The mystery of the disappearing BMV vultures

FungusFighter

Dunno if you weirdos have noticed the same but while you've been arguing the toss about BTL and Mps expnses, the "Facing reposession? We'll buy it in any condition" bottom-feeders have bit the dust, or at least in my area:j

If the BMV to55ers cannot even make money in today's property market, what does that tell you?:rolleyes::rotfl:

cogito

If the BMV to55ers cannot even make money in today's property market, what does that tell you?:rolleyes::rotfl:

That the cost of renovation makes it an uneconomic proposition?

PasturesNew

FungusFighter wrote: »

If the BMV to55ers cannot even make money in today's property market, what does that tell you?:rolleyes::rotfl:

They lost their dayjob, wife left them, tenants (where they exist) aren't paying the rent, lenders are on the phone 4x a day ... and they're in the "OMG I OWE MUNNIEZ" Forum?

poppy10_2

http://www.ahuja.co.uk/property-news/ajays-blog/date/2009/04/

ad44downey

Ahauja Quote: "
I reckon we could see an 85% buy to let by October 2009. then I have to say it will be happy days and the term PROPERTY MILLIONAIRE will start appearing in all the property press adverts again!

Ajay"



The pimp just doesn't give up, does he

FungusFighter

cogito wrote: »

That the cost of renovation makes it an uneconomic proposition?

Nah mate, they buy at BMV and by the time theyve completed it aint BMV any more:beer:

A coat of magnolia won't help them now either:rotfl::rotfl:

FungusFighter

ad44downey wrote: »

Ahauja Quote: "
I reckon we could see an 85% buy to let by October 2009. then I have to say it will be happy days and the term PROPERTY MILLIONAIRE will start appearing in all the property press adverts again!

Ajay"


The pimp just doesn't give up, does he

The dude's a 24 carrot grade A !!!!!!:D

My experience, the more they big up the market the closer they are to an appearnace in the bankrupcy courts:T

(Kenny, you about mate?:rotfl:)

FungusFighter

PasturesNew wrote: »

They lost their dayjob, wife left them, tenants (where they exist) aren't paying the rent, lenders are on the phone 4x a day ... and they're in the "OMG I OWE MUNNIEZ" Forum?

Not if they've had the leccy cut off Doll:D

silvercar

BMV disappeared the day NMD stopped being an option.

As soon as lenders (particularly mortgage express and mortgage works) stopped allowing immediate remortgages the attraction disappeared.

Oh ye, and the falling market means buying at 70% MV now could be full price by the time you tidy the place up and get a sale.

FungusFighter

I sometimes hang out at Singing Pig and there always rattling on about where you can get the borrowing but lately they seem a bit less keen, wonder why?:rotfl:

There all 95% bullsh1t tho so you never know who to believe:D

Generali

FungusFighter wrote: »

I sometimes hang out at Singing Pig and there always rattling on about where you can get the borrowing but lately they seem a bit less keen, wonder why?:rotfl:

There all 95% bullsh1t tho so you never know who to believe:D

I think the reason is that the banks have tightened up the rules on refinancing. The real trick with BMV was to buy at such a price that you could then refinance on the day of completion (or the day after) so you actually had no money of your own in the deal. Thus a small amount of money could finance a huge number of properties, in theory at least.

The banks want bigger deposits so sellers won't accept the BMV prices and I heard that they aren't as happy as they were to refinance in the way that they were.