OH MY GOODNESS - the house price crash hits home!

carolt

As some of you who've been on here a while may know, back in the long distant mists of time, I first discovered the House Buying and Renting Board as it was then (this forum didn't exist) back at the end of 2006, when I was having hassles with a house we were trying to buy. Got lots of good advice, esp from Doozergirl.

To cut a long story short, we ended up not buying the house; it went to another buyer that the EA claimed was the 'original' buyer who'd pulled out and then changed his mind. Bought at peak of local market, in early 2007.

Well, today spotted the same house for sale, marked 'for cash buyers only'. I showed it to my OH, who pointed out it was actually the same one - I hadn't even noticed, as it was unrecognisable - completely bare and stripped of carpets, etc etc etc.

Clearly either a redevelopment gone wrong or a repo.

Either way, it's now ASKING - not getting, mind - been on a good few weeks now - about 35K less than they paid and we would have paid. Given recent local selling prices, on properties in good nick, I doubt they'll get more than 70% of what they paid, for a wreck requiring a cash buyer.

Ouch.

Sorry - can't help feeling smug.

Have spent the last 2 years feeling we had a lucky escape from that one - now confirmed.

Ah well... :rolleyes:

So to those who point out it's local prices that really matter - can't get much more close to home than the house you nearly bought...

My crash has happened - and is still happening.

Bootski

carolt wrote: »

As some of you who've been on here a while may know, back in the long distant mists of time, I first discovered the House Buying and Renting Board as it was then (this forum didn't exist) back at the end of 2006, when I was having hassles with a house we were trying to buy. Got lots of good advice, esp from Doozergirl.

To cut a long story short, we ended up not buying the house; it went to another buyer that the EA claimed was the 'original' buyer who'd pulled out and then changed his mind. Bought at peak of local market, in early 2007.

Well, today spotted the same house for sale, marked 'for cash buyers only'. I showed it to my OH, who pointed out it was actually the same one - I hadn't even noticed, as it was unrecognisable - completely bare and stripped of carpets, etc etc etc.

Clearly either a redevelopment gone wrong or a repo.

Either way, it's now ASKING - not getting, mind - been on a good few weeks now - about 35K less than they paid and we would have paid. Given recent local selling prices, on properties in good nick, I doubt they'll get more than 70% of what they paid, for a wreck requiring a cash buyer.

Ouch.

Sorry - can't help feeling smug.

Have spent the last 2 years feeling we had a lucky escape from that one - now confirmed.

Ah well... :rolleyes:

So to those who point out it's local prices that really matter - can't get much more close to home than the house you nearly bought...

My crash has happened - and is still happening.

Calm down, stop being hysterical! :eek:

You're world has crashed around YOU, NOT everyone else!:rolleyes:

sjaypink

Glad you feel settled that you made the right choice for you :A

Just, I dont know, the longer this all drags out, the more I think people will not mind at all really about the values in the short term, if they bought a home, which they have been happily living in since 2006/07 and will continue to do so for years to come....

...of course, this is perhaps not the case in your example, and for those who bought at peak as a project or as a short term profit maker, I have little (no?) sympathy for

carolt

What does your post mean, Bootski?

Have no other houses come down in price anywhere, Bootski?

carolt

sjaypink wrote: »

Glad you feel settled that you made the right choice for you :A

Just, I dont know, the longer this all drags out, the more I think people will not mind at all really about the values in the short term, if they bought a home, which they have been happily living in since 2006/07 and will continue to do so for years to come....

...of course, this is perhaps not the case in your example, and for those who bought at peak as a project or as a short term profit maker, I have little (no?) sympathy for

Yes, we were told they were builders, although whether they bought as developers or as people wanting to improve it to live in, I don't know.

Looking at it, I suspect the former.

So not a lot of sympathy.

HAMISH_MCTAVISH

carolt wrote: »

Given recent local selling prices, on properties in good nick, I doubt they'll get more than 70% of what they paid for a wreck requiring a cash buyer.

I doubt anyone would get more than 70% of what they paid if they turned a house into a wreck requiring a cash buyer. Crash or no crash.

Sorry - can't help feeling smug.

Sorry - can't help feeling sorry for you.

Surely you don't expect us to actually believe these anecdotal fairy stories, do you? Ah yes, carolt's area, where none of the house price indices are relevant. Where's that Mrs T? Oh right, of course you can't tell us.....:rolleyes:

How sad....

Have spent the last 2 years feeling we had a lucky escape from that one - now confirmed.

Ah well... :rolleyes:

Yes, very lucky indeed.

Can't believe you were planning to buy a house, wreck it, strip it so badly it was "unrecognisable", and then put it back up for sale for cash buyers only.

Indeed, very lucky escape that one......:rotfl:

Pobby

What a nasty silly boy you are Mac what ever you call yourself.

CloudCuckooLand

Typical of Hamish to reduce things to personal attacks, when he has nothing to contribute.

phil_b_2

To be honest if I drove my car into a lamp post at 40mph then tried to sell it I doubt i'd get back what I paid for it.

phil_b_2

Have you got a link to the house?

Not questioning anything, just genuinely curious. If it's for sale it must be on some website somewhere.

1984ReturnsForReal_2

Guess_Who_? wrote: »

People are being ppr'd for a hell of a lot less.

Maybe they will hurry up with Hamish.

Unless Hamish is a mod of course.