Hidden repossessions

the_ash_and_the_oak

Prob agree w above re expectations (the place I'm living in now would be ridiculously out of my budget to buy)

lostinrates

the_ash_and_the_oak wrote: »

Prob agree w above re expectations (the place I'm living in now would be ridiculously out of my budget to buy)

I can only speak for DH and I. I don't think our expectations are OTT, certainly not historically.

But, ultimately, we can borro what we can borrow....and thats the cap of what our ''expectation'' can be. Thankfully, this continues the right way for what we are looking for ATM.

We have to make a gamble though. Buy something ''ok'' now or wait till March when our borrowability increases (DH wage goes up a fair whack)

My dad and the bank say wait, keep saving, see what Feb.March offers, I feel that capping it to what we can borrow now affords us greater oppertunity: presuming for a moment that neither would be ''the'' one. DH weighs this against the difficulty of moving a busniess that is, in great part, its location/property.

i'd be interested in other, more bullish opinions and reasonings too. Please

Pobby

Very fond of many posters her but blooming heck this is getting boring. Not your faults my friends but for crying out load HOUSE PRICES ARE WELL OVER INFLATED. I don`t want to see folk getting kicked out of their homes but this is getting silly. No it`s not, it got silly years ago. Old beggers like me are hanging on to their jobs, get kicked out now and are screwed. No jsa for us, some savings, wife earns a couple of bob. Just wish none of this old carp had happened in the last few years.

Pensions down the drain. savings earning nowt. Unless you earn a fair bit i cannot see loads of folk getting enough saved to get a deposit to get out of rental.

the_ash_and_the_oak

lostinrates wrote: »

I can only speak for DH and I. I don't think our expectations are OTT, certainly not historically.

But, ultimately, we can borro what we can borrow....and thats the cap of what our ''expectation'' can be. Thankfully, this continues the right way for what we are looking for ATM.

We have to make a gamble though. Buy something ''ok'' now or wait till March when our borrowability increases (DH wage goes up a fair whack)

My dad and the bank say wait, keep saving, see what Feb.March offers, I feel that capping it to what we can borrow now affords us greater oppertunity: presuming for a moment that neither would be ''the'' one. DH weighs this against the difficulty of moving a busniess that is, in great part, its location/property.

i'd be interested in other, more bullish opinions and reasonings too. Please

Historically probably not but in recent years you would presumably be looking at getting less for your money?

Speaking for myself its difficult to say as I don't really have any expectations as I'm not in the market to buy - but if I was I would want something v similar to what i live in - and if borrowing that much money was even possible the difference would be far too much to even consider it

lostinrates

the_ash_and_the_oak wrote: »

Historically probably not but in recent years you would presumably be looking at getting less for your money?

Yes, exactly. But thats inevitabe, it better more people have something than some people having nothing. But...its more numbery than that. It includes diferent multiples, etc etc. Interestingly, we can compare to a house my dad bought (my first home!) and DH's mother bought (his first home), both of which had sales since I joined this forum. My father's house comparison is most depressing.
Speaking for myself its difficult to say as I don't really have any expectations as I'm not in the market to buy - but if I was I would want something v similar to what i live in - and if borrowing that much money was even possible the difference would be far too much to even consider it

We've rented far inferior to what we would want to buy, in order to save a greater amount towards our deposit. say a 4x times ish multiple I think, on DH's salary would give...our deposit adds about 60/65% to that...I think, have to check, not been keeping an eye on it.:o

But we're actually looking for something different, if I am to work....did start to type it out but then ennui dug in.....:o

Doozergirl

Repossessions only arrive in the paper once someone has offered on them so by that point it's nearly too late. It becomes obvious at auction because it says 'mortgagee in possession' but many of them, if not most have already been on with agents and would look like any other house for sale except they are often missing any real detail. The tape can often be seen in the EA pics because it's over taps, toilets, boilers and these are often pictured by EAs. I wouldn't say that graffiti was usual in a repossessed property.

hgllgh

HAMISH_MCTAVISH wrote: »

Most reposessions are now sold through normal channels, never reaching auction.

In the last quarter, only 350 or so reposessions reached auction after failing to sell in normal channels, down from around 1300 a year previously.
.

So how can folks find out about these repos with a view to buying them before they get to auction? (As many will have had mortgages on them then they should be relatively safe to buy?)

bo_drinker

A property not far from me (my mate grew up in it, sold yrs ago) went o t m last week, a repo alright, hubby tried to top wifey, she survived he is now locked up for a long stretch. Property now for sale all cleaned up. Funny they forgot to mention hubbys antics in the particulars.

Enfieldian

carolt wrote: »

I'd always assumed that repossessions were obvious because of those little ads in the paper etc.

But we actually went to view one last week - despite the fact we're very reluctant to buy at the moment, as it doesn't suit our personal timescales to move at the moment, and probably will move to a different area (still being discussed), this house was so large for the money, and in such a good location it seemed a shame not to view it. First house we've viewed to buy since 2006, I think.

What was interesting is that it was not marketed as a repo anywhere. The EA told us verbally before we viewed, but it is nowhere mentioned on any of the marketing material (or only insofar as it is "chain free", but then so are plenty of others that aren't repos).

It made me wonder how many other repos are out there, without one being aware of it, unless one specifically enquires?

Anyone else come across this?

(Oh, and before anyone gets too excited, no, we decided against it - the kids didn't like it anyway, and there is little point in buying in an area if we may need to move in less than a year.)

1) If you are not actually looking to move at the moment why are you wasting your time, and the agent's, viewing houses?

2) Why do you need to know if a property has been repossessed? What business is it of yours?

Davesnave

ruggedtoast wrote: »

I think I'd feel a bit sad buying a repo, maybe a flat you could think it was probably some young guy who didnt give a monkeys, gave two fingers to the bank and moved back in with mum.

But a family house I think it would be on my mind knowing some poor people had lost their home.

We bought a kind of of repo, in the sense that neither owner could stay here any longer and the sale was due to dodgy things had happened. Both sets of solicitors somehow 'forgot' to explain the circumstances, despite being instructed to do that or, in our solicitors case, knowing them. Nothing was immediately obvious. We didn't find out exactly what had happened until contracts were being exchanged.

However, being perfectly frank, the only other houses we viewed this year were those where owners were also in a bit of a financial or other pickle. They were self-selecting, simply by pricing realistically.

LIR is right when she says that it's about helping people move forward, because this place had memories that couldn't be erased. They aren't our memories though; ours started on the day we moved in.

It was a happy house, then it became an unhappy house, and now it's a happy house again. End of.