valued at 155000.

I think you will find most people will rent their houses out if they have a lot of equity in them, it would be very silly to sell a house now 30% below what the prices where, when they have loads of equity in the property.

Its like me i could change my house to a interest only mortgage and my mortgage would be 160 pound a month, i could then rent it out for 650 pound and earn from it each month why give you 30% off when they can earn nearly 5000 pound a year from renting it out, and then if house prices pick back up they can sell in the future.

good luck with your search, but if i was you and you are looking for a bargain the safest route would be the auction house.

Davesnave

Joeskeppi wrote: »

Shame you haven't learnt a lesson in random line breaks and random capital letters as well.

That wasn't random, that was poetry, man!:rotfl:

Thrugelmir

ukcarper wrote: »

I don’t think he was but if you are a BTL and your rent is covering your mortgage you only loss when you come to sell. It might take you 10 years to get out of NE but does it matter or is it better to borrow the NE and pay off your mortgage.

This is a fallacy. Only the interest element of a mortgage repayment is offsetable against rental income for tax purposes. As the mortgage term passes progressively the capital element increases. So unless there is a rise in the actual rent received. The BTL owner will need to subsidise the mortgage in hard cash. During void periods etc this puts greater pressure on the owner.

During the boom years this was ok, but in a deflationary period with possibly higher interest rates. A recipe for disaster.

ukcarper

I didn’t mention tax and my statement still holds true if rent covers mortgage no problem. If it doesn’t or he can’t find a tenant then he does.

MiserlyMartin

Wig wrote: »

Sellers should consult the Nationwide calculator (which is regional) to find out what their value is today, and buyers should offer no more that the Nationwide calculator says it's worth. And that's before deciding if you think prices are yet to fall more, and to build that into your offer.

Like Nationwide have any clue what homes are worth. They ramped and got forecasts consistantly wrong like everybody else over the last 9 years. That Nationwide 'chief economist' should be sacked.

Wig

MiserlyMartin wrote: »

Like Nationwide have any clue what homes are worth. They ramped and got forecasts consistantly wrong like everybody else over the last 9 years. That Nationwide 'chief economist' should be sacked.

The calculator is not a prediction of what houses are worth today or in the near future, it is an indication of what they *were* worth during the last quarter announced based on average sold prices during that period. It is a good indication of what the approximate asking price for a house should be. Of course any house is only worth what someone is willing to pay for it. But I will not pay more than calculator price for any property and actually a lot less than it on most properties.

pickledpink

Bing0,

Every village needs an idiot - so you just stay where you are out of harms way.:j

You're probably a bit of a bingo fan too I'd guess; you never know - you might win the jackpot in 2043 - you'll be able to build your own little village idiots pad. :rotfl::rotfl::rotfl::rotfl:

I tell you what, when you win the jackpot give me a shout - I'll knock 1% off my shed and you can move into that. We haven't got a local village idiot.:p

northernflyer

ukcarper wrote: »

If you are happy where you are and can afford the mortgage but are in negative equity why would you want to sell.

Thats all good until you HAVE to sell, i.e. loss of job, large increase in mortgage payments as coming to end of current artificially low mortgage rate.