Property Developing Question

princess275

Doozer

You are still baffling me with your comments. I would suggest that you at least read my posts properly before coming with all guns blazing. This is what I wrote:

“If you are thinking of buying and flipping then i don't think the market conditions are right. As already mentioned above, flipping was good a 2 to 3+ years ago but now properties that come to market tend to stay there for a long time. The days of the quick buck are over…”

Now if you took a few seconds to read what I wrote, you would “cleverly” gather that I am not advocating flipping. So whether I buy a property at 20% discount or 50% off, I don’t want to flip! That’s it!

You have been quick to suggest flipping property but do you know how hard it is to sell a property these days? If you have read the current market and knew then you would also know that a property can potentially take months to sell. I don’t know about you, but I would much rather rent the property and wait for the market to recover.

The other thing I don’t understand is that you seem to keep banging on about being responsible in a forum and come and make a comment like

“I'm trying to fathom how someone who suggests buying at 20% below market value doesn't think it's possible to flip the same property?”

I would suggest have a look at the news and a few newspapers, you know, do a bit of general knowledge accumulation and you will soon find out that it is not wise to suggest that people should be flipping properties, unless you are intentionally trying to be irresponsible

Doozergirl

Oh please. I haven't suggested that anyone flips at all, I have asked you the same question twice which you. What I am asking you, quite directly, is why, if a property is bought genuinely at 20% below market value can you not flip it immediately? Below market value is current market value, therefore in theory can be sold on with ease immediately. It is your story that doesn't add up.

It doesn't wash that you can't flip it. I am suggesting that your property finding company is not selling houses at BMV.

I don't need to read a paper. I have first hand experience of the property market over the last three months. Property priced correctly for the present market is selling. Property bought at below market value can be sold at market value, unless there is a vested interest that you simply are not declaring.

lynzpower

What is an "investment supplier"

Are you talking about the likes of "inside track" where participants attend a "seminar" and spend money being on some list that developers offload new build flats to?

Is that what you mean?

princess275

if the property is discounted by 20% then you need to sell closer/ on market value to realise profit right? I am saying, it is very hard to sell property quickly these days and in turn realise profit quickly, unless you get lucky of course. I thought i made the point about the difficulty of flipping clear enough, unless i have missed something?

S

googler

No, the investment supplier being talked about here was linked to earlier in the thread.

For completeness, Inside Track were the company who provided the seminars, the 'educational' part of the package. They then passed you onto Instant Access Properties, who were the ones who sourced the deals from the builders. There were also Fuel Investments, who provided finance, and others who provided furnishing and maintenance services.

Instant Access went bust, and regrouped as IAP Global, essentially still doing same 'ting.

I have a story to tell about them, but ... later. Let's stay on topic here.

princess275

hi lynzpower

i am talking about people who can find me discounted property. Nothing like ITrack however. That was a classic case of discounted prices from already inflated prices. I wouldn't touch anything like that with a barge pole. I am talking about people who pass on "real" discounts based on valuations from independent RICS surveyors. the properties are normal residential houses.

cheers

Sonia

lynzpower wrote: »

What is an "investment supplier"

Are you talking about the likes of "inside track" where participants attend a "seminar" and spend money being on some list that developers offload new build flats to?

Is that what you mean?

Doozergirl

princess275 wrote: »

if the property is discounted by 20% then you need to sell closer/ on market value to realise profit right? I am saying, it is very hard to sell property quickly these days and in turn realise profit quickly, unless you get lucky of course. I thought i made the point about the difficulty of flipping clear enough, unless i have missed something?

S

Rubbish. A genuine 20% discount on current market value means that the property would sell at the full suggested value when marketed immediately. If it doesn't sell, then that 'market value' is not the true value.

Your first thread on this forum in three years was a link to a website that no-one else has heard of and you resurrect a month old thread to tell everyone about it. You then harp on almost exclusively about the same thing and it sounds an awful lot like a sales patter to me.

princess275

Doozer

I may be posting one thread after 3 years or whenever, but with your post count, i would have expected someone with a firm understanding behind any arguments you put forward. However, you have made comments that simply are a joke and honestly have concerned me. I would have expected you to know a bit more but I guess I owe it to you to teach you something about property:

Let me put it in plain English for you with an example:

1. A property is being marketed for £100,000 on right move.
2. The owner however wants a sale say within a few weeks and wouldn’t mind selling at a discount.
3. He gets in touch with a buyer and says: “mr buyer, I really have to sell my property, at all costs and I am willing to accept a discounted price from the advertised price. Would you like to buy it? The price was the market value placed by an established estate agent”
4. The buyer says, yes, give it to me for 20% from the market value that must be confirmed by an independent surveyor and we have a deal. The buyer, however, makes it a condition that the value must be verified by an independent RICS surveyor to double check the price.
5. The parties agree, a surveyor verifies the property value at £100,000 and the buyers happily completes at £80,000.That means a 20% discount from the market value.

Now I don’t know how much simpler I can explain this without ending up treating you like a 6 year old. What part of this is “rubbish”?

Doozergirl

So that also means that the property could be sold on again immediately for £100,000 doesn't it?

Go on, twist it any way you like an call me an idiot if you like, not a problem; it takes one to know one. I'm sticking to my original point - I don't need to hurl insults to deflect attention.

Answer the question.

Oh and another question. Whose surveyor? If the buyer has a mortgage then there is not a cat in hell's chance that the mortgage valuer will ever value higher than the purchase price. So who values it? Another surveyor paid for by the buyer?

googler

Doozergirl wrote: »

...... and it sounds an awful lot like a sales patter to me.

I was wondering when someone would say that.... I was on the verge.