Hidden repossessions

hethmar

The one son viewed had no tell tale signs like tape or notices anywhere, it was just empty.

ALIBOBSY

bo_drinker wrote: »

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.

Mate of OH and his ex got their last house dirt cheap because a husband had killed his wife their in the bedroom.
Really horrible thought so I can see why it put people off, but like he said the place was properly cleaned up-floorboards removed walls professionally cleaned and repainted and they got it for around 40% less than others on the estate were going for.

Mind you he had a bit of a dodgy sense of humour and used to tell people about the blood stains he found when he took the radiator off to decorate, he got me with that one, lying git :rotfl:.

ali x

chucky

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

last autumn we were in a similar situation.

i'd rented my flat and we rented waiting for the right property to come along. our plans were to buy our dream house, something that had that wow factor each time we came home.

by the end of January we'd found something but only after 5 different offers on other properties. we obviously didn't meet the sellers prices. i wanted a bargain and believe that we have got one - my calculations were that we got it at 20%-25% off peak.

what prompted us to start looking last Autumn was the drop in rates. if rates hadn't dropped we would not have been able to afford what we have bought as well as not buying at the best time in the last 18 months. we got a 4.69% 5 year fix.

for example a £250k mortgage now compared to ours would be £200 more today just in mortgage interest. that is a serious amount each month that we would have thrown away in mortgage interest by us buying later for every £250k we borrowed.

so with you guys getting the right mortgage will tell you the right time to buy.
buying now or next spring is slightly irrelevant if you find the right seller who is willing to meet your price levels and affordability and it's the right house.

keep looking and be patient if you don't find anything that you like.

lostinrates

chucky wrote: »

last autumn we were in a similar situation.

i'd rented my flat and we rented waiting for the right property to come along. our plans were to buy our dream house, something that had that wow factor each time we came home.

wow would be nice, but we're happy with an appreciate woof from the dog.

by the end of January we'd found something but only after 5 different offers on other properties. we obviously didn't meet the sellers prices. i wanted a bargain and believe that we have got one - my calculations were that we got it at 20%-25% off peak.

Bargain? Nice, but really we work on a pofit potential. Luckily I'm in a btter position than many new entrants into agriculture/rurality: we have dh's salry to live off and our deposit. We consider bargain to mean could make profit, and ''fair'' to mean we would break even after projections for 3/5 years.

what prompted us to start looking last Autumn was the drop in rates. if rates hadn't dropped we would not have been able to afford what we have bought as well as not buying at the best time in the last 18 months. we got a 4.69% 5 year fix.

for example a £250k mortgage now compared to ours would be £200 more today just in mortgage interest. that is a serious amount each month that we would have thrown away in mortgage interest by us buying later for every £250k we borrowed.
It does make difference doesn't it? Your figure of £200 would, for example, be our groceries.

so with you guys getting the right mortgage will tell you the right time to buy.
buying now or next spring is slightly irrelevant if you find the right seller who is willing to meet your price levels and affordability and it's the right house.
This bit is where I panic. We have opted to use a broker. Its not going to be a straightforward resiential mortgage, and depending on the options...gets more and more complicated. I ought to more thoroughy check the mortgages I suppose, but there are fewer tools for comparison, that I know of, for non-domestic/residential mortgages: and I go by the name ''lostinrates'' for a reason.
keep looking and be patient if you don't find anything that you like.

Thank you for your time and opinion. Five sounds...like hardly any! I presume you had a considerably less variable requirements list than we do. I'm viewing soehting tomorrow, which seems alarmingly cheap, but it could be a real bargain. It is not the wow place, but a nice possibility nonetheless. I'm seeing a fewer of these ''stepping stone'' places.

The problem is, as always, the planning dept. This benefits from a precident in the vicinity, which i hope might bode well, but planning seems invariably negative, inconsistant and unprdictable to me!

chucky

lostinrates wrote: »

Thank you for your time and opinion. Five sounds...like hardly any! I presume you had a considerably less variable requirements list than we do. I'm viewing soehting tomorrow, which seems alarmingly cheap, but it could be a real bargain. It is not the wow place, but a nice possibility nonetheless. I'm seeing a fewer of these ''stepping stone'' places.

The problem is, as always, the planning dept. This benefits from a precident in the vicinity, which i hope might bode well, but planning seems invariably negative, inconsistant and unprdictable to me!

you seem to have a few more variables to worry about than us which makes it that little bit more complicated.

we we were lucky that last November to January this year there was hardly anyone looking to buy. we only offered on 5 but did see lots that didn't suit what we wanted.

regarding the groceries comment - we're saving £350 a month just on the mortgage. for us that was something that was a good sign to move forward on the purchase plus the cheaper price due to the time in the HPC cycle. our mortgage requirements were easier too we had a 50% deposit too.

patience is the key though. don't feel like there won't be that nice property out there and settle for something second best. it's going to be your home for a while so don;t rush into something you may not be 100% comfortable with.

treliac

carolt wrote: »

Yes, but only if you view.

How can you tell if you don't view?

This one had all the tell-tale signs - wires ripped out, graffiti all over the place etc. But strangely enough - can't think why - they hadn't featured that on the property particulars.

One near us has just gone on the market with a local agent. It's a repo - taped up and there was a notice on the door giving the owners (wherever they are!) a couple of week to empty it.

Then a truck came last week, piled the contents on the back and took off.

It's a sad way for the home ownership dream to end. Possibly foolish buyers who took on too much, but appallingly let down by lenders who encouraged people to lie about income and take on more than they were ever going to afford to pay back. :mad:

Thrugelmir

This bit is where I panic. We have opted to use a broker. Its not going to be a straightforward resiential mortgage, and depending on the options...gets more and more complicated. I ought to more thoroughy check the mortgages I suppose, but there are fewer tools for comparison, that I know of, for non-domestic/residential mortgages: and I go by the name ''lostinrates'' for a reason.

LIR, what do you classify as a non-domestic/residential mortgage?

A BTL "mortgage" is actually a type of commercial loan. The actual wording of the contract differs to that of a residential mortgage.

treliac

lostinrates wrote: »

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.

LIR .... it'll be a day of celebration, the day you come through and say you've done it! The whole of MSE will be cheering from their rooftops.
:T

lostinrates

chucky wrote: »

patience is the key though. don't feel like there won't be that nice property out there and settle for something second best. it's going to be your home for a while so don;t rush into something you may not be 100% comfortable with.

I'm not sure there is 100% comfortable anywhere!

The disillusionment over the planning on the one we walked away from I'm afraid has md me a little grumpy. There is of course the suggestion the Tories will review this- should they be elected: how valid that is I simply do not know, if it were to happen early in a tory term I think we'd feel frustrated if we had recently jumped ruling that out.

Oh well, fingers crossed, tomorrow may be whizz-bang. (DH says the problem is I get too ''involved'' with each good one, but I don't see how you can't, really.)

Again, thank you for your time.

lostinrates

Thrugelmir wrote: »

LIR, what do you classify as a non-domestic/residential mortgage?

A BTL "mortgage" is actually a type of commercial loan. The actual wording of the contract differs to that of a residential mortgage.

agricultural mortgage. (in the most straightforward scenario)

(which I figure is sort of like some of the lie to buy loans, in that as well as afforability some of the inherant value of purchase is considered.)aIUI anyway. Which is not much. I just want loadsamoney from the bank.

I think I suffer from wilson syndrome a bit: in that I think the more I have th more chnce I have of making a profit with what I can buy.