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Hidden repossessions

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Comments

  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!

    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 :)


    Bump: I'm still interested in sme more bullish opinion and reasoning. Now or March? Now's budget, or March's?
  • Why buy something thats just "ok"?
  • I say wait until Mar but use 'now's' budget.
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    Why buy something thats just "ok"?

    Budget, versus, getting on with things. :) unpacking :)

    In all seriousness, anything we buy might be just ''ok'' for us, but might be quite lovely by other standards. we will be spending a fair bit.

    An issue is resale: how stable people think the market now is.
  • resale? how long you planning staying there?
    Prefer girls to money
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    resale? how long you planning staying there?

    Dunno, not long if its only ok:) only as long as it takes to get the one..perhaps the cliched 5 year plan? :D perhpas less.

    (playing devil's advocate with myself over this really)
  • Budget, versus, getting on with things. :) unpacking :)

    In all seriousness, anything we buy might be just ''ok'' for us, but might be quite lovely by other standards. we will be spending a fair bit.

    An issue is resale: how stable people think the market now is.

    I understand. I would be getting impatient too. I would wait until after Crimbo, see if more properties come on the market in the new year. Keep DH pay rise as cash. don't overextend yourself. I'm boring, i know.
  • Enfieldian wrote: »
    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?


    Seems to be the crux of it,rather a voiciferous OP,yet constantly denies wanting to buy.
    Perhaps just being nosy?
  • bo_drinker
    bo_drinker Posts: 3,924 Forumite
    Enfieldian wrote: »
    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?
    What I was thinking..... :confused:
    I came in to this world with nothing and I've still got most of it left. :rolleyes:
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    edited 28 October 2009 at 12:23PM
    hgllgh wrote: »
    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?)

    Your local EA. EA's are instructed to sell repos by the lender.
    They go to auction if they can not shift it in the normal chanels

    As per Carols point.
    They are not "hidden" they are a house put on the market by the owners just that the owners are now the lender.
    There is no need to state it as a repo either it is a house:confused:
    Would it make a difference if the owners were selling the house?

    Why should it be marketed as a Repo? if the price is cheap and viewing it made it obvious why should it make a difference.
    I would have thought advertising the fact it was repossessed would be seen as releasing private information out about the previous owners.
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